Fetch (FET), Render (RNDR), AGIX, Corgi soar as AI crypto market cap hits $24B

2024-3-7 05:02

Artificial Intelligence (AI) cryptocurrencies led the crypto surge on Thursday as the crypto fear and greed index rose. Fetch AI jumped by over 50% to $2.67 while Render Token (RNDR) soared by 47% to $9.95. SingularityNET (AGIX) token price spiked to $1.15.

In all, the total AI cryptocurrencies tracked by CoinGecko have a market cap of over $24 billion. The other top ones are the likes of Akash Network, CorgiAI, Ocean Protocol, and Nosana. Their trading volumes in the past 24 hours jumped to over $4.9 billion.

These tokens are soaring because of the ongoing buzz surrounding AI. On Wednesday, Nvidia’s market cap surged to over $2.27 trillion, making it the third-biggest company in the world. It has overtaken Saudi Aramco, Amazon, Alphabet, and Meta Platforms as its earnings rose.

Nvidia is seen as an AI company because its chips are used to power the data centers that handle all the AI data. In the same case, other semiconductor companies like AMD and Intel have all surged this year.

There have been other important AI news recently. For example, Anthropic, which is backed by Amazon and FTX is now valued at over $18.4 billion. Similarly, OpenAI, the creator of ChatGPT now has a valuation of over $80 billion.

Most recently, a study by Goldman Sachs showed that mentions of the term AI or Artificial Intelligence in earnings call continued rising.

Further, CrowdStrike, one of the top AI cybersecurity companies, published strong financial results on Tuesday.

These AI tokens are also rising because of the recent performance of Bitcoin and Ethereum. Bitcoin surged to over $69,100 and most analysts believe that it will move above $70,000 soon. This will happen as the halving event nears.

Ethereum price has also jumped sharply in the past few months as hopes of a spot Ethereum ETF approval rise.

Therefore, these AI tokens are soaring because of the ongoing Fear of Missing Out (FOMO) trend. This also explains why most meme coin tokens have gone parabolic.

Fetch AI, SingularityNET, CorgiAI, and Render token tout their AI credentials. SingularityNET provides a descentralised marketplace for AI applications like Nunet and Rejuve.

Fetch AI, on the other hand, is a provider of autonomous agents, which are used to automate the application development process. Render Network, on the other hand, is a provider of decentralised GPU solutions. Corgi AI, on the other hand, uses AI to help companies accept more payments and block fraud.

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