Token

Render

Impact

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-link-nvidias-success-to-ai-token-price-increases/" data-wpel-link="internal">Investors Link Nvidia’s Success to AI Token Price Increases</a> 
The <a href="https://newslinker.co/category/computing/" target="_blank" rel="noopener" data-wpel-link="exclude">Nvidia</a> earnings report released yesterday was highly anticipated. Following this and the ongoing process, interest in AI tokens in the cryptocurrency field saw another increase. Investors discussing what could potentially trigger a rise in AI tokens highlighted the behavior of whales as a significant reason. 
<h2 style="text-align: justify" id="whales-and-market-impact">Whales and Market Impact</h2> 
Santiment data pointed out a noticeable increase in whale activities on the AI token side, with Render (RNDR), one of the standout cryptocurrencies of March, continuing to be a key component of this process. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-355113" src="https://coin-turk.com/wp-content/uploads/2024/05/santiment-coin-turk-com-2.png" alt="" width="926" height="935"> 
On May 23, a significant move was made by a cryptocurrency whale. This whale transferred 4.89 million RNDR, valued at $52.1 million, to an unknown wallet, causing a significant stir in the market. This move by the whale occurred amidst corrections in the <a href="https://en.coin-turk.com/crypto-and-blockchain-investments-surpass-90-billion-milestone/" data-wpel-link="internal">cryptocurrency market</a>. 
<h2 style="text-align: justify" id="nvidia-and-its-impact-on-cryptocurrencies">Nvidia and Its Impact on Cryptocurrencies</h2> 
Investors searching for the reason behind the price increases in AI tokens, including Render (RNDR), attributed it to Nvidia’s success over the past year. 
The technology giant Nvidia, known for its chip production, recently announced its earnings report for the first quarter of the year, revealing a quarterly revenue of $26 billion, exceeding market expectations by approximately 5.5%. 
Price changes in AI tokens and whale moves coincided with Nvidia’s quarterly earnings report announcement. Nvidia’s success appeared to be a beacon of hope for AI tokens and their <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. Consequently, AI tokens gained significant value following Nvidia’s earnings call. 
However, RNDR was not the only token to benefit from this situation. Other leading tokens in the market, such as Fetch.ai (FET) and Bittensor (TAO), also experienced notable interest increases. These cryptocurrencies saw respective increases of 20% and 5% last week. 
Despite the price increases in these tokens, some ongoing issues remained. According to data provided by Santiment, there was a noticeable decline in network growth for FET and RNDR. 
This indicates a decrease in the number of new addresses accessing these tokens, which could lead to a new price drop. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-link-nvidias-success-to-ai-token-price-increases/" data-wpel-link="internal">Investors Link Nvidia’s Success to AI Token Price Increases</a></h5>

Investors Link Nvidia’s Success to AI Token Price Increases

Table of Contents

COINTURK NEWS

Other articles published on May 24, 2024

Upcoming Bitcoin Rally Could Break Records, Aave & The Graph Rival Set for Big Gains

Top Trader's Ethereum Price Prediction Targets All-Time Highs In 2025

Optimism, dYdX Lead Major Crypto Token Unlocks, Markets on Watch

Iconic Dogecoin Mascot And Meme Legend Kabosu, A Shiba Inu Dog, Passes Away In Japan

Binance Executive Faints During Trial

OKX Withdraws Hong Kong VASP License Application

Join our free newsletter for daily crypto updates!