AI cryptocurrencies have quickly gained popularity in the crypto market following the growing adoption of Artificial Intelligence technology by individuals, companies and governments.
This development comes despite 2023 being a bumpy year for several crypto traders and investors as numerous cryptoassets —including Bitcoin (BTC), Shiba Inu (SHIB), XRP and Cardano (ADA)— have performed below expectations.
Amid the prolonged bear market fueled by multiple factors including the SEC’s crackdowns on diverse crypto projects and companies, analysts predict 2024 to be a promising year for the crypto market.
In particular, many experts submit that the fourth Bitcoin halving event programmed for April 2024 would possibly usher in the next crypto bull market. Of course, no one wants to be a spectator when the market is all green hence, this article reveals some of the rising AI cryptocurrencies you should look out for ahead of the anticipated bull market cycle.
What are AI Cryptocurrencies?
AI crypto tokens, often referred to as AI cryptocurrencies, are a relatively new category of digital assets at the intersection of artificial intelligence and blockchain technology.
Simply put, AI cryptocurrencies are digital assets or cryptocurrencies associated with artificial intelligence-focused projects or platforms. AI crypto tokens are typically used within AI ecosystems to facilitate various functions, such as accessing AI services, making transactions, image creation and participating in AI-related activities like data sharing or training AI models.
Top AI Cryptocurrencies You Should Know
As of October 15 2023, there are a total of 149 crypto tokens in the “AI and Big Data” category according to Coinmarketcap. Notably, these AI cryptocurrencies boast a cumulative market cap of over $4.8B at the time of writing. While the most prominent AI cryptocurrencies can fluctuate, below are the top AI crypto tokens by market capitalization:
1. The Graph (GRT)
The Graph is a decentralized protocol that enables developers to index, query, and retrieve data from various blockchains more efficiently and simply. Launched on the mainnet in December 2020, The Graph network simplifies data access in the blockchain ecosystem by indexing blockchain data and making it easily accessible.
Developed by Jannis Pohlmann, Yaniv Tal and Brandon Ramirez, Web3 developers and applications benefit from this AI-based platform, enhancing the efficiency and capabilities of decentralized applications (Dapps).
The Graph has a native currency represented by the ticker GRT. The utility token is primarily used to enable data curation, indexing and querying on the platform. Moreover, those who hold and stake GRT tokens have a say in the protocol’s governance and can earn rewards for their contributions.
GRT boasts a market capitalization of $767M at press time, establishing itself as the dominant big data crypto player. Notably, GRT has a total supply of 10.77B tokens with a total of 142,898 holders at the time of publishing.
Despite clinching an all-time high of $2.875 in 2021, GRT is exchanging hands at $0.083 at press time. The Graph native token is available on several leading crypto exchanges including Binance and Coinbase.
2. Render Network (RNDR)
Founded by Jules Urbach and launched in 2017, the Render Network is an AI-focused project providing decentralized GPU rendering on the blockchain. The Render Network’s primary vision is to democratize GPU cloud rendering to facilitate near-generation 3D content creation.
More so, the high-performance distributed GPU rendering network is also designed to facilitate a compute marketplace between GPU Providers and GPU Requestors.
RNDR is the native token of the Render Network. It serves as the medium of exchange for users and developers on the Render Network, facilitating transactions for computing resources and services.
Also, RNDR plays a vital role in the governance of the platform, enabling token holders to participate in decision-making processes and shape the project’s development.
RNDR is designed to have a maximum supply of 536.87M tokens. At press time, RNDR has a market cap of $682M and 45,095 holders. Binance, Coinbase, and Kraken are among the platforms where RNDR can be traded.
3. Injective (INJ)
Injective is a layer 1 blockchain developed to shape the future of finance. Powered by a global network of developers, validators, institutions and partners including Binance, Mark Cuban, Jump and Pantera, Injective strives to create an open and inclusive financial system through decentralization.
The platform allows developers to launch dynamic dApps with its CosmWasm smart contract layer, plug-and-play modules and deep liquidity support. Injective further introduces several innovative Web3 modules and primitives such as the world’s first on-chain derivatives orderbook.
Injective’s governance is driven by holders of its native crypto asset represented by INJ. INJ enables community members to participate in several activities on the Injective ecosystem including staking for rewards, burn auctions and proposals voting.
At the time of writing, INJ boasts a market cap of $660M with a total of 17,267 token holders. Notably, the AI crypto token has a maximum and total supply of 100M INJ.
4. Ocean Protocol (OCEAN)
Introduced in 2017 by Bruce Pon and Trent McConaghy, OCEAN is among the most widely adopted AI cryptocurrencies in the market with a market cap of $413M at press time. The utility token is the native currency of the Ocean Protocol, an AI-based platform revolutionizing the data economy.
Ocean Protocol provides a decentralized marketplace where users can share and monetize data securely. This innovative project is designed to facilitate data sharing and AI model training while ensuring data privacy. OCEAN holders play a pivotal role in curating, staking, and participating in the network’s governance.
The OCEAN token serves as the fuel for data services, governance, and incentives on the platform. Staking OCEAN tokens allows users to participate in the network’s governance, earning rewards and contributing to its growth. The maximum supply of OCEAN is capped at 1.41B with 50,698 unique addresses holding the token at the time of writing.
5. Oasis Network (ROSE)
The Oasis Network is a Layer 1 decentralized blockchain network designed to provide a privacy layer for Web3. In other words, Oasis Network is dedicated to ensuring data privacy and confidentiality on the blockchain.
The project employs a unique approach called “Oasis Privacy Layer (OPL)” to enable secure data sharing. Powered by the so-called “confidential ParaTimes,” the OPL enables developers to easily utilize confidentiality in their decentralized applications (dApps), priming blockchain privacy for mass adoption.
The AI-based blockchain platform has a native cryptoasset represented by the ticker ROSE. The ROSE token is essential for various functions, including network security and decentralized application development. The AI cryptocurrency is also used to pay for network services, including smart contract execution and data privacy features.
Validators and stakers are rewarded with ROSE tokens for their contributions to network security. ROSE has a total and maximum supply of 10B with a market cap of $273M at the time of writing.
6. SingularityNET (AGIX)
Another emerging AI crypto token in the market is AGIX, the native currency of the SingularityNET platform. SingularityNET operates as a decentralized marketplace for AI services. The AGIX token enables the buying and selling of AI services and algorithms.
By leveraging OpenCog, an advanced AI framework, SingularityNET can offer innovative AI solutions and democratize access to AI services. AGIX tokens are typically used to grant users access to AI services.
Users who provide AI services on the network are equally rewarded using AGIX. Therefore, by holding and utilizing AGIX tokens, users can leverage the decentralized AI marketplace to meet their AI needs.
At press time, AGIX has a market cap of $210M, a total supply of 1.35B and 70,753 holders. Notably, AGIX’s maximum supply is capped at 2B.
7. Fetch.ai (FET)
Cofounded by Humayun Sheik, Toby Simpson, and Thomas Hain in 2017, Fetch.ai is pioneering the concept of autonomous economic agents. These AI-based agents enable a decentralized digital economy, facilitating tasks like supply chain optimization and data coordination. The FET token powers the Fetch.ai ecosystem, serving as the currency for autonomous agent interactions, staking, and network participation.
FET holders are integral to the network, providing the necessary staking for agents to operate efficiently. Users can stake FET to support agents and earn rewards in return. FET has a total supply of 1.15B with no fixed maximum supply. At the time of writing, the AI crypto token boasts 49,079 holders and a market cap of $172M according to Coinmarketcap.
Undoubtedly, AI is among the latest trends in the crypto market with several investors developing interest in the emerging AI crypto tokens. While AI cryptocurrencies may appear promising ahead of the anticipated bull market, crypto trading is highly risky. Therefore, do your own research (DYOR) and only invest what you can afford to lose.