- Artificial intelligence (AI)-related cryptocurrencies surged last week even as Nvidia saw its market value plunge by $430 billion.
- Investors closely watch Nvidia, perceived as a barometer for the AI crypto market due to its production of computer chips utilized by many AI firms.
- According to Google Finance, Nvidia’s stock price dropped by 11.08% over the past five trading days.
AI-driven cryptocurrencies gain momentum despite Nvidia’s market downturn.
Nvidia Shapes AI Trends in the Crypto Industry
On June 21, the U.S. Securities and Exchange Commission (SEC) filing revealed that Nvidia’s CEO, Jensen Huang, liquidated $79.38 million worth of Nvidia shares since June 13. This activity attracted significant attention from research firms.
As per YCharts, Nvidia’s market capitalization dropped nearly 13% to $2.903 trillion by June 24, a stark decline from its all-time high of $3.34 trillion.
Fluctuations in AI Cryptocurrencies Correlated with Nvidia’s Stock Movements
Nvidia’s quarterly earnings report for Q4 2024, released on February 21, showed revenue and earnings of $22.1 billion and $12.3 billion, respectively, marking an increase of 265% and 769% from Q4 2023.
Token examples like Fetch.AI (FET) and SingularityNET (AGIX) exhibited parallel movement with Nvidia. Per CoinMarketCap, FET surged by 23.46% and AGIX by 20.83% over the past week.
Remarkable Performance of AI-Driven Tokens
Sam Altman’s Worldcoin (WLD) saw a stunning 240% rise throughout the month. Concurrently, Arkham Intelligence’s native token ARKM skyrocketed by 211%. As of the writing, WLD traded at $0.005 with a 9.07% seven-day increase, while ARKM traded at $1.96, achieving a 16.34% gain in the same period.
Conclusion
Despite Nvidia’s significant stock drop, AI-driven cryptocurrencies continue to capture investor interest, exhibiting notable growth and resilience. These movements indicate an evolving relationship between traditional tech firms and the burgeoning AI crypto sector, underscoring the complexity and potential of the market.
This article does not constitute investment advice. Every investment and trading move involves risk, and readers should conduct their research when making decisions.
