back to top
Sunday, June 9, 2024
HomeCryptoAI tokens are poised to skyrocket as interest reaches record levels

AI tokens are poised to skyrocket as interest reaches record levels

Blockchain analytics firm Santiment reports that artificial intelligence (AI)-focused cryptocurrency projects could see native token prices skyrocket as interest reaches record levels.

CoinMarketCap data corroborated this, with digital asset trading volumes in the AI ​​sector up around 80% on the day despite an industry average decline of 7%.

What makes people pay attention to AI tokens?

The increase in interest from the community is consistent with significant advances in the field of AI. Remarkable, Nvidia has quickly become the world’s second most valuable publicly traded company, reaching a market capitalization exceeding $3 trillion. During this period, Bloomberg ETF analyst Eric Balchunas note that Nvidia shares hit record trading levels, surpassing the total volume of the top 20 US stocks.

NVIDIA stock performance. Source: Eric Balchunas/X

Although Nvidia’s stock has dropped since then, the company remains iconic Investor enthusiasm for AI. Venture capitalist Nic Carter recently described it as “the most important company in the world today.”

“NVIDIA is posting growth numbers that are almost unimaginable for a company of its size. The recovery is so significant that it appears to be siphoning capital away from the rest of the S&P500 and other tech giants,” Carter added.

Elsewhere, AI startup CoreWeave Inc. is attempting to take over Bitcoin mining company Core Scientific after the two companies announced a tentative partnership ​​​​generates approximately 3.5 billion USD in revenue. Under the agreement, Core Scientific will provide 200 megawatts of capacity for CoreWeave’s graphics processors.

Additionally, decentralized AI projects such as Fetch.ai (FET), Ocean Protocol (OCEAN) and SingularityNET (AGIX) are planning to merge to form Alliance for Artificial Super Intelligence (ASI), aims to accelerate the development of decentralized AI infrastructure and is expected to be completed this month. The combined entity will create a token with an estimated market capitalization of approximately $6 billion, continuing to attract community interest.

Token AI

Social emotions of AI tokens. Source: Santiment

While the events mentioned are separate and distinct, they highlight why AI tokens attracted record levels of interest during the week. Historically, such levels of interest have often preceded price increases, and experts predict that tokens of AI-focused projects can benefit.

Itadori

According to Beincrypto

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Fresh