The Nvidia earnings report released yesterday was highly anticipated. Following this and the ongoing process, interest in AI tokens in the cryptocurrency field saw another increase. Investors discussing what could potentially trigger a rise in AI tokens highlighted the behavior of whales as a significant reason.
Whales and Market Impact
Santiment data pointed out a noticeable increase in whale activities on the AI token side, with Render (RNDR), one of the standout cryptocurrencies of March, continuing to be a key component of this process.
On May 23, a significant move was made by a cryptocurrency whale. This whale transferred 4.89 million RNDR, valued at $52.1 million, to an unknown wallet, causing a significant stir in the market. This move by the whale occurred amidst corrections in the cryptocurrency market.
Nvidia and Its Impact on Cryptocurrencies
Investors searching for the reason behind the price increases in AI tokens, including Render (RNDR), attributed it to Nvidia’s success over the past year.
The technology giant Nvidia, known for its chip production, recently announced its earnings report for the first quarter of the year, revealing a quarterly revenue of $26 billion, exceeding market expectations by approximately 5.5%.
Price changes in AI tokens and whale moves coincided with Nvidia’s quarterly earnings report announcement. Nvidia’s success appeared to be a beacon of hope for AI tokens and their investors. Consequently, AI tokens gained significant value following Nvidia’s earnings call.
However, RNDR was not the only token to benefit from this situation. Other leading tokens in the market, such as Fetch.ai (FET) and Bittensor (TAO), also experienced notable interest increases. These cryptocurrencies saw respective increases of 20% and 5% last week.
Despite the price increases in these tokens, some ongoing issues remained. According to data provided by Santiment, there was a noticeable decline in network growth for FET and RNDR.
This indicates a decrease in the number of new addresses accessing these tokens, which could lead to a new price drop.
