What happened
A number of AI-focused cryptocurrencies have posted significant gains this year while Bitcoin and Ethereum are down 25% to 50%. Venice Token is up 854% this year and now has an $715 million（約1100億円） market cap. Top AI cryptos by market cap include NEAR Protocol, Bittensor, and Render, all with valuations north of $850 million（約1400億円）.
Why it matters
AI cryptos are highly volatile—some of the most popular AI coins are down 90% or more from their highs, and AI investment themes go in and out of favor with outsized impact on valuations. Many so-called "AI cryptos" are actually meme coins with an AI wrapper; Siren, for example, collapsed 95% in a single week despite once having a $1.7 billion（約2700億円） valuation.
What to watch
NEAR Protocol, which pivoted into AI after launching in 2020, soared 115% in May and appears to have momentum compared with Bittensor, which is only up 5% for the year. The article cautions that there is no AI crypto to buy and hold for the long haul, though some—such as NEAR Protocol and Bittensor—could flourish in the short term if the AI investment thesis remains popular.
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