Blockchain tokens associated with artificial intelligence (AI) saw outsized gains in the three months leading up to Jan. 2, according to a report from Binance Research. 

The tokens were the second-highest performing category behind Ethereum layer 2s when excluding memecoins. When memecoins are included, AI tokens were the third-best performing category. The Binance researchers cited a Dune Analytics dashboard from @Cryptokoryo_research as the source of their data.

AI tokens had 3rd highest returns of any category in 3 months — Binance image 0 Top performing categories of tokens from October 2, 2023-January 2, 2024. Source: Binance, citing data from @cryptokoryo_research

The report categorized six coins as “AI tokens,” including SingularityNET (AGIX), Cortex (CTXC), Fetch (FET), Ocean Protocol (OCEAN), Oraichain (ORAI), and Render (RNDR). These coins saw price increases of 185% over the three months.

To compare, DeFi 2.0 tokens saw an 87% increase, GameFi 109%, and Real World Asset (RWA) tokens a 145% increase. The one category that posted better returns than AI tokens was layer-2s, which saw a 221% gain. The researchers did not include memecoins in their analysis, claiming these coins had “disproportionate large percentage performance gains as a result of their relatively lower market capitalization.”

AI tokens also outperformed major coins such as Bitcoin ( BTC ) and Ether ( ETH ) over the year. BTC ended the year up 150%, whereas ETH gained by 44%. By contrast, the researchers noted that “[t]he one-year performance of [AI tokens] varied from 200% to as high as 650%.”

Out of this group of AI coins, the top performer in 2023 was Fetch, whose price increased by 659% for the year. According to its documents, Fetch is a blockchain network that runs AI programs called “Agents” and features a marketplace of AI services.

The second-highest rate of return for these coins came from SingularityNET, which posted a 616% gain for the year. SingularityNET claims to offer an AI services marketplace on the Ethereum network, with other networks to be added later.

Related: Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis

Other notable AI token gains included Ocean Protocol, which gained 215%, and Bittensor (TAO), which posted a 191% gain.

Some experts have predicted that blockchain-based decentralized physical infrastructure networks (DePIN) and AI will become a “power duo” in 2024.