AI Tokens will record double-digit gains as it doubles its market cap in one month
Many artificial intelligence (AI)-based crypto tokens and traditional stocks posted positive gains on February 21 despite a broader market correction. Popular AI-based crypto tokens have posted double-digit gains after the market value of the tokens more than doubled in a month.
Render (RNDR), an Ethereum-based network that facilitates decentralized graphics processing unit rendering, has surged more than 17 percent in the past 24 hours. Similarly, The Graph (GRT), an indexing protocol for efficiently querying blockchain data, is up 18% in the past 24 hours. Fetch.ai (FET) is up 11%, while SingularityNet (AGIX) is up 33%.
After Nvidia's quarterly earnings report, the total market value of AI-based tokens rose more than 9 percent to $17.8 billion, up from $7 billion earlier in February.
AI tokens hit their highest weekly trading volume in a year since OpenAI announced its text-to-video utility Sora on February 15.
Many attributed the favorable market growth of AI Token to Nvidia's recent fourth quarter earnings report, which is superior to market expectations. The chipmaker posted revenues of $22.1 billion — more than Wall Street's $20.4 billion. Nvidia's AI data center revenue increased in January with 2023.
Related: ChatGPT had a public fallout but OpenAI says it's fine now.
Nvidia CEO Jensen Huang credited the increase in sales and revenue to global demand for generative AI. The chipmaker boasts a market capitalization of $1.67 trillion, making Tesla the world's most traded.
The rise of Nvidia's AI businesses has been reflected in the AI crypto market and helped several AI-focused stocks record new highs. Taiwan Semiconductor Manufacturing Co. (TSMC), a supplier of Nvidia and the world's largest contract chipmaker, jumped 2.05% in morning trading on February 21.
Similarly, server component supplier Super Microcomputer's stock price rose 11.42 percent in afternoon trading on February 20.
