According to CoinDesk, the price of AI-related tokens such as FET and AGIX has surged on speculation that crypto products will be launched at the Nvidia conference later this month, even though AI cannot run on the blockchain. Meanwhile, Meme coins, which have driven gains in crypto markets over the past week, have seen a sell-off.
Market expectations that a crypto project will be mentioned at the Nvidia (NVDA) conference later this month have prompted traders to bet on artificial intelligence (AI)-related tokens, with the category of such tokens on CoinGecko rising by 25% in 24 hours. Projects such as Fetch.AI (FET), Render Network (RNDR), Sleepless AI (AI), and SingularityNET (AGIX) have seen token gains of up to 40%. These projects claim to leverage AI in various ways, such as providing virtual companions and a market for graphics processing cards.
Reports of crypto AI project developers attending chip manufacturers’ meetings or participating in panel discussions drove the token price higher, Lookonchain said. The event will be held from March 17th to 21st.
Meanwhile, inflows into AI tokens appear to have paused Meme’s multi-week rally. Coins like dogecoin (DOGE), pepecoin (PEPE) and dogwifhat (WIF) have more than doubled in price over the past few weeks as Bitcoin briefly topped all-time highs.
