The artificial intelligence-linked cryptocurrency, however, has risen over the past week
AI-linked crypto tokens have soared over the past week despite the loss of $430 billion in market capitalization from shares of Nvidia – a company closely watched by cryptocurrency traders anticipating the cryptocurrency market of AI.
Nvidia, which produces the computer chips that many AI companies use to power their AI models, saw its stock price fall 11.08% over the past five trading days, according to Google data Finance.
On the other hand, shares of Fetch.AI (FET) and SingularityNET (AGIX) are up 23.46% and 20.83% over the past seven days, in contrast to the decline in the broader crypto market. currencies during the same period, according to data from CoinMarketCap.
The two largest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ethereum (ETH), fell 9.17% and 4.23% over the seven days.
The decline in Nvidia’s shares came amid concerns that its chairman, Jensen Huang, along with other executives, had recently sold a large amount of stock.
Since June 13, Huang has sold $79.38 million worth of Nvidia shares, according to a June 21 filing with the U.S. Securities and Exchange Commission (SEC), attracting the attention of research firms commercial.
“Nvidia executives sold their shares at the fastest pace on record,” trading resource account Global Markets Investor said in a June 23 article, while another research firm reported that the value Total shares sold by Nvidia executives during the year is now approaching the $1 billion mark.
“Nvidia insiders have now banked over $796 million this year,” Barchart added, but portfolio analyst Oguz O responded by saying, “Most of it is planned in advance and doesn’t bother me “, which is a common practice when an executive enters into a contract with… A brokerage firm that sells shares at certain prices.
As of June 24, Nvidia’s market capitalization stood at $2.903 billion, down about 13% over the past five trading days since reaching an all-time high of $3.34 trillion. according to YChart data.
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Crypto tokens AI and Nvidia have seen several instances of parallel moves, most recently notable when Nvidia released its Q4 2023 earnings report.
On February 21, Nvidia reported fourth-quarter 2024 revenue and profit of $22.1 billion and $12.3 billion, respectively, an increase of 265% and 769% from the fourth quarter. quarter 2023.
OpenAI CEO Sam Altman’s Worldcoin (WLD) gained 240% during the month, while Arkham Intelligence’s native currency, ARKM, rose 211% during the same period.
Like other AI tokens, the value of these tokens has also increased over the past week. At press time, Worldcoin was up 9.07% over the past seven days, trading at $0.005, while Arkham was up 16.34%, trading at 1.96 $ over the same period.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
