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Why Are Fetch and SingularityNET AI Tokens Up 30%? — TradingView News
Artificial intelligence (AI)-based cryptocurrencies Fetch and SingularityNET both rallied more than 30% today, recovering after a three-month downtrend. What’s behind the AI coins rally?
Why are FET and AGIX growing by more than 30%?
According to data from TradingView, the Fetch.ai (FET) token has rallied 37%, while the SingularityNET (AGIX) token is up more than 33% in the last 24 hours.
The two AI-based cryptocurrencies began their price recovery on June 19. Both currencies have been trending downwards since the end of March.
Over the past three months, FET has fallen by more than 31%, while the price of the AGIX token has lost more than 36%.
According to Vlad Balaban, co-founder of GT Protocol, a blockchain-based AI execution protocol, today’s price rally was catalyzed by the impending merger between SingulairtyNET, Fetch.ai, and Ocean Protocol. He has written:
“The increase of more than 30% is attributable to the announced merger with Ocean Protocol, aimed at forming the largest decentralized AI ecosystem. This strategic move has ignited investor enthusiasm, anticipating significant advancements and market leadership in AI technology.”
In a June 20th post, SingularityNET announced the official Artificial Superintelligence Alliance (ASI) token merge date of July 1st.
FET and AGIX stay up to date on AI and Nvidia developments: Nansen analyst
The artificial intelligence sector has attracted a lot of attention lately. Nvidia became the world’s most valuable publicly traded company on June 18, after the graphics processing and AI chip giant’s market capitalization rose to $3.34 trillion.
According to Edward Wilson, an analyst at Nansen.ai, developments around Nvidia and the artificial intelligence sector contributed to the rally in FET and AGIX tokens. He told Cointelegraph:
“AI as a sector is popular in both traditional markets and cryptocurrencies. It should come as no surprise that in the wake of Nvidia becoming the most valuable company in the world, AI tokens like NEAR, RNDR and others are becoming resuming.”
Nansen’s Wilson also noted that investor interest in AI remains high:
“Both of these tokens are up around 300% over the past year, compared to ETH which has seen just over 100% over the same period, demonstrating high market interest in this space.”
In the yearly chart, FET grew by more than 750% while the AGIX token grew by 192%.
According to GT Protocol’s Balaban, part of the growing investor and institutional interest in AI is devoted to the emerging possibilities of artificial general intelligence (AGI):
“Companies are jumping into the AI race, and those who emerge victorious will not only capture the largest market share, but will lead the world. This competition significantly increases investor and VC interest, as a race for AI promises substantial profits for those who make the right investment decisions for their portfolios.”
This article does not contain investment advice or recommendations. Every investing and trading move involves risk, and readers should conduct their own research before making a decision.