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AI Crypto Tokens Rise Despite Nvidia Stock Drop: $FET, $AGIX, $INJ Lead the Pack
TO THE-related cryptocurrency tokens like Fetch.ai ($FET), SingularityNET ($AGIX), AND Injective ($INJ) have performed exceptionally well over the past day, despite a notable 6.6% decline in Nvidia stock.
Nvidia, a leader in AI technology, has fallen 11.08% over the past five days due to concerns about executives’ stock sales. However, this has not deterred the bullish momentum of AI altcoins.
$NVDA down 11.08% in five days on concerns about executives and the sale of large amounts of shares.
On the contrary, AI altcoin tokens are liked $FET, $PAAL & $AGIX has seen pumps of nearly 40% this week.
After all, summer is coming 🚀 pic.twitter.com/PQLPUGGBt2p
— Dami-Defi (@DamiDefi) June 25, 2024
$FET, $AGIX, and $INJ have seen significant gains this week, with peaks of nearly 40%. Fetch.ai ($FET), in particular, has emerged as the best performing coin in the Top 100 cryptocurrencies over the past 24 hours.
This surge could be linked to a potential collaboration mooted by Injective ($INJ), which plans to integrate Fetch.ai’s AI agents into its DeFi services after the IBC update. Such a collaboration would increase demand for $FET, as its AI agents require $FET tokens as gas to operate on the network.
$FET ($ASI) is the best performing coin in the Top 100 cryptocurrencies in the last 24 hours, together with SingularityNET $AGIX and injective $INJ.🚀
This may have something to do with today’s announcement from Injective $INJ suggesting a possible collaboration with Fetch $FET?… photo.twitter.com/WdVOBudRay
— GeoStaking (@GeoStaking) June 24, 2024
DWF Labs-linked wallets move $1 million $FET and other noteworthy AI token transfers
Adding to the bullish sentiment, an address believed to be associated with DWF Labs, 0x64ec, deposited $1 million FET, worth approximately $1.456 million, to Binance 14 hours ago.
This address previously received $10 million FET, worth approximately $5.3 million, from the Fetch.ai Foundation contract seven months ago. Over time, he deposited a total of $9.65 million in FET on Binance, for a value of approximately $12.24 million (+130%).
😬 DWF Labs knew it $FET would it increase by 25% today? 🤔
14 hours ago, an address 0x64ec (https://t.co/r7h4d3Wd0Q) which may belong to DWF Labs deposited 1 million FET ~ $1.456 million #Binance.
7 months ago, 0x64ec wallet received 10 million FETs ~ $5.3 million from… pic.twitter.com/61qms9braN
— iCripto | Sentiment and on-chain analysis (@iCryptoAI) June 25, 2024
Over the past seven months, the Fetch.ai Foundation has also transferred large amounts of $FET to other DWF Labs wallet addresses, indicating strategic movements within the network.
The performance of these AI-related tokens, particularly in the face of falling Nvidia shares, underscores growing investor confidence in the AI-based cryptocurrency space.
The potential collaboration between Injective and Fetch.ai further reinforces this sentiment, indicating greater utility and demand for $FET. As the AI and cryptocurrency sectors continue to intersect, tokens like $FET, $AGIX, and $INJ are poised for further growth.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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