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The narrative surrounding artificial intelligence (AI) within the crypto sector is experiencing a powerful resurgence. This renewed interest drives substantial gains for projects at the forefront of AI integration, with Bittensor (TAO) and Toncoin (TON) leading the charge.
On April 11, 2024, Bittensor (TAO) and Toncoin (TON) experienced significant gains in the Asian market time.
Renewed Hype Fuels Bittensor (TAO) and Toncoin (TON) Surge
TAO, Bittensor’s native token, witnessed a sharp price increase following its listing announcement on the major crypto exchange Binance.
The exchange will offer spot trading pairs for TAO/BTC, TAO/USDT, TAO/FDUSD, and TAO/TRY, starting April 11, 2024, at 12.00 UTC. However, Binance has applied a “Seed Tag” to TAO, indicating potential higher volatility and risk for investors.
TAO surged approximately 16% within an hour of the announcement, reaching $690. Though it has since retraced to $626 at the time of writing, the momentum indicates significant market interest.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
Bittensor, a pioneering P2P machine learning protocol, enables distributed training and operation of machine learning models. By marrying AI and blockchain, it joins the ranks of innovative projects like Fetch.ai (FET) to pave the way for decentralized technologies’ future.
In parallel, Toncoin (TON) achieved a new all-time high at $7.63, setting records for two consecutive days. BeInCrypto reported earlier that on April 10, 2024, TON surpassed the $7 mark, overtaking Cardano in market capitalization.
The project’s expansion into AI-powered initiatives, such as a palm-scanning program developed in collaboration with Human Code, has fueled investor enthusiasm. Toncoin’s $5 million incentive program for AI developers further strengthens its position.
AI Momentum in the Crypto Market Continues to Build
The AI narrative has been a significant trend in the crypto market since 2023, with momentum continuing into 2024.
According to a recent CoinGecko report, AI is one of the most profitable narratives in the crypto market this Q1, with 222% returns.
AI’s versatility allows for diverse applications, with even stablecoin issuer Tether exploring its integration. Tether’s CEO, Paolo Ardoino, articulated the company’s vision to democratize AI technology, fostering innovation and broadening access. Ardoino highlights the impact of AI in the digital and physical worlds.
“[The] announcement establishes a new division within Tether, redefining AI boundaries and democratizing privacy-preserving open AI technology while setting industry benchmarks for innovation, utility, and transparency,” Ardoino said.
Read more: 9 Best Artificial Intelligence Stocks To Buy in 2024
While optimism around AI abounds, some experts remain skeptical. Analyst Gary Shilling questions AI’s long-term transformative potential, particularly regarding the value proposition of using extensive computational power for pattern recognition.
This skepticism contrasts sharply with the booming stock prices of tech giants such as Nvidia and Microsoft, buoyed by the promise of AI to boost productivity and economic growth.
As the story of AI and blockchain continues to unfold, the achievements of Bittensor and Toncoin showcase the power of these emerging technologies to transform the way we think about finance. The crypto industry, known for its cutting-edge innovation, seems ready to take another disruptive step forward fueled by the integration of AI and blockchain.