2024-8-27 18:58 |
AI-focused tokens led by NEAR Protocol (NEAR), Internet Computer (ICP), Artificial Superintelligence Alliance (FET), Bittensor (TAO), Render (RENDER), and The Graph (GRT) are experiencing significant price surges, driven by anticipation surrounding the upcoming second-quarter earnings report from Nvidia, a key player in the AI industry.
This excitement is amplified by Binance Labs’ recent investments in innovative AI projects, reinforcing the synergy between artificial intelligence and blockchain technology.
FET, RENDER and NEAR lead surge in AI token pricesOver the past week, several AI-centric tokens including NEAR, ICP, FET, TAO, RENDER, and GRT have seen impressive gains, outpacing the broader cryptocurrency market.
NEAR Protocol (NEAR), which serves as a proof-of-stake layer-1 network, surged 35% to reach a four-week high of $5.20 on August 25.
Although the altcoin has pulled back to around $4.90, it is still up 27% over the past week, reflecting a growing confidence in the potential of blockchain platforms to integrate AI technologies effectively.
Artificial Superintelligence Alliance (FET), which includes a consortium of Fetch.ai, Ocean Protocol, and SingularityNET, has seen an even more dramatic rise.
The FET token skyrocketed almost 70% over the past seven days, hitting $1.39 on August 26.
This surge has been accompanied by notable whale transactions, including a high-profile repurchase of FET tokens from Binance at elevated prices.
The price of $FET has surged 70% in the past 7 days!
A whale seemed to regret selling before and spent 2.385M $USDT to buy 1.79M $FET back from #Binance at a higher price of $1.33 6 hours ago
This whale sold 2.33M $FET for 2.385M $USDT at $1.02 from Aug 11 to Aug 23.… pic.twitter.com/SNIbPrNp0z
Bittensor (TAO), Render (RENDER), and Internet Computer (ICP), among other AI tokens, have also joined the upward trend.
TAO has risen by 26%, crossing the $ 350 mark, RENDER has climbed around 40% to $6.45, and ICP has risen by 19% to $8.37.
These gains underline a broader trend of rising investor interest in AI-driven blockchain solutions.
Nvidia’s anticipated earnings reportThe surge in AI tokens is closely linked to the anticipation surrounding Nvidia’s forthcoming second-quarter earnings report, scheduled for August 28.
Nvidia, a critical player in the AI hardware market, has been described by analysts as a cornerstone of the AI revolution.
Dan Ives of Wedbush Securities has dubbed this earnings report as “the most important tech earnings in years,” underscoring Nvidia’s central role in the AI sector.
Nvidia’s stock (NASDAQ: NVDA) has experienced an impressive 180% increase over the past year, reflecting its significant impact on the tech market.
The company’s revenue has surged 262% over the past year, and its stock price has recovered notably from market dips.
This high level of performance and its implications for the broader AI market have driven speculative enthusiasm and investment in related cryptocurrencies.
Binance Labs’ strategic investments into AI-focused DAppsIn parallel with the rising prices of AI tokens, Binance Labs has made strategic investments in AI-focused startups.
On August 14, Binance Labs invested in Sahara AI, a decentralized platform aimed at creating an AI ecosystem with on-chain attribution and autonomous agents.
The following day (August 15), Binance Labs announced another investment in MyShell, a platform designed for building and sharing AI applications.
Max Coniglio, Binance Labs’ investment director, has highlighted the synergies between AI and blockchain technology.
He emphasizes that both technologies thrive on open-source innovation and complement each other by addressing mutual challenges.
Coniglio acknowledges that while the integration of AI and blockchain presents significant opportunities, it also requires developers to create robust products and sustainable business models.
As the market braces for Nvidia’s earnings report and observes Binance Labs’ strategic moves, the excitement surrounding AI tokens continues to grow, shaping the future landscape of digital assets.
The post AI tokens surge: RENDER, FET, NEAR, ICP rise pre-Nvidia Q2 earnings report appeared first on Invezz
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