The recent NVIDIA GTC 2024 event appears to have had a ripple effect across the AI token market, resulting in significant gains for several cryptocurrencies. Among these, per market intelligence platform, Lookonchain, NEAR Protocol, Render, Fetch.ai, and NetMind Token have shown remarkable price increases, catching the attention of investors and market analysts alike.
In the wake of NVIDIA’s conference, dedicated to GPU technologies and AI developments, certain AI-focused tokens have surged. NEAR Protocol (NEAR) saw an increase of 28.63%, while Render (RNDR) rose by 31.22%. Fetch.ai (FET) experienced a significant leap of 36.12%, and NetMind Token (NMT) climbed by 25.4%. These upticks are part of a broader trend that indicates growing investor interest in AI as an industry.
Some investors, colloquially known as “Smart Money” due to their strategic investments, have made substantial profits from these increases. For instance, an investor identified by the wallet address “0xb8BA” deposited 1 million FET tokens to the KuCoin exchange for profit-taking. This wallet previously withdrew 1.38 million FET from Binance when the price was at $0.42, suggesting a profit of $2.27 million, which is an impressive 393% gain.
Another investor, “0xA7bc,” is reported to have withdrawn 13.4 million FET from exchanges like Binance, Gate.io, and KuCoin over the past five days, with an unrealized profit exceeding $12 million in less than a week. Similarly, “0xeF76” bought 253,595 NMT for $19K, which is now worth a staggering $3.03 million—a gain of 157 times the initial investment.
In a similar vein, “0xEE68” converted an $11K investment into $3.12 million with NMT, marking a 280-fold increase. Moreover, “0x4CA5” made strategic investments in NMT across February and March, leading to substantial profits in the millions.
These financial movements underscore the volatility and potential of the cryptocurrency market, particularly within AI-focused tokens. While these tokens are susceptible to market dynamics and industry news, such as announcements at significant tech conferences, they also offer substantial opportunities for profit to those who invest wisely.
These events may encourage broader market participation and could signal a burgeoning relationship between technological developments and cryptocurrency valuations. However, the market’s inherent unpredictability means that while some investors reap significant rewards, others must navigate the risks accordingly.
