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AI coins Render, Akash Network, Fetch.ai rally on opening of World AI Cannes Festival

source-logo  fxstreet.com 08 February 2024 14:51, UTC
  • AI coins Render, Akash Network, Fetch.ai, Origin Trail and Ocean Protocol, among other assets, rallied on Thursday.
  • World AI Cannes Festival opened on February 8, likely catalyzing gains in AI assets.
  • Crypto expert states AI tokens are currently underpriced.

The World AI Cannes Festival, where over 50 Artificial Intelligence projects will share their latest updates, opened on Thursday. The AI festival is likely the catalyst that fueled gains in top AI assets like Render (RNDR), Akash Network (AKT), Fetch.ai (FET), Original Trail (TRAC) and Ocean Protocol (OCEAN), among others.

Also read: Ethereum price tops $2,400 as 25% of ETH supply is staked and ETF applicants amend filings

AI tokens witness rally on day 1 of Artificial Intelligence festival

The opening of the World AI Cannes Festival catalyzed gains in top AI cryptocurrencies on Thursday. RNDR, AKT, FET, TRAC and OCEAN rallied between 3.1% and 3.9% in the past 24 hours.

AI crypto projects with gains in the past 24 hours. Source: CoinGecko

The Artificial Intelligence narrative is gaining relevance among market participants. Ethereum co-founder Vitalik Buterin recently commented on combining AI with cryptocurrencies and asked developers to tread carefully.

Buterin warns developers against potential pitfalls in the interaction between crypto and AI technology and divides potential overlaps into different categories. The most viable ones, according to Buterin, will receive human input and use AI detection or explanatory capabilities. AI can help DAOs make subjective decisions with the help of AI.

Crypto expert and founder of AI-based research studio Ambush, Rodrigo Ferro, stated that people are not bullish enough on AI tokens, in his opinion, in a recent tweet on X (formerly Twitter). The expert believes Large Language Model (LLM) innovation alone has been one of the most exponential growth curves.

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