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AI altcoins, the crypto projects that provide users access to Artificial Intelligence (AI) technology, are facing a sharp depreciation amid the ongoing regulatory upheaval.
AI Altcoins See Red
AI altcoins had seen a significant increase in value shortly after NVIDIA’s stocks massive rally last month, which turned the AI chip manufacturer into a trillion-dollar company. However, recent moves by the US Securities and Exchange Commission (SEC) have seemingly transformed this rise into a collapse.
The Graph (GRT), the largest AI altcoin with a market value exceeding $834 million, has lost approximately 17% in the last 24 hours and about 29% in the last week. The well-known AI altcoin Render Token (RNDR) is currently trading slightly above $2, with data showing a 7% loss in the last 24 hours and about a 22% loss in the last week.
The announcement of a product connected to the Render network, which provides distributed GPU processing on the Blockchain, at this year’s WWDC event organized annually by tech giant Apple, had excited project investors and a surge in investor interest was noted.
SEC Targets Cryptocurrency Market
The SEC delivered a heavy blow to the crypto sector by taking action again at the beginning of the week. The American regulator filed separate lawsuits against Binance and Coinbase, the world’s largest cryptocurrency exchanges.
Although the largest cryptocurrency Bitcoin (BTC) managed to hold strong without reacting excessively to the SEC’s move, many altcoins suffered heavy losses. Over the past 24 hours, many altcoins listed in the top 100 by market value, including Filecoin (FIL), Polygon (MATIC), Cardano (ADA), Solana (SOL), Chiliz (CHZ), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and others, have lost over 20% in value.
Surprisingly, the famous memecoin Shiba Inu (SHIB) led the crypto market collapse with a value loss exceeding 30% in the last 24 hours.
