AI-related coins have demonstrated a noteworthy performance in 2024, as the combined returns of such cryptocurrencies have surged by 76% since the year’s commencement.
The Artificial Intelligence (AI) coins market has experienced a 7% increase today, elevating the market cap to $19.8 billion in the past 24 hours.
AI Coins Are Top Performers in 2024
Entrepreneur and Bitcoin investor Lark Davis stated on X that AI coins yielded the highest returns in 2024 among cryptocurrencies.
AI coins have been pulling in the best returns so far in 2024.
Collectively, AI coins have registered 76% returns since the start of the year.
Which AI coins are you most bullish on? pic.twitter.com/Maz6OAnAuc
— Lark Davis (@TheCryptoLark) February 29, 2024
AI tokens such as Worldcoin, Fetch.AI, and SingularityNET have experienced notable surges in recent weeks, driving the bullish trend in the market for AI-based coins. Several tokens have achieved double-digit gains during this period.
Worldcoin, which aims to build a vast identity and financial network to reach a billion users, has seen its WLD token have an impressive bull run over the last four weeks, surging 222%. The AI coin reached a new all-time high of $9.449 on February 25. However, the recent lawsuit by Elon Musk against OpenAI has halted that run.
On the other hand, SingularityNET’s AGIX token is inching closer to the $1 milestone in the weekly chart, marking the fifth consecutive week of positive growth. The coin is up 218.5% over the last month, trading at $0.85 today.
Fetch.AI’s FET is also experiencing a significant bullish trend, currently trading at its all-time high on March 1 at $1.66. Notably, Fetch.AI saw a 191% increase over the last month.
According to data from CoinGecko, the largest AI coin gainers were Balance AI, Octavia, and Chacedot, up 31.1%, 36.8%, and 26.4%, respectively, over the last day.
The surge in AI coins has been attributed to OpenAI’s Sora launch and the announcement of proposed multi-trillion dollar raises by Sam Altman.
NVIDIA’s earnings also exceeded expectations, resulting in a substantial $272 billion addition to its market value in just one day. Given NVIDIA’s crucial role in AI development through chip production, this success has positively impacted the AI crypto market.
Thriving World of Meme Coins
The crypto market cap is above $2.4 trillion, returning to its previous level before the FTX crash. On the other hand, top meme coins have returned most of their gains over the last few weeks.
Despite experiencing a 30% decline from its peak, Bonk (BONK) has rallied by over 100% in February, successfully recovering losses incurred in January. Shiba Inu (SHIB) and Dogecoin (DOGE) have also seen notable gains, rising by nearly 40% and 45% over the past week, respectively.
The meme coin market has seen an 8% rise in the last day, reaching $33.6 billion in market cap. This rapid surge has also driven substantial gains for newly emerging meme tokens, with Baby Shiba Inu and Turbo experiencing spikes of over 100% in value this week.
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