AI tokens experienced a weekend boom after OpenAI unveiled its revolutionary text-to-video generator, Sora. Investors, eyeing the potential of AI in 2024, are pouring fuel into the sector.
Data from CoinGecko reveals an average 7.7% jump for AI-related tokens on February 18th, with Ocean Protocol (OCEAN) and Fetch.AI (FET) leading the charge with double-digit gains. But will this surge last?
Fetch.AI Leads the Pack
Fetch.AI emerged as the top AI cryptocurrency, with a staggering 30% surge on Sunday, igniting a wider rally in the sector. As of February 19th, Fetch.AI boasts a market cap of $771.5 million, solidifying its position as the 94th largest cryptocurrency. Interestingly, CoinMarketCap data shows a consistent $10 million daily increase in Fetch.AI’s market cap since the Sora announcement.
The FET token reached $0.8420, marking a two-year high for the AI token. This momentum was further fueled by the news of Deutsche Telekom partnering with the Fetch.ai Foundation, becoming their first corporate collaborator.
Building an Inclusive AI Future
The Fetch.ai Foundation, dedicated to advancing cutting-edge AI and Web3 technologies, aims to create an inclusive and open platform for a diverse user base. Deutsche Telekom’s subsidiary, MMS, plays a crucial role as a validator, ensuring the security and integrity of the decentralized Fetch.ai blockchain, further solidifying the partnership’s significance within the blockchain ecosystem.
While this AI token rally shows promise, predicting its longevity is difficult. OpenAI’s Sora and partnerships like Fetch.AI and Deutsche Telekom showcase exciting advancements in the AI space, but market trends can be unpredictable.
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