Due to the excitement surrounding NVIDIA’s impending earnings report, the AI cryptocurrency market is undergoing a notable bull run. As investors await NVIDIA’s financial data, which is anticipated to show an astounding 141% year-over-year increase in earnings, tokens like FET, TAO, and RENDER have surged ahead, outperforming Bitcoin.
AI Tokens Lead the Charge in a Bullish Crypto Market
As the broader crypto market rides a wave of positive momentum, AI-related tokens are taking center stage. While Bitcoin posted a strong weekly gain of over nearly 12%, AI tokens have outpaced it, driven by anticipation surrounding NVIDIA’s Q2 earnings report on August 28.
Top Performers:
This past week, AI-driven tokens have taken the crypto market by storm, led by VIDT DAO (VIDT), which soared by a staggering +164%, now trading at $0.046. PaLM AI (PALM) followed closely, with an impressive +89% increase, reaching $0.552. Arcblock (ABT) climbed +69% to $2.07, reflecting strong investor confidence.
Artificial Superintelligence Alliance (FET) wasn’t far behind, with a +67% rise, now valued at $1.36. Meanwhile, inSure DeFi (SURE) saw a solid +55% gain, trading at $0.0049.
Other notable mentions include Nosana (NOS), which rose +54% to $2.23, and zKML (ZKML), up +50% to $0.24. Solidus Ai Tech (AITECH) rounded out the top performers with a +50% increase, now at $0.105.
Not only have these tokens recovered from their losses in early August, but they have also risen above their pre-dip levels, drawing interest from traders as they eagerly await NVIDIA’s next earnings release. If current trends persist, these AI-linked tokens could continue their upward momentum.
Whale Activity Signals Strong Market Confidence
Analysis platform Lookonchain has revealed that there has been a lot of whale activity in the FET market.
A whale made a notable transaction a few days after selling 1.79 million FET tokens for $1.02, buying them back at $1.33 apiece.
The price of $FET has surged 70% in the past 7 days!
— Lookonchain (@lookonchain) August 26, 2024
A whale seemed to regret selling before and spent 2.385M $USDT to buy 1.79M $FET back from #Binance at a higher price of $1.33 6 hours ago
This whale sold 2.33M $FET for 2.385M $USDT at $1.02 from Aug 11 to Aug 23.… pic.twitter.com/SNIbPrNp0z
Lookonchain Tweet: “The price of $FET has surged 70% in the past 7 days! A whale seemed to regret selling before and spent 2.385M $USDT to buy 1.79M $FET back from #Binance at a higher price of $1.33 6 hours ago.”
This behavior suggests that major investors, who are betting on additional price increases in the AI crypto space, are becoming more confident.
NVIDIA Earnings Expected to Propel AI Market Further
One of the most eagerly awaited financial occasions of the year, especially in the tech industry, is the forthcoming NVIDIA earnings report. Analysts are projecting earnings to rise by an astounding 141% year over year, with revenues expected to reach $28.68 billion, a remarkable 113% increase over Q2 2023.
- Earnings Per Share (EPS): Analysts expect 65 cents per share, marking significant growth.
- Revenue Projections: Expected to reach $28.68 billion, up 10% from Q1 2024.
- Five Consecutive Quarters: If expectations hold, this will mark NVIDIA’s fifth consecutive quarter of triple-digit growth.
This optimism is not limited to NVIDIA; the tech industry as a whole is anticipated to gain from these impressive results. Furthermore, the AI crypto market and the larger tech industry may benefit even more from the Federal Reserve’s projected interest rate reductions in September.
Conclusion: AI Crypto Riding High on NVIDIA’s Success
With the market for AI cryptocurrency seeing a strong surge due to the excitement around NVIDIA’s earnings release, interest in alternative coins such as meme tokens is also growing.