Market
Top AI cryptocurrencies to short amid elevated hype
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Artificial Intelligence (AI) assets have surged in 2023.
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In the US, C3.ai stock price has more than doubled.
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AI cryptocurrencies like SingularityNET, Fetch, and ALI have surged.
Artificial Intelligence (AI) has been the most popular phrase in 2023 following the successful unveiling of ChatGPT by OpenAI. In the aftermath, most investors have flooded to AI assets. In stocks, the C3.ai stock price has soared by over 124% in the past 30 days.
The performance has also happened in the crypto industry. Recently, Justin Sun, the founder of Tron announced that his organization will start working on AI. At the same time, many cryptocurrencies with an AI and big data tilt have done well.
However, historically, such parabolic moves end in tears. For example, in 2021, the talk of town was on the best metaverse cryptocurrencies like Decentraland and Sandbox. Their tokens then crashed in 2022. Similarly, gaming cryptocurrencies like Gala and MOBOX also crashed.
Therefore, it might be rewarding to be contrarian and short some of the high-flying AI cryptocurrencies that are soaring.
SingularityNET | AGIX and SDAO
SingularityNET’s tokes, AGIX and SDAO have surged in the past few months. They have jumped by 647% and 340%, respectively in the past 30 days. According to CoinMarketCap, they have soared by 195% and 252% in the past 7 days. This makes them some of the best-performing coins in the industry.
SingularityNET is building a decentralized AI platform where anyone can search and buy AI products. Developers can also build and sell their AI products. It also has a Domain Specific Language (DSL). While the ecosystem is growing, I suspect that the AGIX and SDAO prices will retreat soon, as I wrote in this article.
How to buy SingularityNET
Fetch.ai | FET
Fetch.ai is another AI cryptocurrency that has done well in 2022. The token has surged by over 200% in the past 30 days and by 90% in the past 30 days. Fetch is a platform that builds autonomous agents that help developers to automate repeatable processes. It helps to power peer-to-peer applications with automation and AI.
Like SingularityNET, the main reason why FET price has jumped is because of its AI tools. It also introduced staking a few months ago and got listed by several exchanges. However, with no major catalysts, I suspect that the coin will come back to earth as momentum wanes.
How to buy Fetch.ai
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance.US
Binance.US provides secure and reliable access to the world’s most popular cryptocurrencies, with some of the lowest fees in the industry.
Artificial Liquid Intelligence | ALI
Artificial Liquid Intelligence has moved from nowhere to become one of the biggest cryptocurrencies in the world. ALI, its token is now valued at over $280 million. Yet little is known about the coin, other than the fact that its name has AI in it. Reminds me of when bogus companies used to introduce dot com suffix during the dot com bubble.
ALI is the native token for Alethea AI, which describes itself as the world’s first multimodal AI system that generates characters from natural language. According to its website, it is backed by Binance, Crypto.com, and Multicoin Capital. Therefore, like Fetch and Singularity, I suspect that ALI price will nosedive soon.
Please note that this criticism is based purely on price action and the fact the ongoing rally is not sustainable. It is also guided by the statement that investors should always be greedy when everyone is greedy.
How to buy Artificial Liquid Intelligence
As ALI is such a new asset, it’s yet to be listed on major exchanges. You can still purchase ALI using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy ALI right now, follow these steps:
1. Buy ETH on a regulated exchange or broker, like eToro ›
We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask
You’ll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and ‘connect’ your wallet to it.
4. You can now swap your ETH for ALI
Now that you’re connected, you’ll be able to swap for 100s of coins including ALI.
