5 AI Cryptocurrencies Likely To Explode After Nvidia (NVDA) Stock Split
After the Nvidia stock split, investors are flocking to invest in AI-based cryptos before their prices soar. Stock splits simply generate more shares at lower prices in response to rising demand and the growing popularity of a company. This surge in interest reflects the booming demand for computer chips, prompting Nvidia to adapt to meet it. This may, in turn, roll over to the crypto industry. According to CoinGecko data, there are over 170 cryptocurrencies in the AI category, making it challenging to select the right one for investment. However, these five AI cryptocurrencies have the potential to significantly boost your portfolio to six figures.
1. AI Cryptocurrencies – Bittensor (TAO)
Bittensor is an open-source protocol created to facilitate collaborative machine learning (ML) model training. ML creators are compensated in TAO tokens based on the value of the data they contribute. Consequently, the protocol evolves into a central repository of information, allowing external users to extract data for a fee.
TAO price is trading at $331 at press time, with a 60% increase in volume over the last 24 hours. This shows the market activity around this asset is rising. With a $2.3 billion market cap, TAO is an industry leader that has risen from the bottom and made a name for itself. With only 21 million total supply and a price of $330 per token, TAO is an AI-based crypto waiting to explode.
2. Fetch.ai (FET)
Fetch.ai is an open-source platform offering tools for constructing AI-driven applications and services. FET serves as the primary token within the Fetch.ai protocol and is accessible on Binance Smart Chain (BSC), Osmosis, and Ethereum.
FET price hovered around $1.65 at press time with a $4.16 billion market cap. The set is up 201X since its all-time low price 4 years ago. Furthermore, the volume today is up 50%, signifying a recent rise in market activity.
On June 11, Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) will merge and cease to exist. In their place, a new token, Artificial Super Intelligence (ASI), will begin trading. The estimated market cap when it goes live is $7.5 billion.
3. Render (RNDR)
The Render Network positions itself as the leading provider of decentralized GPU-based rendering solutions. Its technology enables node operators to engage with artists, offering their GPU computing power to the cloud for hire.
Since Apple briefly referenced Octane, a 3D design software on the Render Network, the token has not stopped rallying. RENDER price is trading at $8.34 at press time, a 226X increase since its all-time low price 4 years ago. Daily trading volume surged 137%, implying a rise in investor interest. With a $3.3 billion market cap, RNDR is among the top AI-based cryptos set to explode in 2024.
4. Near Protocol (NEAR)
Near is a proof-of-stake blockchain that provides a platform for developing decentralized applications (dApps). This Layer 1 blockchain also boasts overcoming the blockchain trilemma through its sharding technique, called Nightshade.
NEAR price hovered around $6.23 at press time, with a $6.7 billion market cap. Near-daily trading volume also exploded by 32%, signaling an uptick in investor interest. Early investors are up 10X since NEAR’s all-time low 3 years ago.
Near is solidifying its position as a leader in the AI and scalable blockchain sectors, catching the attention of Grayscale. Just a fortnight ago, the massive financial institution launched the Grayscale Near Trust, dedicated solely to investing in NEAR. By approaching the market on several fronts and narratives, Near places itself as one of the safest AI-based cryptos to explode in the next bull run.
5. Graph Protocol (GRT)
The Graph is an indexing protocol and also a global API designed to organize data in the blockchain. Using GraphQL, a specially designed computer programming language, users can develop tools for this organized blockchain data. In short, The Graph is the Google of blockchains.
As a pioneer in this blockchain sector, The Graph’s valuation has swelled to over $2.3 billion. Sitting at $0.25 at press time, GRT price is up 3.8X since its all-time low price a year ago. Additionally, daily trading volume is up 12%, showing some investor interest in this AI-based crypto asset. The Graph also approaches the market from multiple narratives, including AI and DePIN, and is bound to explode as Nvidia keeps growing.
Conclusion
Nvidia’s success is an indicator of increasing demand for computer chips. It is also an indirect indicator that AI development will only ramp up. As the demand for NVDA stock soars, so will the demand for AI-based cryptos. These are only a select few but there are many more out there to choose from before the bull market fully kicks in.
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