Tokens such as Near Protocol, FET, Bittensor, and Render have seen significant gains, with Near’s token rising 35% and FET increasing 70%.
The value of crypto assets based on artificial intelligence has increased over the past week in anticipation of a highly anticipated earnings report for the second quarter from the technology giant Nvidia.
Over the course of the past week, artificial intelligence tokens like Near Protoco, Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Render (RENDER) have experienced value increases that have outpaced the overall cryptocurrency market. Layer 1 is the target for the proof-of-stake network.
Near’s native token saw a 35% jump over the past week, reaching a four-week high of $5.20 on August 25. The Artificial Superintelligence Alliance, a consortium comprising Fetch.ai, Ocean Protocol, and SingularityNET, achieved even more significant gains.
In just one week, this alliance’s FET increased by approximately 70 percent, reaching $1.39 on August 26. In a post that was published on X on August 26, the onchain analytics platform Lookonchain spotted the significant gains and made a note of the peculiar whale transaction behavior that occurred over FET.
Before paying $2.38 million USDT to buy 1.79 million FET tokens back from Binance at a higher price of $1.33 on August 25, it was mentioned that a whale “seemed to regret selling” at a lower price after having previously sold them at a lower price.
Other AI-based cryptocurrency assets that are performing exceptionally well include Bittensor, which has increased by 26% over the past week, and TAO, which surpassed $350 on August 26.
According to CoinGecko, Render has also increased by around 40% over the last seven days, reaching $6.45 on August 26. Following the significant market crash that occurred earlier this month, the majority of prominent AI tokens have already fully recovered.
This increase in AI-related assets comes at a time when markets are gearing up to receive one of the most significant earnings reports from a technology company this year. On Wednesday, August 28, Nvidia will release its financial results for the second quarter.
Wedbush Securities’ Dan Ives, who is considered to be one of the most influential tech bulls on Wall Street, stated to Fortune on August 23 that this is “the most important tech earnings in years”.
He believes that the desire for more data center capacity is what is driving the bull market in the technology sector. This capacity is required to power the myriad of artificial intelligence chatbots that have arisen over the past few years.
Ives published a note on August 22 quoting Mike Smith, a portfolio manager at Allspring Global Investments, who told Reuters that “Nvidia is the zeitgeist stock today.” Smith went on to say that “you can think of their earnings four times a year as the Super Bowl”.
In the first quarter of 2023, Nvidia’s revenue increased by 18% compared to the fourth quarter of 2023, and it increased by 262% compared to the same period in the previous year.
During the course of the past year, the share price of Nvidia (NVDA) has experienced a phenomenal increase of 180%, reaching an all-time high of $135 in the middle of June.
As a result of the market closure on Friday, the company’s stock had regained thirty percent since the market dump earlier this month. On August 23rd, It was trading at slightly under one hundred thirty dollars.
