AI projects have gained traction within the crypto industry as the overall evaluation of several tokens rises.
Santiment, the prominent crypto market intelligence platform, recently posted a bullish signal on specific tokens which it believed would dominate the market. The platform opined that these AI-related tokens will offer profitable buying opportunities.
AI Boon Amid Market Struggles
Santiment’s optimistic estimate is based on the growing social media activity about AI-based crypto initiatives, which coincides with positive legislative developments. The analytic platform referenced a historical trend where price increases for some tokens usually follow a spike in social media debates surrounding them.
Keep an eye on AI projects this weekend and early part of next week. There has been another gradual rise in social volume toward Synth AI, and regulation for projects like $FET, $OCEAN, $AGIX, and $TAO. These spikes in crowd interest are often followed by rises in price. pic.twitter.com/23qsh95SQe
— Santiment (@santimentfeed) June 8, 2024
Despite this positive momentum, the prices of some crypto assets (including AI tokens) in the broader crypto market are declining. For example, current Coinmarketcap data indicates that Fetch.ai (FET) ‘s price has dropped over 12% over the past 24 hours.
Other crypto assets such as Bittensor (TAO), Rendering (RNDR), SingularityNET (AGIX), and Near Protocol (NEAR) have noted similar price downtrends. However, Injective Protocol (INJ) is a notable exception. During the past week, INJ’s price rose by over 16%. Since last month, AI tokens have been the leading performers among crypto assets, outpacing other top assets such as Bitcoin and Ethereum.
Potential Bullish Momentum
While a short-term negative trend exists, Santiment foresees more wins for AI-related crypto assets. Moreover, AI tokens have already proven to be a profitable investment choice.
According to a CoinGecko analysis in Q1 of 2024, AI token investors had an average return of 222% from their investments. Some tokens with net positive returns were included in Santiment’s analysis of the top AI and big data tokens to consider in 2024.
Nevertheless, Santiment’s analysis does not constitute investment advice. Thus, prospective investors should perform their due diligence.
