- AI based tokens witnessed a surge in price.
- New addresses flock to these tokens, driving up price and speculation.
AI-based tokens and memecoins outshined many other altcoins as the crypto sector entered a bull market.
AI takes over
Despite the cryptocurrency markets maintaining an unusually stagnant state over the past 24 hours, the activity of AI tokens and memecoins resumed. Notably, AGIX, RNDR, and FET exhibited a surge earlier in the day, only to initiate a decline a little while later.
Over the last few weeks, each of these tokens has consistently demonstrated higher highs and higher lows, establishing a clear bullish trend.
As of the latest update, AGIX is trading at $1.15, RNDR at $9.80, and FET at $2.59, underscoring their sustained positive momentum within the current market conditions.
The consistent formation of higher highs and higher lows on the price charts suggests a prevailing upward momentum, indicating potential buying interest and positive sentiment among market participants.
Moreover, the Relative Strength Index (RSI) for the tokens also grew.
The recent surge in the RSI for AI tokens mean noteworthy implications for AGIX, RNDR, and FET.
An elevated RSI, particularly exceeding the 70 threshold, indicates high buying pressure, suggesting a robust bullish momentum. This aligns with the observed higher highs and higher lows in the price charts, affirming the strength of the current uptrend and providing traders with a confirmation of the prevailing positive sentiment in the market.
On the bullish side, the RSI surge signifies the potential for continued upward movements and an extended bullish trend.
However, traders must remain vigilant for potential bearish divergences or signs of overextension, especially when RSI values reach elevated levels. Such conditions might foreshadow a correction or a reversal in the trend in the future.
Source: Santiment
New addresses flock to the AI tokens
AMBCrypto’s analysis of Santiment’s data has revealed a notable surge in the network growth of AGIX, RNDR, and FET. This surge in network growth implies a substantial increase in the number of new addresses associated with these tokens.
The influx of new addresses indicates growing interest and participation in AGIX, RNDR, and FET, suggesting that a broader audience of investors or users is becoming involved in these AI tokens.
This uptick in network growth aligns with the positive trends observed in price movements and reinforces the notion that these tokens are attracting attention and engagement within the cryptocurrency market.
Source: Santiment
Social volume dictates price
The increased interest in AI tokens, exemplified by AGIX, RNDR, and FET, can be attributed to a significant level of hype generated by recent developments in the AI sector.
The surge in attention is comparable to the dynamics observed in the memecoin sector, where market movements are predominantly influenced by hype and social media buzz.
Similar to the AI token volatility, FLOKI, PEPE, and WIF experienced a decline earlier today but initiated a resurgence after three hours.
In tandem with the surge in these tokens’ price, the overall social volume for these tokens also grew significantly.
Source: Santiment
Moreover, the weighted sentiment around WIF and FLOKI increased significantly, suggesting that positive comments had outnumbered the negative ones around these tokens on social media.
However, a notable divergence was identified specifically with PEPE, where the weighted sentiment experienced a significant decline. This shift in sentiment around PEPE may have implications for its price movement, potentially signaling a corrective trend in the near future.
Realistic or not, here’s FLOKI’s market cap in BTC’s terms
At press time, PEPE was trading at $0.00000798, FLOKI at $0.000184, and WIF at $2.16.
Source: Santiment
