Investing in AI-Based Altcoins on a Budget? These Tokens Can Build $1,000 Portfolio

AI-based altcoins are beginning to pick up after the recent developments in the artificial intelligence sector. The crypto bull run is fast approaching, and AI-based altcoins are going to shine. Tokens like Render (RNDR) have already grown so much that it is impossible to think they can rise any further.

However, AI trends show that as AI-powered projects merge with crypto and blockchain, more value will be captured in the crypto space. Besides, AI is just one of the many narratives driving this market and is poised to tap into the humongous TradFi liquidity. Here are 3 AI-based altcoins to build a $1000 portfolio.

1. AI-Based Altcoins – Akash Network (AKT)

Akash Network is a decentralized cloud computing marketplace built using the Cosmos SDK and works with the Cosmos IBC hub. Aside from AI, Akash has roots in decentralized physical infrastructure networks (DePIN) and is also a proof-of-stake (PoS) network. This means AKT holders can participate in network governance using their tokens.

Returning to the network’s AI aspect, Akash uses the power of artificial intelligence to create an AI hosting platform (GPU marketplace). Users can rent out their idle GPU resources to those who need them, who usually end up being AI developers.

The AKT price is trading at $3.58, a 1.6% drop in the last 24 hours. With an $870 million market cap, AKT is perhaps the cheapest version of Render Network, which is currently sitting on a $3 billion valuation. The price action of AKT just completed a double top and may be looking to start a new uptrend.

2. Render Network (RNDR)

Render Network is the largest AI-based altcoin in the crypto market. Like Akash Network, Render connects artists, developers, and others needing GPU power with those looking to rent out theirs. Render is also one of the most efficient tools for rendering digital art.

Now, instead of spending thousands of dollars on expensive computers, artists, architects, and interior designers can leverage the render network to speed up rendering that would normally take days to less than an hour. The AI blockchain project has partnered with Apple, first hinted at in June 2023, and with NVIDIA, the world’s leading AI computer chip manufacturer.

RNDR token, which exists on the Ethereum blockchain, has seen a significant uptick in price in the last year. The crypto asset hit an all-time high price of $13.17 in the January-March mini bull run before retracing. Nevertheless, the correction has been healthy, and the asset is only about 50% down from its all-time high.

The price of RNDR traded at $6.59 at press time, a 2.2% increase in the last 24 hours. RNDR price action also formed a double top in the last 4 months, which may find support at around $4. This may present a buy-in opportunity for investors.

3. AI-Based Altcoins – Bittensor (TAO)

Bittensor employs the same tokenomics and incentive structure as Bitcoin, utilizing GPUs to power decentralized AI and challenge big tech. The network positions itself as the only truly viable project with a functional system and a strategic plan to compete with major technology companies. There is speculation that FET, OCEAN, and AGIX formed the Artificial Superintelligence Alliance to rival Bittensor.

The TAO token offers staking at about 15% APR, allowing holders to buy, stake, and let their investment compound. Recently, the TAO price suffered a significant hit due to a wallet exploit, prompting the network to enter safe mode.

TAO’s price dropped 16% following the hack news, falling to $200. Bitcoin volatility did not help the case either. The price of TAO is back up this week, sporting $265 during European business hours on Wednesday. This is a 7.5% increase in the last 24 hours. Bittensor is expanding its subnets beyond the initial 32. Since each subnet has the potential to rival an entire AI company, TAO is effectively moving in to offer every type of AI as a project on its network.

The TAO price chart shows support at around $200, from which the price action rebounded. However, the chart also seems to form a head-and-shoulders pattern, which is usually not bullish. This may result in lower prices, potentially providing better prices to bag this AI-based altcoin before it skyrockets to the moon in the bull run.

Conclusion

AI-based altcoins are gaining momentum following recent advancements in the artificial intelligence sector. As the next crypto bull run approaches, these tokens are set to shine, capturing significant value by merging AI with blockchain technology. Among the promising AI-based altcoins, Akash Network (AKT), Render Network (RNDR), and Bittensor (TAO) stand out as viable options for building a $1000 portfolio.

Frequently Asked Questions (FAQs)