AI-related cryptocurrency tokens such as Fetch.ai ($FET), SingularityNET ($AGIX), and Injective ($INJ) have performed exceptionally well over the past day, despite a notable 6.6% drop in Nvidia’s stock.
Nvidia, a leader in AI technology, experienced an 11.08% decline over the past five days due to concerns about executive stock sales. However, this has not deterred the bullish momentum in AI altcoins.
$NVDA dropping by 11.08% over five days due to concerns about execs & selling of substantial amounts of stock.
In contrast, AI altcoins tokens like $FET, $PAAL & $AGIX saw pumps of almost 40% this week.
AI summer is coming round after all 🚀 pic.twitter.com/PQLPUGBt2p
— Dami-Defi (@DamiDefi) June 25, 2024
$FET, $AGIX, and $INJ saw significant gains this week, with pumps of nearly 40%. Fetch.ai ($FET), in particular, emerged as the best-performing coin in the Top 100 cryptocurrencies in the past 24 hours.
This surge may be linked to a potential collaboration hinted at by Injective ($INJ), which plans to integrate Fetch.ai’s AI agents into its DeFi services following its IBC upgrade. 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 past 24 hours, together with SingularityNET $AGIX and Injective $INJ.🚀
Could this have something to do with today's announcement by Injective $INJ hinting at a possible collaboration with Fetch $FET?… pic.twitter.com/WdVOBudRay
— GeoStaking (@GeoStaking) June 24, 2024
DWF Labs-Linked Wallets Moves 1 Million $FET and Other Notable AI Token TransfersÂ
Adding to the bullish sentiment, an address believed to be associated with DWF Labs, 0x64ec, deposited 1 million $FET, worth approximately $1.456 million, onto Binance 14 hours ago.
This address had previously received 10 million $FET, valued at around $5.3 million, from the Fetch.ai Foundation contract seven months ago. Over time, it has deposited a total of 9.65 million $FET, worth approximately $12.24 million (+130%), onto Binance.
😬 Did DWF Labs know that $FET would increase by 25% today? 🤔
14hrs ago, an address 0x64ec (https://t.co/r7h4d3Wd0Q) that could belong to DWF Labs deposited 1M FET ~ $1.456M onto #Binance.
7 months ago, the 0x64ec wallet received 10M FET ~ $5.3M from the… pic.twitter.com/61qms9braN
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) June 25, 2024
The Fetch.ai Foundation has also transferred significant amounts of $FET to other DWF Labs wallet addresses over the last seven months, indicating strategic movements within the network.
The performance of these AI-related tokens, particularly in the face of Nvidia’s stock decline, underscores the growing investor confidence in the AI crypto space.
The potential collaboration between Injective and Fetch.ai further bolsters this sentiment, pointing to increased utility and demand for $FET. As the AI and crypto 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 buying any cryptocurrency or investing in any services.
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