In the realm of modern technology, few fields are as prominent as artificial intelligence (AI) and cryptocurrency. The convergence of these two groundbreaking areas has given rise to AI cryptocurrencies, combining the decentralization of digital currencies with the innovative capabilities of AI. Here, we explore the top 10 AI cryptocurrencies by market capitalization, according to CoinMarketCap, and delve into their unique applications and market performances.

What Are Cryptocurrencies?

Cryptocurrencies are digital currencies that can be spent or traded without being issued by central banks or stored in traditional financial institutions. Instead, they are decentralized, with records of balances and transactions maintained by volunteers using specialized software. This decentralization allows participants to earn cryptocurrency without direct purchases. The market for cryptocurrencies has seen significant fluctuations, with a peak in November 2021 followed by a downturn in the spring of 2022.

What is AI?

Artificial intelligence (AI) is a branch of computer science focused on enabling machines to make data-driven decisions, closely mimicking human intelligence. AI applications, such as AI-generated artwork and advanced chatbots like ChatGPT, have demonstrated the technology’s growing sophistication and potential to produce human-like outputs. AI’s versatility has led to its integration into various sectors, including the cryptocurrency market.

What Are AI Cryptocurrencies?

AI cryptocurrencies are digital tokens that power AI-integrated blockchain platforms. These platforms, such as The Graph and SingularityNET, use AI to enhance their functionalities. Users spend these tokens to access and utilize the platforms’ AI-driven services.

Top 10 AI Cryptocurrencies

1. Render (RNDR)

• Market Cap: INR 326.27 billion
• Overview: Render leverages GPU computing to provide immense computational power for AI projects. Initially serving developers, artists, and gamers, RNDR now facilitates AI development.
• Current Value: INR 846.25 (down 26.76% from its peak in March 2024 at INR 1,135)

2. The Graph (GRT)

• Market Cap: INR 221.41 billion
• Overview: The Graph is a protocol for indexing and querying blockchain data, akin to Google’s approach for web data. It organizes data into smaller “subgraphs.”
• Current Value: INR 23.29 (down 90.44% from its February 2021 peak of INR 240.11)

3. SingularityNET (AGIX)

• Market Cap: INR 101.10 billion
• Overview: SingularityNET allows users to build, share, and monetize AI services through its marketplace, using AGIX tokens.
• Current Value: INR 78.69 (down 49.36% from its January 2018 peak of INR 155.24)

4. Fetch.ai (FET)

• Market Cap: INR 159.77 billion
• Overview: Fetch.ai automates business tasks using AI and blockchain technology. FET tokens are used for network transactions.
• Current Value: INR 188.15 (down 35.08% from its September 2021 peak of INR 290.14)

5. Ocean Protocol (OCEAN)

• Market Cap: INR 44.53 billion
• Overview: Ocean Protocol facilitates the exchange and monetization of data on the Ethereum blockchain, making data accessible to researchers and startups.
• Current Value: INR 78.30 (down 51.46% from its April 2021 peak of INR 162.12)

6. iExec RLC (RLC)

• Market Cap: INR 18.91 billion
• Overview: iExec enables users to monetize computing power and access cloud computing resources. RLC tokens are used for platform services.
• Current Value: INR 260.61 (down 80.86% from its October 2021 peak of INR 1,357.77)

7. Numeraire (NMR)

• Market Cap: INR 14.02 billion
• Overview: Numerai uses AI and machine learning to make global stock market investments, with NMR tokens facilitating network payments.
• Current Value: INR 2,236.80 (down 84.36% from its 2017 peak of INR 14,071.03)

8. dKargo (DKA)

• Market Cap: INR 9.29 billion
• Overview: dKargo leverages AI and blockchain to resolve trust issues in logistics by providing credible data.
• Current Value: INR 1.97 (down 95.75% from its winter 2021 peak of INR 58.96)

9. Phala Network (PHA)

• Market Cap: INR 11.43 billion
• Overview: Phala Network offers decentralized cloud computing services with a focus on privacy, using PHA tokens for transactions.
• Current Value: INR 15.88 (down 86.51% from its May 2021 peak of INR 117.71)

10. Covalent (CQT)

• Market Cap: INR 10.90 billion
• Overview: Covalent aggregates data from multiple blockchains, helping developers create solutions for various sectors. CQT is the network’s native token.
• Current Value: INR 15.88 (down 90.38% from its August 2021 peak of INR 175.24)

*Market cap figures accurate as of May 8, 2024, from CoinMarketCap

AI cryptocurrencies represent a unique intersection of two cutting-edge technologies, offering innovative solutions and services across various sectors. While these digital assets have experienced significant volatility, they continue to attract interest for their potential to revolutionize industries through the integration of AI and blockchain technology.