AI Cryptocurrencies: Bursting the Bubble or Building Momentum

Artificial Intelligence (AI) is a new addition to the crypto industry where multiple profiting AI Crypto coins have been launched with AI integration. These AI cryptos use AI technology to improve the already existing features of blockchain with scalability, security, and decentralized governance.

Moreover, AI trading bots are embedded in these cryptocurrencies, which are mainly behind the rising hype of these AI-infused cryptocurrencies. However, the hype seems to die, as the expansion is limited for these coins. Not to mention, the meme coins are dominating the market for now.

In this blog, let us discuss whether the hype of AI cryptos is dead or not.

Is AI Cryptos Hype Dead?

AI Cryptos hype began in late 2022 when the Open AI introduced the ChatGPT. With the development of Artificial intelligence, the demand for AI cryptocurrency also grew. However, the profits or gains were limited due to the narrow abilities and features.

Interestingly, the demand for these cryptocurrencies grows with the news and updates in the AI industry. When ChatGPT was introduced, the AI cryptos boomed. Another example is the introduction of SORA, a text-to-video generation AI tool, launched at the start of 2024. With the introduction of SORA, the AI cryptos boomed again. At that time, the hype was highest in late January and early February, and AI cryptos like Big Data Protocol grew by 4000%, AGIC rose by 669.15%, and GNY rose by 946% within a month interval.

The demand for these AI tokens is not dead, but with the market correction, they declined just like other cryptocurrencies. Furthermore, analysts believe that AI tokens will peak when the market returns to stability in the upcoming days.

Moreover, the hype stands the same for investors as Tony commented that AI crypto is among his top preferences for investing.

#AI remains one of my top sectors to invest in .. Still early IMO

— Crypto Tony (@CryptoTony__) May 24, 2024

How The Best Performing AI Cryptos Performed Today?

The overall market cap of AI cryptocurrencies has dropped by 5% in the last 24 hours. The same is true with the trading volume, which has declined by 7%. However, many AI coins are still bullish and have big gains in the last few days. It includes AI cryptos like Turbo, Spectre AI, Only1, Image Generation, and many more.

In contrast, the best-performing or the most popular ones like Near protocol, RNDR, The Graph, Fetch.ai, and Injective have declined today. At the time of writing, Near Protocol is trading at $7.68 after a 3% drop in a day. Render (RNDR) is down by 4% from yesterday and is trading at $10.11. The Graph is trading at $0.23 after a 4.4% drop, and Fetch.ai is down by 7% and is currently at $2.31. Lastly, Injective is down $25.06 after 8.87%.

Final Thought

Like any other cryptocurrency, the trends and demand for AI tokens also keep changing. It is why, popular AI cryptocurrencies like Fetch.ai, Injective, and NEAR are down today. However, Turbo, Spectre AI, and Only1 are surging, confirming that AI cryptos’ dominance is still high in the market.

Read More Altcoins to Buy for 100X Profits in June

The post AI Cryptocurrencies: Bursting the Bubble or Building Momentum appeared first on CoinGape.