The Fetch and SingularityNET cryptocurrencies, which are based on artificial intelligence (AI), experienced a significant surge of over 30% today, recovering from a three-month period of decline. The reason behind this rally of AI coins is worth exploring.
According to TradingView data, the Fetch.ai (FET) token saw a rally of 37%, while the SingularityNET (AGIX) token rose over 33% in the past 24 hours. These AI-based cryptocurrencies began their recovery in price on June 19, after being in a downtrend since the end of March.
Over the course of the last three months, FET experienced a decline of over 31%, while the AGIX token’s price dropped by over 36%. However, today’s price rally was driven by the upcoming merger between SingularityNET, Fetch.ai, and Ocean Protocol, as stated by Vlad Balaban, co-founder of GT Protocol, a blockchain-based AI execution protocol. In a June 20 post, SingularityNET announced that the official date for the merger of the Artificial Superintelligence Alliance (ASI) token is set for July 1.
The AI sector has witnessed significant attention recently, with Nvidia becoming the world’s most valuable publicly traded company on June 18, as its market capitalization reached $3.34 trillion. The developments surrounding Nvidia and the AI sector have played a role in the rally of FET and AGIX tokens, according to Edward Wilson, an analyst at Nansen.ai.
Wilson also highlighted that investor interest in AI remains high. On the yearly chart, FET has seen an increase of over 750%, while the AGIX token has risen by 192%.
Part of the growing interest from investors and institutions in AI is focused on the emerging potential of artificial general intelligence (AGI), as mentioned by GT Protocol’s Balaban.
Please note that this article does not provide investment advice or recommendations. It is important for readers to conduct their own research before making any investment or trading decisions.