cryptobriefing.com
Tokens related to the artificial intelligence (AI) narrative went up 257% on average so far in 2024, according to a Mar. 5 report by CoinGecko. TAO, the token powering Bittensor, a decentralized machine learning protocol, has maintained its position as the largest AI token by market cap, reaching $3.8 billion as of Feb. 29. This marks a significant lead over its closest competitor, RNDR, which boasts a market cap of $3 billion. FET holds the third spot with a market valuation of $1.4 billion.
Despite the stability at the top, the AI token market has witnessed considerable movement. OLAS, which began the year in sixth place by market cap, has fallen to ninth despite a slight increase in total value. In contrast, NOS has made a remarkable leap from ninth to seventh place, adding almost $500 million to its market cap.
NOS was also responsible for the most impressive growth in price after skyrocketing 988%, moving from $0.56 to $6.01 in just two months. FAKEAI and SNS also saw substantial increases of 628% and 595%, respectively.
In terms of market cap growth, TAO leads with an addition of $2.2 billion, followed by RNDR with $1.2 billion, and AGIX, which increased by $510 million.
The AI token market received a further boost with the announcement of OpenAI’s Sora text-to-video model, which led to an average price increase of 151% among AI tokens. FAKEAI, in particular, benefited significantly from this announcement, reversing a previous downtrend to a staggering 628.6% increase at the end of February.