TAO, NEAR, and Other AI Cryptocurrencies Record Heavy Losses

• TAO is down by 10.12% in the last 24 hours.
• NEAR has lost 5.53%.
• ICP and RENDER have also plunged.

TAO and NEAR have lost significant values in the last 24 hours. Their decline aligns with the general downtrend across the crypto market. However, many more AI cryptocurrencies have also shed their respective values. This comes at a time when Iran is considering imposing transit fees via the Strait of Hormuz – triggering high price concerns.

TAO and NEAR

TAO has lost almost 10.12%, going down to $247.80 when the article is being drafted. Even the hourly loss comes to 1.24% for a significant level. However, the Bittensor token has added 16.28% in gains over the last 7 days. It remains in the top position with a market cap of more than $2.67 billion.

Sailing on the same ship is the NEAR Protocol token, NEAR. It is down by 5.53% over a day and 0.10% over an hour. The AI crypto seems to have held its ground strongly compared to TAO at the moment. It still lags when talking about the weekly gain because the addition is only 2.05%.

Interestingly, TAO and NEAR are forecasted to decline in the next 3 months as well. The former could plunge by 23.08% to around $191.08. The latter could plummet by approximately 11.99% to $1.19 from $1.35.

Other AI Cryptocurrencies

Other top AI cryptocurrencies that are down are ICP and RENDER. They have lost 4.16% and 7.02%, respectively, in a single day. Their values now translate to $2.52 and $1.65, applicable in the same order. ICP stands out among the top 4 AI tokens, as it has recorded a weekly loss of 2.85%. RENDER, like TAO and NEAR, has recorded a gain of 3.09%.

FIL, the Filecoin token, also stands out with an hourly gain of 0.05%. Its weekly gain is decent at 5.34%, and loss over the last 24 hours stands at 3.95%.

Transit Fees by Iran

Iran is reportedly considering the imposition of transit fees for ships that pass through the Strait of Hormuz. If imposed, every passage will have to pay tolls and taxes to Iran, which could add to the total shipping cost.

This seems to be applicable to states that have sanctioned it. An official confirmation or update regarding the matter is awaited. The report, anyway, remains a concern, given that Crude Oil price and Brent have already reached $97.41 and $113.71, respectively.

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