Native cryptocurrencies of blockchain projects that claim to use artificial intelligence (AI) technology have led the recent recovery in the cryptocurrency market, along with a rise in shares of Nasdaq-listed chipmaker Nvidia (NVDA), known for its involvement with AI technology.
Over the past seven days, RNDR, the token of The Render Network, a decentralized GPU-based rendering solution, has surged nearly 40% to $10,432, marking the most significant gain among the top 100 cryptocurrencies by market cap, according to data from CoinGecko.
Similarly, other AI-related coins such as SingularityNET's AGIX, Bittensor's TAO, and Fetch.ai's FET also witnessed gains ranging from 17% to 23%, outperforming the overall market performance.
Highlighting the growing anticipation surrounding Nvidia's upcoming earnings report, DYOR founder Hitesh Malviya said:
“There is strong buzz around Nvidia's upcoming earnings. AI coins will continue to rise cyclically as they are directly correlated with all the AI-side developments happening around us.”
Nvidia is scheduled to report first-quarter earnings after market close on May 22, with significant earnings growth expected on a year-over-year basis.
The positive recent financial results of other AI-focused companies also contributed to the optimistic mood surrounding Nvidia.
*This is not investment advice.
