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Investing in AI-Powered Altcoins on a Budget? These Tokens Can Create a $1,000 Portfolio
AI-based altcoins are starting to take off after recent developments in the AI industry. The crypto bull run is fast approaching and AI-based altcoins are set to shine. Tokens like Render (RNDR) have already grown so much that it is impossible to imagine them growing any further.
However, AI trends show that as AI-based projects merge with cryptocurrency and blockchain, more value will be captured in the cryptocurrency space. Furthermore, AI is just one of the many narratives driving this market and is poised to take advantage of TradFi’s massive liquidity. Here are 3 AI-based altcoins to build a $1000 wallet.
1. AI-Powered Altcoins – Akash Network (AKT)
Akash Network is a decentralized cloud computing marketplace built using the Cosmos SDK and runs on the Cosmos IBC hub. In addition to AI, Akash has roots in decentralized physical infrastructure networks (DePIN) and is also a proof-of-stake (PoS) network. This means that AKT holders can participate in the governance of the network using their tokens.
Returning to the AI aspect of the network, Akash uses the power of AI to create an AI hosting platform (GPU marketplace). Users can rent out their unused GPU resources to those in need, who usually end up being AI developers.
AKT price is trading at $3.58, down 1.6% over the past 24 hours. With a market cap of $870 million, AKT is perhaps the cheaper version of Render Network, which is currently valued at $3 billion. AKT price action has just completed a double top and may be about to start a new uptrend.
2. Network rendering (RNDR)
Render Network is the largest AI-based altcoin in the cryptocurrency market. Like Akash Network, Render connects artists, developers, and others who need GPU power with those who want to rent their own. Render is also one of the most efficient tools for rendering digital art.
Now, instead of spending thousands of dollars on expensive computers, artists, architects, and interior designers can leverage the rendering network to speed up rendering that would normally take days to less than an hour. The AI blockchain project has partnered with Apple, first teased in June 2023, and NVIDIA, the world’s leading AI computer chipmaker.
The RNDR token, which exists on the Ethereum blockchain, has seen a significant price increase over the past year. The cryptocurrency reached an all-time high of $13.17 in the January-March mini-bull run before retracing. However, the correction was healthy, with the asset only falling 50% from its all-time high.
THE RNDR price trading at $6.59 at press time, up 2.2% over the past 24 hours. RNDR price action has also formed a double top over the past 4 months, which could find support around $4. This could represent a buying opportunity for investors.
3. AI-Based Altcoins – Bittensor (TAO)
Bittensor employs the same tokenomics and incentive structure as Bitcoin, using GPUs to power decentralized AI and challenge big tech companies. The network positions itself as the only truly viable project with a functional system and strategic plan to compete with major tech companies. FET, OCEAN, and AGIX are speculated to have formed the
The Artificial Superintelligence Alliance rivals Bittensor.
The TAO token offers staking at around 15% APR, allowing holders to buy, stake and let their investment compound. Recently, the price of TAO took a significant hit due to a wallet exploit, prompting the network to enter safe mode.
TAO price dropped 16% following the hack news, falling to $200. Bitcoin’s volatility didn’t help matters either. TAO price has risen again this week, hitting $265 during European business hours on Wednesday. That’s a 7.5% increase in the past 24 hours. Bittensor is expanding its subnets beyond the initial 32. Since each subnet has the potential to rival an entire AI company, TAO is effectively moving to offer every type of AI project on its network.
The TAO price chart shows support around $200, from which the price action has bounced. However, the chart also appears to be forming a head and shoulders pattern, which is not usually bullish. This could lead to lower prices, potentially offering better prices to grab this AI-powered altcoin before it skyrockets in the bull run.
Conclusion
AI-based altcoins are gaining momentum following recent advances in the AI industry. As the next cryptocurrency bull run approaches, these tokens are set to shine, capturing significant value by combining AI with blockchain technology. Among the promising AI-based altcoins, Akash Network (AKT), Render Network (RNDR), and Bittensor (TAO) stand out as solid options for building a $1,000 portfolio.
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Frequently Asked Questions (FAQ)
AI-powered altcoins are cryptocurrencies that leverage artificial intelligence (AI) technologies in their development, operation, or underlying infrastructure.
While AI can improve security by detecting anomalies and mitigating risks, the security of AI-based altcoins depends on the quality of the underlying technology and the measures implemented by the development team. As with any investment, it is important to thoroughly research and understand the project.
The future of AI-based altcoins is promising as AI technology continues to advance. These altcoins have the potential to revolutionize various aspects of the cryptocurrency market by offering smarter, safer, and more efficient solutions.