Fueled by anticipation of the upcoming Nvidia GTC conference, the prices of AI crypto tokens have soared in recent weeks.
The overall AI crypto token market has experienced a significant surge of 17% in the past 24 hours to hit a market capitalization of $26.4 billion.
According to CoinGecko data, the AI token with the most gain is MEMEAI, which saw an impressive 71% surge in the past 24 hours. Trailing MEMEAI is ROSNET, which saw a 60% surge, and NMT, which saw a 34% increase during the same timeframe.
Notable Gainers
Several leading AI tokens also witnessed impressive gains, with RNDR seeing a remarkable rise of over 17.4% on the day. Other notable performers include AKT, which surged 10%; Sleepless AI, which climbed 9%; FET, which rose 14%; and TAO, which saw a 7.5% increase.
The significant spike in AI-related tokens has been primarily driven by the anticipation surrounding the upcoming NVIDIA GTC AI 2024 conference.
The Nvidia GTC (GPU Technology Conference), scheduled to be held at the San Jose Convention Center on March 18-21, is a global annual event focused on artificial intelligence (AI) that gathers developers, engineers, researchers, inventors, and other industry professionals.
The event discusses AI, computer graphics, data science, machine learning, and autonomous machines. This year, distinguished technical leaders from Pixar, Adobe, Apple, and Autodesk will attend.
A Bubble?
While the prices of AI-related tokens have skyrocketed following anticipation of this event, a recent report by Coinbase cast a shadow of doubt on the sustainability of this growth.
The report argues that meme-style speculation is the dominant driver behind the price increases. Specifically, it raised concerns about the long-term substantiality of these tokens.
It remains to be seen whether the Nvidia GTC conference, which brings together technical leaders to discuss the latest advancements in AI, can provide a fundamental boost to the AI crypto sector.
