Cryptocurrencies with AI-linked applications, such as RNDR, AGIX, and FET, experienced a surge in value due to positive AI news. Elon Musk, CEO of Twitter, Tesla, and SpaceX, announced the launch of his generative AI start-up, xAI, and its first product, TruthGPT. This development has revitalized interest in the rapidly evolving AI sector and consequently brought attention to AI-based cryptocurrencies like RNDR, AGIX, and FET.
RNDR is the digital currency powering Render Network, a decentralized AI rendering solution utilizing GPUs. AGIX is the token that empowers SingularityNET’s decentralized crypto ecosystem, focused on AI. On the other hand, FET represents the ERC-20 crypto token driving Fetch.ai’s AI-powered platform, which facilitates the creation, deployment, and connection of “smart agents” to automate web3 processes.
However, cautionary voices warn against cryptocurrencies relying solely on AI for their success. Despite an initial rise upon hearing Musk’s announcement, RNDR’s value has since declined by more than 3% in a single day. The repercussions from this downward trend may also impact SingularityNET and Fetch.ai.
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