TAO, NEAR, RENDER lead rally as AI tokens surge
|- AI tokens TAO, NEAR and RENDER have experienced gains of over 10% in the past 24 hours.
- TAO is leading the rally among AI tokens as the network prepares for the launch of Ethereum-compatible smart contracts.
- Crypto community members display mixed reactions as Kamala Harris finally speaks on digital assets.
Artificial intelligence (AI) tokens led by TAO, NEAR and RENDER saw double-digit gains on Monday. Analytics platform Token Unlocks suggested that tokens like FET and RENDER, which possess high circulation and low FDV, are less liable to experience speculative volatility.
AI tokens kick off new week with double-digit gains
The AI crypto sector saw impressive gains in the past 24 hours as major tokens in the category surged, including Bittensor (TAO), Near Protocol (NEAR), Render (RENDER) and The Graph (GRT) per Coingecko data.
Bittensor (TAO) is among the highest gainers on the day, up 16% in the past 24 hours. The token has remained in the green over the past 2 weeks, pushing its weekly gains to 88%.
TAO's price surge comes as the network prepares to launch Ethereum-compatible smart contracts, which will help stimulate seamless cross-chain bridges and subnet designs. The buzz around this new upgrade has attracted the attention of both retail and institutional investors to the Bittensor network.
Other notable AI tokens experiencing an uptick include RENDER, Internet Computer (ICP) and The Graph (GRT), which has seen over 10%, 4% and 8% gains, respectively in the past 24 hours.
Artificial Intelligence Tokens
Artificial Superintelligence Alliance (FET) is also up as its community is currently undergoing a voting process that may see CUDOS join Fetch.ai, SingularityNet and Ocean Protocol. However, the token may see a retracement in price movement as it prepares for an unlock event later in the week.
NEAR has also risen over 12%, bouncing off its X account hack earlier in the month.
Meanwhile, Token Unlocks suggests that certain AI tokens feature interesting market dynamics due to variations in their float and fully-diluted valuation (FDV).
"These variations in float and FDV can significantly influence price movements and investor sentiment," wrote Token Unlocks in an X post.
Tokens such as TAO, with only 35.5% of its supply in circulation and high FDV, may be subject to increased volatility. However, tokens such as FET and RENDER, with high circulation and low FDV, may see less pronounced volatility compared to the earlier category.
Additionally, the surge among AI tokens may have stemmed from Democratic nominee Kamala Harris's recent announcement to encourage investment in AI and digital assets. Harris's long-awaited response on her stance concerning crypto has led to mixed feelings among crypto community members.
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