A recent report from Binance Research highlights a significant surge in blockchain tokens related to artificial intelligence (AI) over the three months leading up to January 2. According to their analysis, which excluded memecoins, AI tokens emerged as the second-highest performing category following Ethereum Layer 2 solutions. However, when memecoins are included, AI tokens rank as the third best performing category. The data for this research was primarily sourced from @Cryptokoryo_research’s Dune Analytics dashboard.
The report identifies six tokens under the “artificial intelligence tokens” category: SingularityNET (AGIX), Cortex (CTXC), Fetch (FET), Ocean Protocol (OCEAN), Oraichain (ORAI), and Render (RNDR). Remarkably, these coins collectively experienced a 185% increase in value over three months. This growth is contrasted with other sectors: DeFi 2.0 tokens rose by 87%, GameFi by 109%, and real world asset (RWA) tokens by 145%. However, Layer-2 solutions outperformed AI tokens with a growth of 221%. The researchers specifically excluded meme coins from their comparison due to their tendency to achieve outsized gains on account of their relatively small market capitalizations.
Notably, AI tokens have also been outshining major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) over the past year. BTC saw a yearly increase of 150%, while ETH gained 44%. In stark contrast, the year-over-year performance for AI tokens ranged dramatically from 200% to an impressive 650%. Among these, Fetch emerged as the top performer in 2023, with its price skyrocketing by 659%. Fetch operates as a blockchain network hosting artificial intelligence programs known as "agents," and offers a marketplace for AI services.
The second-best performer in this AI token category is SingularityNET, which saw a substantial 616% increase this year. SingularityNET is designed as a marketplace for AI services, initially on the Ethereum network, with plans to expand to other networks. Other notable AI tokens with significant gains include Ocean Protocol, with a 215% increase, and Bittensor (TAO), which rose by 191%.
Looking ahead, some experts are forecasting that the combination of blockchain-based decentralized physical infrastructure networks (DePIN) and artificial intelligence will become prominent and influential in 2024. These "two heroes" are expected to drive significant advancements and innovation in the technology and cryptocurrency sectors.
