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AI Crypto Tokens Skyrocket Amid Nvidia’s Market Cap Decline

AI crypto tokens soar as Nvidia’s market cap drops, showcasing investor optimism in AI tech's potential
June 26, 2024

Artificial intelligence-related cryptocurrencies have experienced a notable surge, even as Nvidia, a significant player in the AI industry, faced a steep decline in its market capitalization. Over the past week, Nvidia’s stock price plummeted by 11.16%, resulting in a loss of $430 billion from its market cap. As of June 25, Nvidia's market cap stands at $2.91 trillion, down nearly 13% from its peak of $3.34 trillion, according to Google Finance.

Nvidia’s downturn coincided with major share sell-offs by top executives, including CEO Jensen Huang, who sold $79.38 million worth of Nvidia stock since June 13, as reported in a June 21 filing with the U.S. Securities and Exchange Commission (SEC). Research firm Barchart highlighted that Nvidia insiders have collectively sold nearly $796 million worth of shares this year. Portfolio analyst Oguz O noted that many of these transactions are pre-planned, a common strategy for executives to manage their stock holdings over time.

Despite Nvidia's struggles, AI-related cryptocurrencies have thrived. Fetch.AI (FET) and SingularityNET (AGIX) have seen impressive gains, with Fetch.AI up by 35% and SingularityNET by 34% over the past seven days, according to CoinMarketCap data. This growth is remarkable given the broader crypto market's decline, where Bitcoin (BTC) fell by 7% and Ethereum (ETH) by 2.2%.

Other AI tokens have also performed well. OpenAI CEO Sam Altman’s Worldcoin (WLD) increased by 5.9%, and Arkham Intelligence’s native token, ARKM, rose by 26% in the same period.

This surge in AI-related crypto tokens, despite Nvidia’s market cap plunge, highlights the growing investor interest and optimism in the potential of AI technologies within the cryptocurrency space.

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