Given its magnitude and importance, the upcoming Nvidia earnings report could have a major impact. This report has the potential to have a significant impact on certain tokens in particular, and could trigger a major rally in AI coin projects. Investors could rush into these assets in the wake of the report in an attempt to make quick profits. Crypto expert Andreja Stojanovic takes a look at three AI tokens that could benefit from this.
The first ranked AI token: Render (RNDR)$RENDER
Render (RNDR) is known as the “Nvidia of crypto” and is one of the first tokens that comes to mind alongside NVDA stock. Render is a decentralized platform that uses blockchain technology to provide GPU power for artists and creators. Since Nvidia’s previous earnings report, RNDR has been trading at a generally low price, but has seen a significant rally over the past two weeks. Render is up 49.78% over the past 30 days and is currently trading at $7.88.
Render’s track record suggests that upcoming gains could have a positive impact on the token, but traders should be wary of the possibility of a sudden drop. In particular, the big rally in February saw a rally from $6.5 to $13. The spikes in May and August were shorter and more limited.
Second-ranked AI coin: Artificial Superintelligence Alliance (FET)$FET
The Artificial Superintelligence Alliance (FET), which consists of Fetch.ai, Ocean Protocol, and SingularityNET, could have the potential to attract attention following Nvidia’s earnings report. Similar to Render, FET’s past performance is also uncertain. While earnings in February triggered a large rally, there were more modest increases in May and August. FET is moving at a slower pace, giving investors more time. It nearly tripled in value following its Q4 2023 report. However, it saw an 82% surge ahead of its Q1 earnings, followed by a 32% drop. The Q2 report also featured a similar pump-and-dump dynamic. Furthermore, FET’s rise in recent weeks has been slower and more pronounced, suggesting that the momentum behind it may have waned. However, this also reduces the likelihood of the token reaching unstable highs. At the time of writing, FET is trading at $1.28.
Last ranked AI coin: The Graph (GRT)$GRT
The Graph (GRT), like the other two AI tokens, has historically reacted significantly to Nvidia earnings reports. However, GRT’s track record has been weaker, especially compared to FET and RNDR. There was a big rally after the February report, while prices fell sharply immediately after the May report. There was a delayed rise between August and September. Still, GRT has a stronger positive momentum than FET. It has seen a more balanced rise, up 35.69% in the last 30 days. At the time of writing, GRT is trading at $0.23.
In conclusion, some AI coin projects could potentially spark a rally following the upcoming Nvidia earnings report, but it is important for investors to be careful and strategize based on past performance.
