Blockchain tokens linked to artificial intelligence (AI) witnessed significant gains in the three months leading up to January 2024 as outlined in a report from Binance Research.
Excluding meme coins, the tokens ranked as the second-highest performing category, surpassed only by Ethereum layer 2s. However, when meme coins were taken into account, AI tokens secured the third-best performing category.
The data for this observation was sourced from a Dune Analytics dashboard
The report identified six coins as ‘AI tokens’ comprising:
SingularityNET (AGIX)
Cortex (CTXC)
Fetch (FET)
Ocean Protocol (OCEAN)
Oraichain (ORAI)
Render (RNDR)
These tokens collectively experienced a notable price increase of 185% over the three months.
AI tokens demonstrated superior performance compared to major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) in 2023. Bitcoin ended the year [2023] with a 150% increase, while Ether gained by 44%. In contrast, the researchers highlighted that the one-year performance of AI tokens varied from 200% to as high as 650%.
Top five AI coins in terms of market cap significantly outperformed BTC and ETH in 2023, culminating in gains ranging from 200% to as high as 650%
Within this cohort of AI coins, the standout performer in 2023 was Fetch, exhibiting a remarkable price increase of 659% for the year [2023]. As per its documentation, Fetch operates as a blockchain network facilitating AI programs referred to as ‘Agents’ and incorporates a marketplace for AI services.
Following closely, SingularityNET secured the second-highest rate of return among these coins, boasting a 616% gain for 2023. SingularityNET positions itself as an AI services marketplace on the Ethereum network, with plans to expand to other networks in the future.
Additional noteworthy gains among AI tokens encompassed Ocean Protocol, which saw an increase of 215%, and
Bittensor (TAO) achieving a gain of 191%.
Blockchain-based decentralized physical infrastructure networks (DePIN) and AI will form a formidable ‘power duo’ in 2024.
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