The cryptocurrency market is on the brink of key movements, driven by upcoming announcements and events in the AI sector. Prithvir (@Prithvir12), a crypto analyst, shared insights on how AI catalysts could impact specific tokens, providing valuable guidance for investors. Moreover, he outlined crucial AI catalysts, the tokens affected, and his personal picks.
AI Catalysts to Watch
Prithvir highlights several key AI events this month that could shape the market:
NVIDIA Earnings on May 22nd: NVIDIA’s performance is closely watched, as their technology is pivotal for AI advancements.
GPT-4o Announcement on May 13th: This announcement by ChatGPT could influence market sentiments.
Google IO Conference on May 14th: Google’s developments in AI are always significant for the tech and crypto sectors.
Apple’s Focus on AI at WWDC: Apple’s AI initiatives could lead to notable market movements.
GPT-4 Launch at the End of June: OpenAI’s anticipated launch is expected to have a profound impact on AI-related cryptocurrencies.
These events are set to create a fertile ground for AI-driven cryptocurrencies to gain momentum, offering potential opportunities for investors.
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Tokens Affected by AI Catalysts
Prithvir discusses various tokens that might be influenced by these catalysts:
$WLD: Known for its association with Sam Altman and OpenAI, $WLD recently faced a 20% price drop after the GPT-4o announcement. Prithvir advises caution due to its high Fully Diluted Valuation (FDV) and the risk of short squeezes.
$OLAS: This AI agent coin, popular in 2023, remains active on the Gnosis chain. Its potential comeback is uncertain but worth monitoring.
$SPEC: Despite its recent volatility, $SPEC’s high FDV makes it a risky trade.
$FET, $AGIX, $OCEAN, and $ASI: These coins appear richly valued, suggesting limited upside in the current market conditions.
Prithvir notes that AI agent coins have generally underperformed due to underwhelming announcements and challenging tokenomics.
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Show more +Show less – Analyst’s Picks
Focusing on quality projects, Prithvir shares his top AI coin picks:
$RNDR: Render Token is favored due to its strong performance linked to NVIDIA and Apple’s activities. It has outperformed Bitcoin significantly over the past year, making it a good swing trade leading up to the WWDC.
$AR: Arweave, with its pivot to AI via AO Computer, is a fully diluted coin with a strong team and Tier-1 exchange listings. Besides, Prithvir considers it a no-brainer medium-term hold and his largest AI coin holding.
$NEAR: Although a smaller position, NEAR has potential due to its brand value, liquidity, and innovations in chain abstraction, making it a viable AI trade this cycle.
Investors should focus on AI coins during periods of key catalysts while avoiding tokens with predatory tokenomics and inflated FDVs. Instead, they should seek quality projects with robust teams, sustainable tokenomics, and functional products.
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