AI Tokens Outperform As Crypto Markets Continue To Post New Highs – The Defiant

Tokens from projects seeking to position themselves as part of the booming artificial intelligence sector have been soaring.

Archived data from CoinGecko shows the combined capitalization of AI tokens surging nearly 800% from $3.18 billion on Oct. 28 to $28.2 billion today.

Four of the five largest AI tokens by market cap from four months ago remain ranked among the sector’s top five. Render (RNDR), the sector’s top token, is up 412% over the same period, while Fetch.ai (FET) rallied 708%, SingularityNET (AGIX) gained 456%, and Akash Network (AKT) jumped 540%.

Data published by Bitget, the tenth-ranked centralized exchange by trade volume in 2023, shows a 400% increase in AI token trade volume during February. The report also found a 77% increase in the average market cap of projects listed in Bitget’s “AI zone” alongside 80% growth in the number of active AI token traders.

Worldcoin (WLD), the controversial digital identity project co-founded by OpenAI CEO, Sam Altman, is also up 280% in the past 30 days amid surging hype for Sora, OpenAI’s voice-to-text model. WLD now ranks as the fourth-largest token by fully-diluted valuation at $95.9 billion, beating out the reported valuation of OpenAI by almost 20%.

AI tokens have emerged among the top-performing web3 sectors as many cryptocurrencies rocketed to post multi-year highs in recent months.

Bitcoin (BTC) rallied to a new all-time high above $72,000 earlier today, marking gains of 4.5% in 24 hours and 40% in two weeks. Ethereum (ETH) also jumped to $4,060, its highest level since December 2021.

AI tokens have also faced stiff competition from memecoins for capital from low-cap speculators. The combined market cap of meme tokens is up 165% since Jan. 2.