AI Tokens Surge by 260% Since Start of Year

Tokens associated with AI projects have seen prices rise by an average of nearly 260% since the start of the year. The primary driver is the excitement surrounding companies developing neural networks, according to CoinGecko analysts.

Following the launch of OpenAI’s Sora model in February, AI token prices increased by an average of 150%. An additional trigger was the surge in Nvidia’s stock price.

“Hot” Coins

Based on market capitalization, the largest AI token is Bittensor (TAO). At the time of writing, its market cap stands at $4.4 billion, according to CoinGecko.

Following it is Render (RNDR) with a market value of around $2.7 billion. The top three is rounded out by Fetch.ai (FET) with a market cap of ~$1.9 billion.

TAO from Bittensor, a decentralized machine learning protocol, remained the largest AI token throughout January and February 2024. 

The top five rankings remained unchanged, although there were notable shifts beyond this group. Starting 2024 in sixth place, Autonolas (OLAS) fell to ninth by February 29. Despite its market value increasing by $4 million, competitors surpassed it.

Nosana (NOS) climbed from ninth to seventh place. Its market capitalization increased tenfold, from $0.05 billion to $0.50 billion.

To the Moon

The most significant growth among AI tokens in 2024 was demonstrated by the aforementioned Nosana, whose price surged nearly 1000% — from $0.56 to $6.01.

Following it was DeepFakeAI (FAKEAI), whose price rose from $0.0008 to $0.0069. The project benefited most from the AI sector’s excitement, reversing a decline of -31.4% to a rise of 628.6% between February 17 and 29.

In third place was Synesis One (SNS), with a 595% increase — from $0.016 at the start of the year to $0.108 by the end of February. 

Overall, from January 1 to February 29, AI tokens rose by an average of 257%.

In February, Nvidia reported its fourth-quarter results, exceeding profit expectations, which triggered a rise in AI token prices.