Artificial Intelligence (AI) has come to stay and will possibly keep transforming and reshaping industries and society. AI and its applications have expanded over the years, driving innovation across every profession known to man. This application has sparked interest and investment in AI development, including the rise of AI-focused cryptocurrencies or “AI coins.”
AI crypto coins are digital assets that are intended to finance and promote the development of artificial intelligence systems, platforms, and infrastructure. These coins have come up with new methods of sourcing resources through the use of blockchain technology and Decentralized finance (DeFi), thereby rewarding those involved in AI projects.
Additionally, AI coins are committed to increasing computational power for training models, generating incentives from data sharing, and much more.
In this article, we will explore the top AI crypto coins that are shaping the future in 2024. The article will also unravel the various factors to consider before and when investing in AI cryptocurrencies, where to buy and trade AI coins, and the future prospects of this technology.
As we know it, these AI tokens are innovations that will reshape our financial world. Let’s crack down on this.
Top 5 AI Coins by Market Capitalization
Market capitalization is a buzzword in the crypto space. It is defined as a metric that measures a particular cryptocurrency’s total value in the current market. Simply put, it is the most recent value of a company, item, or, in this case, a digital asset.
Here are 5 AI Coins to look into
1. Render (RNDR)
The Render network is a decentralized chain that takes advantage of idle computer capacity from cryptocurrency miners prepared to lease out their graphics processing units (GPUs). The network unites GPU providers and creators.
Designers can use unused GPU resources to render and transmit digital content like as visual effects, virtual assets, and artificial intelligence projects. With a native token called RNDR, the tokens reward GPU providers, providing equitable compensation.
In July 2023, Render developed the proposal “RNP-004 – Open Compute Clients” to use the network’s computational capabilities for AI and machine learning workloads. The proposal was intended to increase the use cases of the Render network far beyond rending-related work.
Therefore, by harnessing a decentralized network of GPUs, Render offers a scalable and effective solution for increasing the speed of computation and intensive workload, which benefits industries like media, entertainment, and artificial intelligence development.
As of the time of writing, the Render token price is $7.89 USD with a trading volume of $144 million. This token is listed on popular exchange platforms like Binance, Bitcovia, LBank, BlueBit, and OKX.
2. Bittensor (TAO)
Bittensor, whose crypto token is TAO, is a decentralized open-source platform that harnesses the power of distributed networks, incentivizes collaboration, and drives innovation, pushing the boundaries of machine learning.
Bittemsor uses blockchain technology to create machine learning networks and connects machine learning models around the world into a global brain. The aim of this ecosystem is to improve AI and ML systems.
This platform rewards users with its native token, TAO, which is of great value in the ecosystem. Each TAO asset dignifies teh contributions made by developers and the quality of their models. The price of Bittensor is $423 USD, with a market cap of $2 trillion and a total supply of f 21 million TAO coins.
Bittensor (TAO) token is listed on popular trading sites like Binance, LBank, Bitget, Bybot, and Toobit.
3. The Graph (GRT)
The Graph(GRT) is an AI token with a market capitalization of close to $2 billion and a growth rate of 50% MoM, hitting over 7 billion queries as of 2020. Graph is the native token of the Graph network, used to allocate resources within the network.
This open-source protocol collects blockchain data without third parties but is supported by delegators, indexers, and curators. It is an ERC-20 crypto token that operates on the Ethereum network and accommodates other ERC-20 comparable wallets.
What makes Graph unique is its token. It is also the first protocol that tries to solve the problems associated with the creation of dApps in terms of resolving indexing issues and proprieties.
While the token has shown a significant increase in 2020, as of the time of writing, The Graph has decreased 4.4% over the last 24 hours to $0.26.
Popular dApps, including Uniswap, Aave, and Curve, employ The Graph in their operations.
4. Injective (INJ)
Launched in 2018 by Binance Labs, Injective is a decentralized protocol that uses artificial intelligence (AI) to promote effective trading of digital assets on the Ethereum ecosystem.
It functions as an open-source layer 1 blockchain network with strong interoperability. Injective’s easy “plug-and-play” financial framework enables the incorporation of artificial intelligence into its systems, allowing for AI-powered trade across a variety of marketplaces.
Thus, by combining AI capabilities, Injective enables users to use machine learning and complex algorithms in their trading procedures, enhancing productivity and clarity. As the cryptocurrency industry embraces the combination of AI and Web3, the role of Injective Token as an accelerator for AI-driven financial solutions becomes increasingly important.
The Injective ecosystem has over 100 projects and 150,000 supporters worldwide. Binance, Pantera Capital, Jump Crypto, and Mark Cuban are among the key investors behind Injective.
Injective currently has a market cap of $2 billion with a native token (INJ) supply of 80,005,555.
5. Fetch.AI (FET)
Fetch.ai is also an Ethereum token, a decentralized machine-learning platform. It is also the first decentralized finance application that enables Uniswap customers to automate trading based on predetermined parameters.
Simply put, Fetch.ai is a blockchain platform that employs artificial intelligence to assist users in automating common operations like parking and flights.
FET is the main means of trade on the Fetch.ai network. It may be utilized to pay for services, transaction costs, and network registration. Users can also stake FET to help secure the network and earn incentives in return.
Factors to Consider Before Investing in AI Coins
Investing in AI coins can be extremely speculative and dangerous. Before entering this fast-changing sector, it’s critical to thoroughly analyze several vital variables:
- Project team expertise and reputation: Examine the AI coin team’s track record and skills in artificial intelligence and blockchain technologies.
- Technology development process: Explore the AI coin’s underlying technology, prospective applications, and its present state of development. Determine if the project is feasible and has an established path.
- Community Engagement and Adoption: Determine the degree of community assistance, fascination, and adoption for the AI currency. A robust and active community can be an indicator of the coin’s viability.
- Market competitiveness and regulatory landscape: Examine the competitive context and regulatory framework governing AI coins. Restrictions have a huge impact on their feasibility and usage.
Where to Buy and Trade AI Coins?
AI coins may be bought and sold on a variety of popular cryptocurrency exchanges. Several of the popular sites that provide pairs to trade for AI-focused cryptocurrencies include the following
- Binance: One of the largest cryptocurrency exchanges, Binance has listed several AI coins, such as SingularityNET (AGIX), Fetch.ai (FET), and Cortex (CTXC).
- KuCoin: KuCoin is a popular exchange that supports a wide range of altcoins, including AI-based projects like Matrix AI Network (MAN) and Nebulous AI (NBAI).
- Gate.io: This exchange has listed several AI coins, including Bytom (BTM), Intelligent Investment Chain (IIC), and Molecular Future (MOF).
- HitBTC: HitBTC offers trading pairs for AI coins like Belden (BDX) and Simulations Plus (SLP).
It’s crucial to note that the availability of specific AI coins may vary across exchanges, and it’s essential to conduct thorough research and due diligence before trading.
Future of AI Coins
As the artificial intelligence (AI) revolution gains popularity, the AI coin market is projected to experience substantial development and innovation.
The need for AI-powered products and fundamental cryptocurrencies is expected to rise as AI technologies become more widely adopted across sectors. Experts believe that AI currencies will play an important role in aiding safe and open payments within AI ecosystems.
Several intriguing endeavors and developments are planned for 2024. Artificial intelligence and distributed ledger technology are expected to transform industries such as supply chain management, healthcare, and finance.
Furthermore, the emergence of decentralized AI networks, in which AI models may be trained and operated via a distributed database, has the potential to challenge existing centralized AI systems.
Conclusion
AI coins provide an intriguing convergence of artificial intelligence and cryptocurrencies, providing novel ways for funding AI development, motivating data sharing, and expanding processing capacity.
Yet, given the immature character of this area and its rapid evolution, investment in AI coins represents a highly speculative and risky endeavor.
Before reaching any investment selections, potential investors must perform extensive research and evaluate project teams, technologies, and the market landscape. While the future of AI coins looks promising, prudence and due investigation are essential for effectively navigating this nascent and turbulent market.
