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AI-Related Tokens Surge as Maple, Ren Fall: CoinDesk Market Index Week in Review
AI platform Fetch.ai’s native token FET surged 80% in the past five days, according to data from CoinDesk Market Index.
By Jocelyn Yang
Updated Dec 9, 2022, 9:11 p.m. Published Dec 9, 2022, 8:53 p.m.
Fetch.ai (FET), a blockchain-based project focused on artificial intelligence (AI), was the top performer this week among the 167 digital assets in the CoinDesk Market Index (CMI).
The FET token’s price has jumped from 6 cents at the start of the week to now 11 cents, surging 80% in the five days since Sunday and 30% in the past 24 hours alone.
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The price jump came after the release of an upgrade to the Fetch.ai wallet with features including “more easy-to-use messaging,” “fewer server interactions” and “faster load times.”
Numerai, a blockchain-based software that provides stock market forecasts and makes investments based on AI and machine learning, also saw its native token NMR’s price leaping from $11.6 to now $15.8, up nearly 40% in the past five days.
Cartesi (CTSI) and both surged roughly 20% this week, respectively.
Losers included blockchain-based lending platform Maple Finance’s MPL token, which fell over 35% in the past five days as crypto firm Orthogonal Trading reportedly defaulted on loans on Maple Finance. MPL was recently trading at $4.50, up 2% in the past 24 hours.
Bridging platform Ren protocol’s REN token was trading down 15% in the past five days. Following the FTX exchange’s collapse and the following hack, the exploiter exchanged millions of dollars worth of ether to ren bitcoin (renBTC), a token that represents bitcoin on other blockchains, in late November.
Ribbon Finance’s RBN token and SushiSwap’s SUSHI token were also down double-digits this week.
Looking at sector performance, the CMI digitization sector was down over 5% this week, while the computing sector was down nearly 2%. The smart contract platform sector gained roughly 2%.
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