Why did Fetch and SingularityNET AI tokens surge 30%?
Both Fetch and SingularityNET artificial intelligence (AI) cryptocurrencies rallied more than 30% today, recovering after three months of declines. What is the background of the AI coin rally?
Why are FET and AGIX up over 30%?
Over the past 24 hours, the Fetch.ai (FET) token is up 37% and the SingularityNET (AGIX) token is up over 33%, according to TradingView data.
The two AI-based cryptocurrencies began their price recovery on June 19th. Both coins have been on a downward trend since late March.
Over the past three months, FET has fallen over 31% and the AGIX token price has fallen over 36%.
Today’s price rise was triggered by the upcoming merger between SingulairtyNET, Fetch.ai, and Ocean Protocol, according to Vlad Balaban, co-founder of GT Protocol, a blockchain-based AI execution protocol. He wrote:
“The surge of over 30% is due to the announced merger with Ocean Protocol, which aims to form the largest decentralized AI ecosystem. “This strategic move has fueled investor enthusiasm as they anticipate significant advancements and market leadership in AI technology.”
In an X post on June 20, SingularityNET announced July 1 as the official date for the Artificial Superintelligence Alliance (ASI) token merger.
Related: Ethereum price to $10,000 is the most ‘asymmetric bet’ in crypto — Analyst
FET, AGIX are involved in AI and Nvidia development: Nansen analysts
Recently, the AI field has been attracting attention. Nvidia became the world’s most valuable publicly traded company on June 18 after the graphics processing and AI chip giant’s market capitalization increased to $3.34 trillion.
Nvidia and developments in the AI sector have contributed to the rise of FET and AGIX tokens, according to Edward Wilson, analyst at Nansen.ai. He told Cointelegraph:
“AI as a sector is hot in both traditional markets and cryptocurrencies. Against the backdrop of Nvidia becoming the most valuable company in the world, it’s no surprise that AI tokens like NEAR, RNDR, etc. are rallying.”
Nansen’s Wilson also noted that investor interest in AI remains high.
“Both of these tokens are up around 300% over the past year, while ETH is up over 100% over the same period, showing strong market interest in the sector.”
On the year-to-date chart, FET is up over 750% while AGIX token is up 192%.
According to GT Protocol’s Balaban, some of the growing interest in AI from investors and institutions is dedicated to the new possibilities of artificial general intelligence (AGI).
“Companies are entering the AI race, and those at the forefront will not only have the largest market share but also lead the world. “The AI race promises significant profits for those who make the right investment decisions for their portfolios, so this competition significantly increases the interest of investors and VCs.”
Related: As open interest increases, the price of XRP may skyrocket.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.
