Is the Price Surge of AI Coins a Sign of the Next Crypto Bull?
Recently, as internet companies around the world announce their adoption of ChatGPT, the concept of AI has gone viral. Meanwhile, in the crypto market, coins related to AI have soared, leading to extensive FOMO reactions. Yet still, today’s AI sector remains in its infancy in terms of both software and hardware.
In 2022, the valuation of internet companies took a plunge, and they seemed to have hit a bottleneck in terms of product development and user growth, which is natural because it is impossible to attract new funds without new market narratives. However, ChatGPT has made all the difference. Driven by our curiosity and passion for AI, the project has amassed nearly 100 million users in just two months.
If the Internet still cannot provide new market narratives in 2023, then ChatGPT, like blockchain, might become a buzzword that will be touted by major corporations and imitated by start-ups. For crypto users, it might be a good idea to keep an eye on the following trending projects.
- Alethea AI
Alethea AI is a decentralized protocol that leverages AI technology to create smart, interactive NFTs, aka iNFTs. Founded in 2020, the project has introduced CharacterGPT, which allows users to generate NFT characters with different features by providing simple descriptions. Additionally, Alethea AI has launched AI metaverse Noah’s Ark and character generator MyCharacter.AI, and its native token ALI is being used for governance across the ecosystem.
Alethea AI boasts massive potential, and the recent boom of the NFT market also proves that NFTs are a major part of the crypto future. As such, we are very confident in the project’s market prospect.
- Fetch.AI
Featuring the combination of blockchain and AI at its core, Fetch.AI, an AI lab, was established in Cambridge, UK in 2017. Users can develop and deploy tokenized products and platforms on the Cosmos-based AI platform built by Fetch.AI. It should be noted that both the CEO and CTO of Fetch.AI are from Deepmind, the company behind Alphago. In March 2019, the project’s token FET was listed on Binance IEO. In March 2021, Fetch.AI raised $5 million in a fundraising campaign.
Although the project is backed by strong institutions and an outstanding team, it failed to deliver any hit blockchain projects over the last few years. As Fetch.AI has no obvious advantage in terms of product and technology, the FET price plummeted. Despite the surging price of FET enabled by the boom of ChatGPT, chasing clout is never a valid long-term solution. Still, at the moment, as an emerging industry, the AI sector is spending money like water, and whether Fetch.AI could survive depends on whether it could obtain continued financial support and launch hit products in the future.
- SigularityNET
In late 2017, SigularityNET raised $36 million during the ICO boom. According to CoinEx, SigularityNET’s token AGIX now ranks №1 among all AI coins listed on this world-renowned crypto exchange. At the same time, amidst the current AI coin craze, the token managed to record a monthly growth rate of 611.82%, topping all the other AI coins.
SigularityNET is a decentralized AI service platform, and its core mission is to enable developers to reach a beneficial technological singularity and help users acquire products and services released by developers with AGIX payment on the platform.
SigularityNET has recorded exceptional on-chain and off-chain performance, and it is reported that the project has been successfully applied to Sophia, a social humanoid robot.
Looking back at the crypto space, from the LSD boom to the AI craze, the market desires new narratives, and a price surge is almost guaranteed whenever there’s a popular trend in the non-crypto world. That said, the market is also very fragile. For example, recent news that the SEC shut down Kraken’s on-chain staking service has led to negative market reactions, which indicates that there is still a long way to go before the next crypto bull. This recent market rebound is a rare opportunity for investors who missed out on previous booms. However, as we’ve all learned from the FTX crash, extra prudence is required when we look for a gateway to the crypto world.
During the past few months, I have become a fan of CoinEx, which is one of the few long-established crypto exchanges. In the past five years since its inception in 2017, the exchange has always put users first and is fully committed to providing easy-to-use, convenient, secure, and efficient crypto trading services. Last year, it also redefined its brand slogan to “Making Crypto Trading Easier”.
To date, CoinEx has provided a versatile selection of crypto services, spanning spot trading, futures trading, margin trading, AMM, mining, crypto finance, and CoinEx Dock, for more than 4 million users across over 200 countries and regions. Furthermore, the exchange has also listed 600+ premium cryptos and 1,000+ trading pairs, meeting most user demands.
Disclaimer: No investment advice is provided in this article, and all data mentioned herein are for reference only. You should not rely on the information provided herein to make any investment decision, and you will be fully liable for your own investment decisions.