In the year 2024, the Artificial Intelligence (AI) coins market has experienced a significant surge in performance, with returns from AI-related cryptocurrencies increasing by 76% since the beginning of the year. This remarkable growth has been fueled by the strong performance of AI tokens such as Worldcoin, Fetch.AI, and SingularityNET, which have seen notable gains in recent weeks.
One notable example is Worldcoin, a project aiming to build a vast identity and financial network to reach a billion users. The WLD token associated with Worldcoin has experienced an impressive bull run, surging by 222% over the last four weeks and reaching a new all-time high of $9.449 on February 25. However, the momentum of Worldcoin was temporarily halted by a lawsuit filed by Elon Musk against OpenAI.
Similarly, SingularityNET’s AGIX token has been steadily climbing towards the $1 milestone in the weekly chart, marking the fifth consecutive week of positive growth. The token is currently trading at $0.85, with a remarkable 218.5% increase over the last month. Fetch.AI’s FET token has also been on a significant bullish trend, reaching its all-time high of $1.66 on March 1 and seeing a 191% increase over the last month.
The surge in AI coins can be attributed to several key factors, including the launch of OpenAI’s Sora and the announcement of proposed multi-trillion dollar raises by Sam Altman. Additionally, NVIDIA’s earnings exceeding expectations have resulted in a substantial $272 billion addition to its market value in just one day. Given NVIDIA’s crucial role in AI development through chip production, this success has had a positive impact on the AI crypto market.
The overall crypto market cap has surpassed $2.4 trillion, returning to its previous level before the FTX crash. However, while AI coins have been thriving, meme coins have experienced a different trajectory.
Despite some meme coins like Bonk (BONK) rallying by over 100% in February and successfully recovering losses incurred in January, the overall trend for meme coins has been less favorable. Top meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) have seen notable gains, with both rising by nearly 40% and 45% over the past week, respectively.
However, meme coins as a whole have seen a 30% decline from their peak, with the meme coin market experiencing an 8% rise in the last day and reaching $33.6 billion in market cap. This rapid surge has also benefited newly emerging meme tokens such as Baby Shiba Inu and Turbo, which have experienced spikes of over 100% in value this week.
While AI coins have been dominating the crypto market in 2024, meme coins have faced challenges in maintaining their gains. The surge in AI coins can be attributed to various positive developments in the AI space, while meme coins continue to experience volatility and fluctuations in value. As the crypto market evolves, it will be interesting to see how these trends unfold in the coming months.
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