AI Altcoins Soar Ahead of Nvidia Earnings: FET and RENDER Lead the Charge
Over the past week, AI-related altcoins have seen strong growth. This upward trend coincides with Nvidia’s upcoming quarterly earnings, scheduled for August 28.
Nvidia, a frontrunner in AI technology, has consistently surprised markets with strong earnings.
AI Altcoins Display Double-Digit GainsThe Artificial Superintelligence Alliance (FET) led the surge in AI altcoins with a 61.3% increase. Render (RENDER) followed closely with a 42% rise, while NEAR Protocol (NEAR) and Bittensor (TAO) climbed by 25.7% and 23.1%, respectively.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
Top 10 AI Altcoins. Source: CoinGecko
Consequently, investor anticipation is mounting not just over whether Nvidia will surpass expectations but by how much. Vivek Arya of Bank of America labeled Nvidia as a promising “rebound” stock, downplaying fears of a slowdown in AI expenditure.
“Enterprise and sovereign AI adoption has yet to start in a big way,” Arya said.
Amid this optimistic backdrop, the demand for AI altcoins has surged. Driven by a fear of missing out (FOMO), notable transactions have occurred, such as a crypto whale on Binance repurchasing 1.79 million FET tokens for about $2.39 million, reflecting a substantial premium.
Analysts from Spot On Chain observed that this investor likely regrets selling FET earlier at a lower price and has now opted to buy back at a higher rate due to the token’s 67% price jump in just seven days.
Furthermore, crypto analyst Kyren pointed out the strong demand for RENDER.
“RENDER token utility is in motion, now just imagine what happens when the euphoria comes back in and the AI trend comes back to life. We’ve all seen how hard AI run as clear leading narratives this cycle already. More importantly, we all know what happens when market demand begins to exceed supply on the markets,” Kyren elaborated.
In addition to these individual token performances, the overall AI narrative in the crypto sector remains solid. According to crypto analysis platform DYOR, the strength of this narrative is currently the third-highest relative to Bitcoin, surpassed only by major Decentralized Finance (DeFi) sectors.
Read more: 9 Best Artificial Intelligence Stocks To Buy in 2024
Top Crypto Narratives in the Last 7 Days. Source: DYOR
Looking ahead, pseudonymous crypto analyst ‘arndxt’ predicts further growth for AI in the crypto space, driven by multiple upcoming catalysts.
“Artificial Intelligence remains one of the strongest narratives in crypto for 2024. However, there are many catalysts that signals for the AI space to grow further, with GPT 5, 6, 7 releases all in the pipe, I believe we will see a resurgence for it,” arndxt said.
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