Crypto Expert Predicts NVIDIA Impact On AI Tokens SingularityNET, Render
Crypto Market News: Riding on the artificial intelligence (AI) mania, graphics chipmaker NVIDIA’s stock is currently trading at its all time high level. While the rise in demand for chips is fueled by companies rushing to maximize on the AI wave, a new category of coins in the cryptocurrency market in AI tokens also saw significant demand in the recent times. Meanwhile, whether the AI crypto token craze is organic remains to be seen. Overall, the popularity and relevance of products around AI technology could remain high for the foreseeable future.
Also Read: Binance CEO “CZ” Discusses UAE Plans, Bitcoin Mining, Meme Coins In AMA
As a result of the AI wave in recent times, two crypto tokens stood out in terms of value addition, Render (RNDR) and SingularityNET (AGIX). Both the AI tokens have since January 2023 grew value manifold as the ChatGPT craze spread to the mainstream.
NVIDIA Impact On AI Tokens
While the NVIDIA stock is seeing unprecedented growth, experts are weighing in the spillover effects of it. This week, the company’s market cap exceeded the $1 trillion mark. Meanwhile, Steven Ehrlich, director of research, Digital Assets, said the rise in value of Render and SingularityNET reflects the excitement around the AI space currently. However, he does not think the AI technology craze may not translate into full blown demand for the AI crypto tokens.
“AI is computationally intensive, while crypto is very inefficient when it comes to computing power and computation. So I am not quite sure where that fit is.”
Whenever new developments have been in the news about the AI space, the AI tokens picked up considerable demand. As has been the case with a majority of altcoins, the crypto projects generally gain popularity in parallel with the project development and adoption. The SingularityNET developers aim to build an Artificial General Intelligence (AGI) with high end capabilities while the Render network offers decentralized GPU based network for 3D assets.
Also Read: Former SEC Chief Harvey Pitt, Who Pushed For A Crypto Specific US Policy, Dies
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Aster Outpaces Lighter in Perp DEX Rankings as Wintermute Buys the Dip After Previous Dump
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
