Artificial intelligence-based cryptocurrencies have experienced notable gains over the past week, driven by anticipation of Nvidia’s upcoming Q2 earnings report.
AI tokens such as Near Protocol (NEAR), Artificial Superintelligence Alliance (FET), Bittensor (TAO) and Render (RENDER) have outperformed the broader crypto market recently. Near’s native token surged by 35% over the past week, reaching a four-week high of $5.20 on August 25.
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The Artificial Superintelligence Alliance, which includes Fetch.ai, Ocean Protocol and SingularityNET, saw its FET token increase nearly 70% in a week, hitting $1.39 on August 26.
Onchain analytics platform Lookonchain highlighted unusual whale activity with FET, noting that a whale who had previously sold at a lower price spent $2.38 million USDT to repurchase 1.79 million FET tokens at $1.33 on August 25.
Other AI crypto assets also performed well: Bittensor gained 26% over the week, with TAO reaching $350 on August 26 and Render increased by approximately 40% to $6.45.
These AI tokens have largely recovered from the market crash earlier this month.
Nvidia, set to release its Q2 earnings report on August 28, is generating significant market interest. Dan Ives of Wedbush Securities described this report as “the most important tech earnings in years,” citing Nvidia’s pivotal role in the AI revolution. Ives emphasized the critical demand for new data center capacity to support emerging AI technologies.
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Nvidia’s revenue surged 18% from Q4 2023 and 262% year-over-year in Q1. The company’s stock (NVDA) has soared 180% over the past year, reaching an all-time high of $135 in mid-June. Despite a recent market dip, Nvidia’s stock has rebounded by 30% and was trading just below $130 on August 23.
Cre: cointelegraph
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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