AI Cryptocurrencies Fetch and SingularityNET Soar Over 30% Amid Upcoming Merger and Market Interest
Summary:
Fetch and SingularityNET, two AI-based cryptocurrencies, have experienced over a 30% surge in value, breaking a three-month downtrend. This rally is believed to be triggered by the upcoming merger between Fetch.ai and SingularityNET with Ocean Protocol. Also fueling the rise is increasing interest in the AI sector, with Nvidia, the AI and graphics chip giant, recently becoming the world's most valuable publicly traded company.
Fetch and SingularityNET, two cryptocurrencies rooted in artificial intelligence (AI), have seen a surge of above 30% today, showing signs of rebound after a quarter marked by a downward trend. What has triggered this uptick in the value of these AI virtual currencies, specifically FET and AGIX, both of which jumped over 30%?
Trade data from TradingView reveals a 37% hike in the value of Fetch.ai (FET) token, with SingularityNET (AGIX) token experiencing a 33% rise within the past day.
Since June 19, these AI-centric cryptocurrencies have been on an upward trajectory, reversing the sliding trend they have been on since March's end.
Over the preceding quarter, FET went down by more than 31%, while AGIX had to bear above a 36% loss in its price.
The co-founder of GT Protocol, Vlad Balaban, attributes this resurgence in price to the imminent merger of SingularityNET, Fetch.ai, and Ocean Protocol. He commented:
The steep uptick of over 30% is linked to the news of a merger with Ocean Protocol aiming to build the largest decentralized AI network. This strategic decision has fueled investor excitement, with an expectation of significant technological breakthroughs and dominance within the AI field."
On June 20, SingularityNET announced July 1 as the official date for the inception of the Artificial Superintelligence Alliance (ASI) token merger.
Nansen analyst, Edward Wilson, highlights that recent advancements in AI and developments at Nvidia have underpinned the rally of FET and AGIX tokens. Nvidia, the manufacturer of graphics processors and AI chips, saw its market capitalization value climb to $3.34 trillion on June 18, making it the globe's most valuable publicly traded company.
Commenting on the interest in AI, Wilson said:
With both traditional and crypto markets ramping up their focus on AI, it is only logical that AI-centric tokens like NEAR, RNDR, among others are gathering steam.
FET has seen a year-on-year hike of more than 750%, and AGIX has risen by 192%. This surge, according to Wilson, indicates the heightened market interest towards this sector.
Speaking to the growing enthusiasm for AI among investors and organizations, Balaban said:
Several companies are vying for dominance in the AI realm, as the companies that emerge successful in this race will not only gain the lion's share of the market but also dictate its direction. This race is, therefore, attracting immense interest from investors and venture capitalists, as it holds the promise of significant returns for astute investment choices.
Published At
6/20/2024 7:19:47 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.