AI-Based Cryptocurrencies Slump After Nvidia Reports Q2 Earnings

The AI-based collaborative token, FET, and TAO, the native token of the decentralized AI platform, Bittensor, shed 7% in the last 24 hours.

Artificial intelligence-based cryptocurrencies slumped after AI powerhouse Nvidia Corp. (NASDAQ:NVDA) reported its second-quarter earnings on Wednesday.

The AI-based collaborative token, FET, and TAO, the native token of the decentralized AI platform, Bittensor, both shed 7% in the last 24 hours.

Meanwhile, RENDER, underpinning the Render Network, slipped 4%.

The total market cap of AI cryptocurrency tokens contracted by 3% to $23.29 billion over the past 24 hours, according to CoinGecko.

The chip-making giant's second-quarter earnings and revenue beat Wall Street estimates.

However, shares of the chip-making giant were down nearly 7% in after-hours trading, indicating that investors’ lofty expectations were not met.

Despite Wednesday's pullback, AI-related tokens posted healthy gains over the week, with FET and RENDER gaining 20.8% and 16.1%, respectively.

Year-to-date, FET has soared 75%, while RENDER and TAO mopped up gains of 18% and 10%, respectively.

The surge coincided with Nvidia’s staggering 160% gains since the start of the year, positioning the tech company as the market's best performer for 2024.

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