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26/08/24
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AI Tokens Surge Ahead of Nvidia’s Earnings Report
In the past week, cryptocurrency assets linked to artificial intelligence have experienced significant price increases, riding a wave of optimism ahead of Nvidia’s forthcoming Q2 earnings report. Notable AI tokens such as Near Protocol (NEAR), Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Render (RENDER) have outperformed the broader crypto market during this time.
Near Protocol’s NEAR token saw a remarkable rise of 35%, hitting a four-week peak of $5.20 on August 25. Similarly, the FET token from the Artificial Superintelligence Alliance, which includes Fetch.ai, Ocean Protocol, and SingularityNET, soared by nearly 70% within the same week, reaching $1.39 on August 26. Observations of unusual transactions by large holders, or “whales,” indicated increased activity, particularly when one whale repurchased 1.79 million FET tokens at a higher price after previously selling them at a lower value.
Additional AI-related tokens also displayed strong performance, with Bittensor increasing by 26% and achieving a valuation over $350. Render token also rose approximately 40%, reaching $6.45. Most major AI-focused cryptocurrencies have recovered fully from the significant market downturn experienced earlier in the month.
The excitement surrounding AI tokens coincides with anticipation for Nvidia’s highly significant earnings report scheduled for August 28. Analysts are eyeing this report closely, with some describing it as one of the most critical tech earnings events in years. The demand for enhanced data center capacity—essential for the proliferation of AI-driven chatbots—is a notable factor driving this interest. Nvidia has reported substantial revenue growth, with Q1 revenue increasing 18% from the previous quarter and 262% compared to the same quarter last year.
With Nvidia stock experiencing a massive increase of 180% over the past year and recovering swiftly from recent market challenges, investor sentiment surrounding both the company and AI-related assets remains robust.
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