Here’s Why AI Tokens FET, RNDR, NEAR & Others Are Rallying Today

The meme coin hype smart investors are pouring money in  artificial intelligence (AI) related crypto tokens. AI-related tokens such as Fetch AI (FET), Render (RNDR), and Near Protocol (NEAR) are rallying with double-digit gains after a significant development in the AI space.

AI Tokens Rally as Andreessen Horowitz (a16z) Raising $6.9 Billion

Silicon Valley venture capital giant Andreessen Horowitz announced plans to raise $6.9 billion for new funds, including two AI-focused funds. a16z will raise the money for a master fund with half going to the firm’s fourth growth fund, reported Bloomberg.

The other half of the amount will go to two dedicated artificial intelligence funds, a gaming fund, and a fund to support startups in the so-called “American Vibrant” field.

The move comes after a16z General Partner Martin Casado lays out the case for AI as a driving force behind major advancements in technology, creativity, and the human experience in the American Dynamism Summit.

Andreessen Horowitz postponed allocating funds for crypto and bio fields to next year, but remains committed to the crypto market. In 2022, Andreessen Horowitz raised 4.5 billion for crypto funds.

Also Read: Bitcoin (BTC) Price to Hit $300K in 2024, Predicts “Rich Dad Poor Dad” Robert Kiyosaki

AI Tokens Rally

Artificial intelligence (AI) altcoins are rallying on the back of significant news. Fetch AI (FET) leads the gains in the last 24 hours, with over 40% jump to a high of $2.85. FET price has rallied more than 100% in a week and over 400% year-to-date. Despite regulations still looming for AI, the advancements showed by the field have major use cases in other fields, with pros and cons in discussion deliberately.

Render (RNDR), Near Protocol (NEAR), SingularityNET (AGIX) are trading at 33%, 28%, and 26% in the last 24 hours. Other AI-related tokens including The Graph (GRT), Worldcoin (WLD), Conflux (CFX), Akash Network (AKT), and others are up almost 7-15% in the past 24 hours.

The surge of AI altcoins in the cryptocurrency market underscores the growing interest in AI-driven projects and decentralized technologies. Investment in AI stocks is the best strategy for investors as these firms grab major funding from venture capital and other firms.

Also Read: Zama Raises $73M for Advancing Cryptography Tech in Blockchain

✓ Share:

Advertisement

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Advertisement