As the Nvidia GTC 2024 conference looms on the horizon, the buzz surrounding Artificial Intelligence (AI) tokens is palpable. There has been a remarkable uptick in their value.
This surge underscores the rising interest in the AI and blockchain amalgamation.
AI Tokens Surge Double Digit Amidst Nvidia Hype
A recent Santiment study exemplifies the AI trend in the crypto market. The project shared that a portfolio of 100 AI tokens showed a notable 30.7% increase in the value.
Consequently, this ascent in value demonstrates the growing investor confidence in AI tokens to generate substantial returns, even amid fluctuating markets.
Moreover, CoinMarketCap’s latest figures add weight to this trend. They reveal a nearly 15% increase in the AI sector over just one day, pushing its total market capitalization to a robust $37.4 billion. Notably, Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) lead this rally with impressive gains. Such achievements spotlight the frontrunners within this emerging niche.
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Insights from blockchain analytical platform Lookonchain further illustrate how smart money has leveraged this AI token surge. Highlighted transactions include significant profits from Fetch.ai investments and extraordinary returns from NetMind Token (NMT) holdings.
“Smart money wallet – 0xEE68″ turned $11,000 into $3.12 million with NMT, a gain of 280x!” Lookonchain stated.
The Nvidia Hype
The heightened excitement for AI cryptocurrencies can be traced back to the anticipation surrounding Nvidia’s upcoming GTC 2024 conference. News that the blockchain project Ankr would announce its future price at the event sparked a 40% spike in its native token.
Moreover, Nvidia’s recent financial triumph, boasting a 769% year-over-year surge in net income, reinforces the company’s leading role in the AI ecosystem. With the company’s GPUs at the forefront of large AI model development, Nvidia’s positive outlook on sustained product demand bodes well for the AI industry.
Amidst these developments, Nishant Bhardwaj, a crypto trader, believes that AI tokens are solely pumping due to Nvidia’s stock performance.
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“The reason AI tokens pumped is due to NVDA skyrocketing and creating ATH. The same AI tokens everyone was blindly long would have broken the support and dumped if NVDA corrected even a little yesterday. This is a gamble,” Bhardwaj stated.
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