Demand is increasing for artificial intelligence coins: They have quickly recovered.

2024-06-25 01:30:00

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Cryptocurrencies related to artificial intelligence (AI) showed an increase last week, despite Nvidia losing $430 billion in market value.

Nvidia, a company closely followed by cryptocurrency investors, is often seen as an indicator of the artificial intelligence cryptocurrency market. Nvidia, which produces computer chips used by many artificial intelligence companies to run their own artificial intelligence models, saw its stock price drop by 11.08 percent in the last five trading days, according to Google Finance data.

Meanwhile, according to CoinMarketCap data, Fetch.AI (FET) and SingularityNET (AGIX) have increased by 23.46% and 20.83% in the last seven days.

NVIDIA is shaping the artificial intelligence trend in the crypto industry

According to the application made to the Securities and Exchange Commission (SEC) on June 21, Huang liquidated Nvidia shares worth $79.38 million since June 13, attracting the attention of research firms.

According to YChart data, Nvidia’s market value, which reached an all-time high of $3.34 trillion as of June 24, has dropped by nearly 13% to $2.903 trillion in the last five trading days.

There have been a few parallel movement examples with Nvidia in AI-based tokens; this was noticed when Nvidia released its earnings report for the end of 2023.

On February 21, Nvidia announced that its revenue and earnings for the fourth quarter of 2024 were $22.1 billion and $12.3 billion, respectively; this represents an increase of 265% and 769% compared to the fourth quarter of 2023.

During the month, Worldcoin (WLD) of OpenAI CEO Sam Altman showed a 240% performance, while the local token ARKM of blockchain AI analysis firm Arkham Intelligence recorded a 211% increase. As of the writing of the news, Worldcoin has seen a 9.07% increase in the last seven days, trading at $0.005, while Arkham has seen a 16.34% increase during the same period, trading at $1.96.

This article does not contain investment advice or recommendations. Every investment and trading action carries risks, and readers should conduct their own research when making decisions.

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