Bittime – Data from CoinGecko shows a25%artificial intelligence (AI)token Bitcoinis up just 0.3%.
Prices of AI-related tokens such as FET and AGIX are surging on speculation the crypto products will be showcased at Nvidia's conference later this month, even though the AI cannot run on blockchain .
The inflow into AI projects was accompanied by a sell-off in meme coins, which previously led crypto gains in the past week.
Expectations about crypto projects to be mentioned at the Nvidia (NVDA) conference later this month are driving traders to bet on AI-related tokens. This led to a spike in the AI token category on CoinGecko by 25% in 24 hours.
Tokens from Fetch.AI (FET), Render Network (RNDR), Sleepless AI (AI) and SingularityNET (AGIX) rose up to 40%. These projects claim to use AI in various ways, such as providing virtual friends and being a marketplace for graphics cards.
AI vs. AI Tokens Meme Coin
According to Lookonchain, behind this surge are reports that crypto AI project developers will attend the chip manufacturer's conference or participate in discussion panels. The event will be held from March 17-21.
The AI token's price rise far outpaced Bitcoin's 0.3% rise and the CoinDesk 20's 0.4% rise, a broad-based liquid index of major tokens.
AI tokens remain a hot topic for crypto traders as this technology is expected to drive major innovation in the global economy in the coming years.
However, the relationship between AI and crypto is still unclear: Artificial intelligence cannot run on blockchain. Nonetheless, developments in traditional AI companies, such as OpenAI, are driving the rise of AI tokens as traders use them as indirect bets on the AI industry.
AI tokens also saw gains last month after Nvidia topped fourth-quarter revenue expectations and first-quarter guidance.
Meanwhile, data shows inflows into AI tokens appear to have slowed a multi-week rally for the meme coin.
Tokens such as Dogecoin (DOGE), Pepecoin (PEPE) and Dogwifhat (WIF) have more than doubled over the past few weeks as Bitcoin briefly broke its record high.
Some observers attribute the surge to meme coins being friendlier to retail traders, who typically gravitate towards the crypto market when Bitcoin is on a bull run.
The rally appears to be stalled for now. Data shows DOGE, SHIB, and PEPE fell by more than 15% in the last 24 hours. And in another sign of money leaving the market, open interest on futures tracking DOGE has fallen $400 million from a record high since Tuesday.
Check Today's Crypto Market:
The recent surge in AI tokens and decline in meme coins reflects the shift in investor interest in the fast-paced crypto market. Let's analyze it more deeply:
Why is AI Token Rising?
There are several reasons why AI tokens have been on the rise recently.
1. Nvidia Conference Expectations
Speculation about crypto product announcements at the upcoming Nvidia conference fueled a surge in AI token prices.
2. AI as a Future Trend
Artificial intelligence is expected to be a key driver of innovation in the future, making AI tokens attractive to long-term-minded investors.
3. Correlation with Traditional AI Companies
The positive performance of traditional AI companies such as OpenAI also drives the rise in AI tokens.
Why Are Meme Coins Dropping?
The decline in Meme Coin's condition could be caused by the following factors.
1. Asset Rotation
Investors may shift from speculative meme coins to AI tokens perceived to have utility and long-term growth potential.
2. Market Correction
The recent increase in meme coin prices may have reached saturation point, so a correction is natural.
3. Bitcoin's Lack of Volatility
Bitcoin price increases are often followed by meme coin rallies. With Bitcoin's stagnant movement, meme coins also weakened.
Also Read How to Buy Crypto:
Conclusion
The price movements of AI tokens and meme coins in recent days show the dynamics of the crypto market. Investors should be aware of short-term trends and focus on fundamental research before investing.
Here are some things to consider:
- Technology and Team : Learn the technology behind the AI project and the track record of the development team.
- Token Utility : Understand the utility of AI tokens and their potential to solve real problems.
- Market Conditions : Pay attention to overall market sentiment and Bitcoin volatility.
By considering these factors, investors can make more informed decisions when choosing crypto assets to invest in.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
TAO, RNDR, AKT, EFT: Comparison of Leading AI Tokens
MYRO Price Analysis, Will MYRO Become the Next Billionaire Meme Coin?
GT Protocol (GTAI): Low Risk or High Potential?
DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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