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AI Crypto Tokens Rise Despite Nvidia’s Falling Market Cap
AI Crypto Tokens Rise Despite Nvidia’s Falling Market Cap
Crypto tokens linked to artificial intelligence have soared over the past week, even as Nvidia, a key player in the AI space, saw a significant decline in its market capitalization. Nvidia’s stock price has fallen 11.16% over the past five trading days, wiping $430 billion from its market capitalization. according to at 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 about substantial stock sales by its top executives, including Chairman Jensen Huang. Since June 13, Huang has sold $79.38 million worth of Nvidia stock, 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 stock this year, or nearly $1 billion. Despite this, portfolio analyst Oguz O pointed out that many of these sales are planned in advance, a common practice among executives who systematically sell their stocks over time.
AI-related cryptocurrencies such as Fetch.AI (FET) And SingularityNET (AGIX) recorded impressive gains. Over the past seven days, Fetch.AI has surged 35% and SingularityNET 34%, according to data from CoinMarketCap. This growth is particularly notable given the decline of the broader crypto market over the same period, with Bitcoin (BTC) And Ethereum (ETH) down 7% and 2.2% respectively.
Other AI tokens also showed gains. Sam Altman, CEO of OpenAI Worldcoin (WLD) saw a 5.9% increase over the past week, while Arkham Intelligence’s native token, ARKMincreased by 26% during the same period.