Top 5 AI, DePIN tokens hit by corrections ahead of key events, NVIDIA earnings this week
- NVIDIA earnings result this week could influence the price of Artificial Intelligence and DePIN tokens in crypto.
- ICP, FET, RNDR, GRT, FIL and tokens from the AI and DePIN category have suffered corrections or moderate increases on Monday.
- Tokens with their use case tied to AI and Machine Learning are most likely to see a positive impact on price.
Chip giant NVIDIA has emerged as a significant market mover for cryptocurrencies in the Artificial Intelligence (AI) and Decentralized Physical Infrastructure Network (DePIN) categories, per previous earnings results from the technology firm.
AI and DePIN tokens ranked in the top 5 assets in their category by market capitalization are expected to see the impact of the news and updates this week.
OpenAI’s announcements, Microsoft and Google’s AI-related updates and partnerships/agreements within the ecosystem have catalyzed gains in these tokens, fueling the AI and DePIN narrative.
AI and DePIN asset picks for the week
The top 5 tokens in each category, including the common ones, are Internet Computer (ICP), Fetch.ai (FET), Render (RNDR), The Graph (GRT), Bittensor (TAO), Arweave (AR), Filecoin (FIL), and Theta Network (THETA).
Five of these eight assets were hit by a correction on Monday, while the remaining three have seen moderate increases in their prices. The anticipation among market participants continues to rise ahead of the NVIDIA earnings announcement.
The AI and DePIN narrative has seen a strong correlation with AI sector updates and announcements in the past few months. If history repeats, the earnings result could catalyze a rally in the assets, offering holders the opportunity to take profits.
Which tokens could see the most gains?
Analysts behind the X handle @ourcryptotalk evaluated the AI and DePIN categories of tokens and identified the ones with the closest ties to NVIDIA. The analyst notes that RNDR links users to Graphics Processing Unit (GPU) owners for digital creation and offers them tokens for processing jobs. This makes transactions efficient, and the project is one of the early giants in the sector.
1/
— Our Crypto Talk (@ourcryptotalk) May 20, 2024
• The Catalyst: Nvidia's Earnings could potentially boost crypto towards AI and DePIN.
• Early Giants: $RNDR, $TAO, $GHX lead in matching GPU/CPU supply with AI demand.
• Evolving Scene: Focus shifts to underdogs with untapped potential amid market evolution.
Bittensor rewards Machine Learning (ML) models with TAO tokens, contributes to transparency in the AI industry, and supports innovation. The analyst counts TAO as another one of the early giants.
THETA offers GPU compute and blockchain for payments, attracting AI enthusiasts. The team features leading experts from giants like Netflix, Amazon, Samsung, Vimeo and Salesforce, bringing blockchain and streaming expertise to AI and crypto.
These are the three large market capitalization projects with close association to AI, ML and computation that stand to gain from the developments this week, per the analyst’s tweets on X.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
