AI tokens had 3rd highest returns of any category in 3 months — Binance
Blockchain tokens associated with artificial intelligence (AI) saw outsized gains in the three months leading up to Jan. 2, according to a report from Binance Research.
The tokens were the second-highest performing category behind Ethereum layer 2s when excluding memecoins. When memecoins are included, AI tokens were the third-best performing category. The Binance researchers cited a Dune Analytics dashboard from @Cryptokoryo_research as the source of their data.
Top performing categories of tokens from October 2, 2023-January 2, 2024. Source: Binance, citing data from @cryptokoryo_researchThe report categorized six coins as “AI tokens,” including SingularityNET (AGIX), Cortex (CTXC), Fetch (FET), Ocean Protocol (OCEAN), Oraichain (ORAI), and Render (RNDR). These coins saw price increases of 185% over the three months.
To compare, DeFi 2.0 tokens saw an 87% increase, GameFi 109%, and Real World Asset (RWA) tokens a 145% increase. The one category that posted better returns than AI tokens was layer-2s, which saw a 221% gain. The researchers did not include memecoins in their analysis, claiming these coins had “disproportionate large percentage performance gains as a result of their relatively lower market capitalization.”
AI tokens also outperformed major coins such as Bitcoin ( BTC ) and Ether ( ETH ) over the year. BTC ended the year up 150%, whereas ETH gained by 44%. By contrast, the researchers noted that “[t]he one-year performance of [AI tokens] varied from 200% to as high as 650%.”
Out of this group of AI coins, the top performer in 2023 was Fetch, whose price increased by 659% for the year. According to its documents, Fetch is a blockchain network that runs AI programs called “Agents” and features a marketplace of AI services.
The second-highest rate of return for these coins came from SingularityNET, which posted a 616% gain for the year. SingularityNET claims to offer an AI services marketplace on the Ethereum network, with other networks to be added later.
Related: Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis
Other notable AI token gains included Ocean Protocol, which gained 215%, and Bittensor (TAO), which posted a 191% gain.
Some experts have predicted that blockchain-based decentralized physical infrastructure networks (DePIN) and AI will become a “power duo” in 2024.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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