AI coins that have made significant increases recently include The Graph (GRT), Render (RNDR), Injective (INJ), and Near Protocol (NEAR). Significantly, this increase occurs amid a decline in the overall cryptocurrency market and the weak performance of Nvidia (NVDA) stock, which excites and begs the question of whether this rally can last.
Let’s examine the most recent advancements in the AI industry to determine what might have caused the recent spike in the value of AI Coins.
AI Coins Rise Against Market Patterns
AI coins saw a considerable price surge, defying the general falls in the cryptocurrency market. Leading the assault were Near Protocol (NEAR), Render (RNDR), Injective (INJ), and The Graph (GRT).
Notably, this unanticipated rise occurs despite a 7% decline in the stock price of Nvidia, the world’s top manufacturer of AI chips. The substantial share sell-offs by high-ranking officials, including CEO Jensen Huang, were the leading cause of the decline in the NVDA price.
In the midst of all of this, renowned tech market enthusiast Anthony Pompliano discussed the growing influence of AI in the market on CNBC. He stressed that the AI industry has the potential to provide significant riches.
In addition, he said that Bitcoin might be essential in protecting the value that AI-related assets create. His upbeat perspective has struck a chord with investors in artificial intelligence (AI), increasing trust in AI currencies.
Furthermore, Michael Saylor, a well-known supporter of Bitcoin and co-founder of MicroStrategy, reiterated Pompliano’s views. He shared the CNBC interview on the social media site X to spread the word about the possibilities of artificial intelligence and how it works well with cryptocurrencies.
This alignment of prominent personalities in the tech and cryptocurrency domains probably influenced the growing optimism surrounding AI coins.
Additional Initiators
Several factors are driving the present fervour surrounding AI coins. Ironically, the undervaluation of Nvidia’s stock has increased demand for digital assets with an AI focus. Due to Nvidia’s recent setbacks, which include a 7% decline in its stock price and management layoffs, investors are now looking to make other investments in artificial intelligence.
Furthermore, this surge has been further spurred by Amazon’s purported entry into the AI sector. The internet giant is working on a new AI model called “Metis,” which some call the “ChatGPT Killer.”
This development represents Amazon’s significant entry into the AI space; previously, the company has concentrated on cloud computing and e-commerce. The excitement and conjecture surrounding Amazon’s AI initiatives have increased the perceived worth of AI Coins.
The most important question, though, is whether or not the AI coin surge will last. There is tangible excitement surrounding AI and its potential to generate new wealth. Furthermore, several industry observers predict that the artificial intelligence (AI) sphere will shortly control the technology industry.
On June 24, the price of NVDA’s stock closed at $118.11, a decrease of approximately 7% from the previous closing. The stock has dropped by about 13 per cent in the past five days.
However, the AI Coins reported substantial gains despite the decline. For example, from yesterday, NEAR’s price increased by 2.12% to $5.52. Conversely, the cost of Render increased by 9.55% and traded at $7.61, while the cost of Injective increased by 14.47% to $23.20.
