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Despite a general market downturn on February 21, numerous AI-based cryptocurrency tokens experienced upward momentum, with several AI tokens seeing significant double-digit growth following a month where their market capitalization more than doubled.
According to Coingecko, Over the last day, Render (RNDR), a platform on Ethereum that enables decentralized GPU rendering, has seen a significant uptick of 17%. Likewise, The Graph, a protocol for indexing blockchain data efficiently, has experienced an 18% rise. Fetch.ai (FET) has also shown an increase of 11%, while SingularityNet (AGIX) has surged by 33%.
The combined market value of AI-driven tokens surged by more than 9% to reach $17.8 billion following Nvidia’s quarterly earnings update, marking a significant increase from the $7 billion recorded earlier in February.
This surge was accompanied by the highest weekly trading activity for AI tokens in the past year, notably triggered by OpenAI’s unveiling of its text-to-video tool, Sora, on February 15.
The surge in AI token market growth was widely credited to Nvidia’s impressive fourth-quarter earnings, which exceeded market expectations. Nvidia reported revenues of $22.1 billion, surpassing Wall Street’s forecast of $20.4 billion. Notably, the company’s AI data center revenue in January soared fivefold compared to the previous year.
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