Crypto:
30336
Bitcoin:
$64.991
% 0.11
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 64.991
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

AI Crypto Tokens Drop After Nvidia’s Q1 Earnings

Nvidia Stock

Despite Nvidia’s stellar Q1 earnings announcement, the price of cryptocurrency tokens associated with artificial intelligence (AI) momentarily fell, against the expectations of cryptocurrency speculators.

With Q1 revenue up 18% from the fourth quarter of last year and 262% from a year ago, Nvidia—known for its potent chipsets that have shifted toward AI processing—bested analyst projections of $24.6 billion.

The earnings report was made available following the May 22 closing of the New York Stock Exchange (NYSE). Yahoo Finance data shows that NVDA increased 6.06% in after-hours trading to $1,007 at the time of writing.

Some traders of AI tokens seemed dissatisfied that the encouraging outcomes did not translate into a comparable increase in the value of AI tokens.

Related: Vitalik Buterin: GPT-4 Passes Turing Test Milestone

A mere five hours after the earnings report was published, Render (RNDR), an Ethereum-based platform that allows decentralized graphics processing unit rendering, had a 12% drop in value, falling to $10.38, according to CoinMarketCap statistics.

But according to information from cryptocurrency research company Santiment, a known “whale” wallet transferred over $52.1 million to an unidentified wallet today, which could indicate big holders were anticipating a “sell the news” occurrence.

Crypto trader D0C Crypto, meanwhile, noted that the price of RNDR didn’t rise until two days following Nvidia’s most recent results announcement.

RNDR increased 38% in 48 hours during the Nvidia Q4 earnings event in February. In a May 22 X posting, they said, “If history repeats itself, it could mean that RNDR pumps above $15 from the current price within 48 hours!”

There is no investment advice or recommendation in this article. Every trading and investment decision carries some risk; hence, readers should do their own investigation before deciding.

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