Here’s Why AI Tokens FET, RNDR, NEAR & Others Are Rallying Today
Highlights
- Andreessen Horowitz plans to raise $6.9 billion for new funds, including two AI-focused funds
- AI-related tokens Fetch AI (FET), Render (RNDR), and Near Protocol (NEAR) are up over 30% in a day
- Artificial intelligence-related tokens and stocks are expected to rally in short-term
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.
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