AI Crypto Tokens Fetch, Singularity Rally More Than 20% Overnight

Amid the largely sideways performance of major cryptocurrencies, AI-related crypto tokens including Fetch (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) have soared in the past day.

FET, the utility token poweringFetch.AI, a decentralized platform that provides tools and infrastructure required for building an AI-based digital economy, is up 25% over the day, changing hands at $0.54, according to CoinGecko.

Ranked 86th by market capitalization, FET has enjoyed explosive growth since the start of the year, gaining 106% over the week and more than 250% in the past 30 days, hitting levels not seen since January of last year.

AGIX, the native token powering a decentralized platform for creating, distributing, and monetizing AI services SingularityNET, has seen an even more bullish price action since the start of the year, soaring 883% over the month.

AGIX went on to hit a 17-month high of $0.59 in the early hours on Tuesday before dropping to the current price of $0.54. The move still represents a 22% increase in value over the past 24 hours, per CoinGecko.

SingularityNET, which runs on Ethereum and Cardano, has been strongly focused on increasing interoperability between the two networks, launching a bridge to tokens last year, with further plans to introduce a staking portal for Cardano’s native token ADA as early as Q1 2023.

Another token to soar over the day is Ocean Protocol’s OCEAN.

Built atop the Ethereum blockchain, Ocean Protocol aims to allow businesses and individuals to exchange and monetize data and data-based services, particularly for AI, without compromising the privacy of the data.

OCEAN rallied 157% over the month and is up 24.3% in the day, currently trading hands at $0.53, a level last seen in April 2022, data from CoinGecko shows.

Bitcoin (BTC) is meanwhile up 0.9% over the day, trading just above $23,000 at the time of writing. Ethereum also gained a modest 0.7% in value in the past day, currently trading around $1,640.

The AI hype hits crypto

The impressive price performance for AI-adjacent crypto tokens comes amid the growing interest surrounding the capabilities of artificial intelligence technologies, not the least caused by last month’s reports of Microsoft investing an additional $10 billion into OpenAI, the development studio behind popular artificial intelligence tool ChatGPT.

The deal is a boost to Azure, Microsoft’s cloud computing platform, which will remain the exclusive cloud provider for all workloads across OpenAI's research, API and products.

Microsoft also plans to “deploy OpenAI’s models across our consumer and enterprise products and introduce new categories of digital experiences built on OpenAI’s technology,” the IT giant said in a blog post.

According to a recent report by JP Morgan, more than half of the institutional traders also believe that artificial intelligence and machine learning will be the most influential technology in shaping the future of trading over the next three years—cited four times more often than blockchain and distributed ledger technology.