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Top 5 AI Cryptocurrencies for Your Money
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Artificial intelligence has supported the market in general for several months now — and the crypto ecosystem It also rode the broader wave of artificial intelligence.
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In fact, as of July 2, AI-related tokens, or “cryptocurrencies that power AI-related projects,” as CoinGecko calls them, had a market cap of $28.2 billion, according to CoinGecko data.
Of course, not all AI-crypto projects are the same and caution is key, several experts say. That’s because aspects of the cryptocurrency industry are fairly new. Therefore, one should be careful when investing in AI-focused tokens, just as one should be careful when making any type of investment, said Rebecca Liao, CEO of Saga“That’s why it’s always smart to do your research and only allocate funds that fit your risk profile—that is, don’t get FOMOed about any investment,” Liao said.
That said, these are going to be exciting years for the AI and cryptocurrency markets.”
As MarketWatch reports, there is one area of particular interest: crypto-AI startups, focused on decentralized computing.
“For example, some startups are providing tokens to motivate people to contribute computing power, which is then used in AI,” according to MarketWatch. In turn, “such mechanisms could lower the cost of powering AI.”
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AI computing is “the computationally intensive process of machine learning algorithms, typically using accelerated systems and software. It can extract new insights from massive data sets, learning new skills along the way,” according to an Nvidia blog post.
Andreesen Horowitz noted that processing supply “is so limited that demand outstrips it by a factor of 10(!)”
“So we think it’s fair to say that access to compute resources at the lowest total cost has become a key determinant of the success of AI companies at this point,” he added. Patrick Gruhn, former European head of (now defunct) FTX and founder of Perpetuals.comHe noted that while there are numerous AI token scams out there, it is definitely worth looking into.
“Blockchains can provide incentives and payment channels for decentralized coordination of underutilized computing power,” Gruhn said, citing a report from Galaxy Digital, which found that AI-required computing is doubling about every three months.
“Therefore, the currency of an economy that coordinates the use of excess chips from around the world would increase in value, helping to meet this growing demand for AI processing,” he said.
The story continues
Here are some AI tokens that experts say are worth considering.
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Akasha
Last year: 576.1% — as of July 2.
Last month: -18.2%.
Gruhn said it is a decentralized cloud computing network that has added support for Nvidia GPUs.
Matthew Webb, co-founder, Wevr.aiechoed the sentiment, saying that with this AI coin “you can rent a certain amount of GPUs for an hourly price”, which mimics the standard way of AWS, Azure or Google Cloud and is very effective.
Give
Last year: 275.9%, as of July 2.
Last month: -24.3%
“This token is another favorite AI coin,” said Brian Prince, founder and CEO of StrumentiTopAI.comco-founder and CMO of XCoin.
“What I like about this coin is that it gives artists and creators access to resources to create 3D graphics and animations,” Prince said. “Users who donate their unused computing power to RNDR for artists to purchase can earn coins.”
Prince stressed that despite the recent decline, he believes in the coin’s mission: to make computer-generated art more accessible to everyone and to help small business owners create exciting content.
According to Phillip Shoemaker, executive director of Identity.comAnother interesting feature of this token is that it is set to become much bigger.
“And I think it’s still very underrated,” he added.
Nosana
Last year: 23437.9%, as of July 2.
Last month: -18.9%
According to Prince, this coin integrates blockchain technology and artificial intelligence on the Solana network with a decentralized GPU grid.
“What does this mean in layman’s terms? Solana is a blockchain that supports decentralized apps, or dApps,” Prince said. “NOSANA allows users to rent space for AI-powered apps. At just $3.25 right now, it also has an affordable entry point for investors and has a price target of $5.30 right now if the overall cryptocurrency market continues its bull run, sources on Twitter/X said.”
Webb of Wevr.ai, which owns some of these coins, also noted that while this one is less well-known than the others and has a smaller market cap, its idea is to help users looking for GPU processing for their AI workloads.
“I think acting as a marketplace is a very good idea and simpler than other AI-based coins,” Webb added.
Bittensor
Last year: 447.4%, as of July 2.
Last month: -32.7%
Bittensor is a project “that is essentially Bitcoin,” Gruhn said. However, instead of mining specific hash outputs, completing AI-computed submissions earns the right to validate a block.
“Quite interesting, but I’m skeptical about the economics of it,” he added.
However, Webb said he appreciates Bittensor’s attempt to open source AI development by allowing developers and researchers to create and transfer knowledge seamlessly.
“AI is currently very secretive among the big players like OpenAI, Anthropic, and Google,” he said.
Electromagnetic compatibility
Last year: 108.8%, as of July 2.
Last month: -90%.
According to Cody van Tonder and Jason de Klerk, co-founders of Inova GroupThis token is one of the few small-cap coins with solid use cases and huge growth potential.
They added that the use case is interesting as EMC provides a network of decentralized physical infrastructure aimed at providing AI computing power.
“By leveraging a decentralized network, EMC can offer scalable and cost-effective AI computing resources,” they said. “This infrastructure is essential to supporting the growing demands of AI applications.”
And in terms of growth potential, as demand for AI computing power continues to increase, EMC’s decentralized approach could lead to significant adoption and growth, addressing a critical need in the AI industry, they added.
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This article originally appeared on GOBankingRates.com: Top 5 AI Cryptocurrencies for Your Money