AGIX, Fetch.AI and Render likely to benefit from big corporate AI push
- Prices of artificial intelligence-based crypto assets such as Render, SingularityNET and Fetch.ai could recover supported by the latest round of AI announcements by corporate giants.
- Meta, Humane, IBM and Wendy’s have all announced new updates related to AI deployment on Wednesday.
- AI tokens could make a comeback, yielding massive gains for holders, following the recent meme-coin craze.
The narrative involving Artificial Intelligence (AI) tokens is gathering relevance with the latest round of announcements from U.S. corporate giants Meta, Humane, IBM and Wendy’s. Prior to the meme coin season, crypto market participants yielded massive gains from AI tokens Render (RNDR), SingularityNET (AGIX) and Fetch.ai (FET), but more recently prices have dropped
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Artificial Intelligence announcements by latest tech giants fuels bullish thesis for AI coins
Rowan Cheung, founder of Artificial Intelligence-focused newsletter The Rundown, shared a list of announcements made by Meta, Humane, IBM and Wendy’s on Wednesday, all related to AI
Cheung said that Meta, formerly Facebook, introduced ImageBind, a new AI research model earlier Wednesday. This development is key to multimedia search, Virtual Reality (VR) and robotics. Meta’s latest rollout fuels a bullish thesis for the metaverse and AI-based tokens like RNDR, AGIX and FET.
1. Meta’s open-sourced multisensory model
— Rowan Cheung (@rowancheung) May 10, 2023
Meta is back (again!) with yet another exciting open-source project.
Introducing ImageBind, a new AI research model that understands and combines text, audio, visual, movement, thermal, AND depth data. pic.twitter.com/tNlKB0aiGp
Humane, the firm behind the first AI hardware and software platform, presented on Tuesday a wearable device aimed at replacing smartphones.
Co-founder Imran Chaudhri demonstrated its features, including:
— Rowan Cheung (@rowancheung) May 10, 2023
-Projecting caller information onto his hand
-Suggesting nearby shopping options
-Translating sentences
-Summing up emails and messages
-Giving dietary recommendations
Full demo: pic.twitter.com/IyXZxexwnv
What’s more, IBM launched an AI platform for enterprises, while Wendy’s integrated a chatbot in its drive-throughs. These updates highlight the potential for AI’s development and adoption by both enterprises and individuals.
The announcement of AI developments by these firms is a key milestone that is likely to fuel a bullish thesis among market participants.
AI-based tokens that could benefit from the bullish potential
RNDR, AGIX and FET are the top three tokens in the AI category that yielded massive gains for holders before the meme coin season narrative took over. These cryptocurrencies have reached between $3 to $6 million in market capitalization.
Between April 18 and 28, RNDR, AGIX and FET prices rallied, followed by a correction. As the AI narrative gains popularity, these assets are most likely to yield gains for holders, eyeing a recovery in the short-term. At press time, these assets are exchanging hands at $1.77, $0.25, and $0.24 respectively.
RNDR, AGIX and FET prices could target their April highs of $2.58, $0.43 and $0.45, respectively, in a likely recovery.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
