Nvidia, a prominent player in Artificial Intelligence Computing, has seen a significant drop in its stock prices lately, resulting in a loss of over $430 billion in market capitalization and a 13% decrease from its peak. Despite this downturn, popular AI crypto tokens have shown remarkable surges within the last 24 hours. NVDA’s decline has not affected the cryptocurrency market as AI Tokens continue to rally.
Crypto traders closely monitor Nvidia as a key indicator for the AI cryptocurrency market. However, the recent correlation between Nvidia’s stock price and AI tokens did not materialize. Despite the stock price decline of 11.16% over the past five trading days, Nvidia’s value has almost tripled over the past year. Its market cap has decreased by $430 billion, falling from $3.3 trillion to $2.9 trillion, relinquishing its top position as the most valuable U.S. company.
While Nvidia’s stock continues to decline, AI crypto tokens have shown steady increases in the past 24 hours. The overall AI market cap stands at slightly over $29 billion, reflecting an 8.7% change in the last day. Top AI tokens such as Near Protocol, Fetch.ai, Internet Computer, Render, and The Graph have recorded significant gains ranging from 3% to 25%. The largest gainers include Nosana and Commune AI, with increases of 37% and 35%.
Despite Nvidia’s stock decline, there has not been any significant negative news or catalysts causing the drop. Concerns arose over President Jensen Huang and other executives selling a substantial amount of shares recently. Since June 13, Huang has liquidated $79.38 million worth of Nvidia stock, drawing significant attention. Global Market Insider highlighted that Nvidia executives are selling shares at their fastest pace ever. Barchart reported that Nvidia executives have collectively sold shares totaling $796 million throughout the year.
Analysts like Oguz O have countered the concerns regarding Nvidia executive share sales, stating that most of them are pre-planned and not alarming. The market sentiment remains positive for AI crypto tokens, despite Nvidia’s recent stock decline. As the AI market continues to grow, investors are closely watching the trends in AI tokens and Nvidia’s stock movement to make informed decisions. The future of the AI cryptocurrency market remains promising as these tokens continue to rally amidst market fluctuations.
