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AI cryptocurrencies are at a fever pitch today with the sector’s market cap up by 6.6%.
However, numerous projects have outperformed the average. Fetch.ai, SingularityNET, and Ocean Protocol are each up over 20%, while the new presale project WienerAI is also displayign impressive growth.
Nvidia Rally Sparks AI Coin Boom
Chip manufacturer Nvidia is now the world’s most valuable company, overtaking Microsoft on Wednesday.
Nvidia’s stock price has soared this year due to AI-related computational demand, which has also benefited AI cryptocurrency prices.
Nvidia is trading at $138.5 per share, a 3.5% uptick today, 43% this month, and 209% this year.
Its market cap sits north of $3.3 trillion, which eclipses the entire cryptocurrency market and every country’s GDP bar six.
Speaking at an event in Denmark, Chris Penrose, the global head of business development for telco at Nvidia, forecasted further growth for the sector.
“The generative AI journey is really transforming businesses and telcos around the world. We’re just at the beginning,” he said.
There’s cutthroat competition in AI’s application layer, with heavyweights like Microsoft, Alphabet, Meta, and Apple locking horns to create the next breakthrough product.
But that benefits Nvidia. The AI race is reminiscent of the 1800s California gold rush, with Nvidia’s microchip sales replacing the picks and shovels that returned the biggest profits.
This brings us back to crypto. Nvidia’s primary data center workhorse chips cost $10,000, and it’s a lot more to train an AI model.
Lambdalabs suspects ChatGPT-3 costs $4,600,000 to train just a single iteration, and this becomes exponential for advanced models.
This is unaffordable for most startup AI companies, but that’s where crypto AI comes in.
Render and Bittensor enable AI engineers to get underway with little to no upfront costs through distributed computational networks.
Other projects are innovating with crypto AI in different ways. One example is Fetch.ai, which equips legacy businesses with automated AI bots to handle repetitive tasks.
All in all, the crypto industry is tackling one of AI’s biggest issues: high costs.
And a new contender has entered the market amid the rise of AI-themed cryptocurrencies.
It’s called WienerAI and offers an AI-powered trading bot behind a meme coin exterior. The project is undergoing a presale and has raised $6 million so far.
Analysts Think This New AI Coin Could Be Next to Explode
WienerAI has triggered massive excitement on social media throughout its presale. But it looks stronger than ever now that the AI coin narrative is resurfacing.
Its central premise is an AI-powered trading bot that helps traders make better decisions.
The team released a sneak peek into its functions on X last week and described it as “ChatGPT for trading.”
Users can ask the bot questions or set specific criteria. The bot will then scour the web for the best trading opportunities.
WienerAI is a boon to users’ trading skills and a big time saver – it’s a lot faster than manually sifting through CoinMarketCap or DEXScreener.
In addition, it boasts a seamless trade execution environment that provides instant, MEV-resistant, and fee-free transactions.
This is a much-needed improvement from the existing on-chain user experience that can be painfully slow.
The project’s use case has drawn a lot of attention. Alongside its $6 million total raised from investors, well-known analysts are in favor. In a recent video, Crypto Wire dubbed WienerAI as having 100X potential.
Also, on Wednesday, the CryptoNews YouTube channel published a video on the project, showing that notable parties are taking note of its high potential.
