Artificial intelligence-related crypto tokens have soared over the past week, even as Nvidia, a key player in the AI space, experienced a significant drop in its market capitalization.
Artificial intelligence-related crypto tokens have soared over the past week, even as Nvidia, a key player in the AI space, experienced a significant drop in its market capitalization. Nvidia's stock price plummeted by 11.16% over the last five trading days, erasing $430 billion from its market cap, according to Google Finance. As of June 25, Nvidia's market cap stands at $2.91 trillion, down nearly 13% from its all-time high of $3.34 trillion.
Nvidia’s decline came amid concerns over substantial share sell-offs by its top executives, including President Jensen Huang. Since June 13, Huang has sold $79.38 million worth of Nvidia stock, as per a June 21 filing with the U.S. Securities and Exchange Commission (SEC). Research firm Barchart reported that Nvidia insiders have collectively sold over $796 million worth of shares this year, nearing the billion-dollar mark. Despite this, portfolio analyst Oguz O pointed out that many of these sales are pre-planned, a common practice for executives to systematically sell stock over time.
AI-related cryptocurrencies such as Fetch.AI (FET) and SingularityNET (AGIX) have seen impressive gains. Over the past seven days, Fetch.AI surged by 35% and SingularityNET by 34%, according to CoinMarketCap data. This growth is particularly noteworthy given the broader crypto market's decline during the same period, with Bitcoin (BTC) and Ethereum (ETH) falling by 7% and 2.2%, respectively.
Other AI tokens have also shown gains. OpenAI CEO Sam Altman's Worldcoin (WLD) saw a 5.9% increase over the past week, while Arkham Intelligence’s native token, ARKM, rose by 26% during the same period.
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