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AI Crypto Tokens Rise Despite Nvidia’s Falling Market Cap
AI Crypto Tokens Rise Despite Nvidia’s Falling Market Cap
AI-related crypto tokens have soared over the past week, even as Nvidia, a key player in the AI space, has seen a significant decline in its market capitalization. Nvidia’s stock price has fallen 11.16% over the past five trading days, wiping $430 billion off its market capitalization. second to Google Finance. As of June 25, Nvidia’s market capitalization stood at $2.91 trillion, down nearly 13% from its all-time high of $3.34 trillion.
Nvidia’s decline came amid concerns over substantial stock sales by its top executives, including Chairman Jensen Huang. Since June 13, Huang has sold $79.38 million worth of Nvidia shares, according to a June 21 filing with the U.S. Securities and Exchange Commission (SEC). Research firm Barchart reported that Nvidia insiders have collectively sold more than $796 million worth of shares this year, approaching the $1 billion mark. Despite this, portfolio analyst Oguz O pointed out that many of these sales are pre-planned, a common practice for executives who systematically sell stocks over time.
AI-related cryptocurrencies like Fetch.AI (FET) AND SingularityNET (AGIX) they have seen impressive gains. According to CoinMarketCap data, Fetch.AI is up 35% and SingularityNET is up 34% over the past seven days. This growth is especially noteworthy given the broader decline of the cryptocurrency market during the same period Bitcoin (BTC) AND Ethereum (ETH) down 7% and 2.2% respectively.
Other AI tokens have also shown benefits. OpenAI CEO Sam Altman World Currency (WLD) recorded a 5.9% increase in the last week, while Arkham Intelligence’s native token, ARKMincreased by 26% in the same period.