AI tokens report gains, flipping heavy declines last week
|- Several AI tokens, including NEAR, ASI, and RENDER, surged on Monday as the AI crypto category recovered.
- NEAR Protocol rallied following announcements of a partnership with the tokenization platform Libre.
- ASI also rose due to a new partnership with GameSwift AI to help foster accelerated gaming integration.
The Artificial Intelligence (AI) crypto category showed gains on Tuesday, as most of the sector's tokens, including NEAR, ASI, ICP, RENDER and TAO, rallied.
NEAR, ASI, ICP rally alongside other AI tokens
AI tokens led the crypto market recovery on Tuesday as cryptocurrencies within the sector staged a rally in the Asian session.
NEAR Protocol is up 3.9% after Libre, a startup focused on tokenization, announced it had partnered with companies like Hamilton Lane to launch several digital funds on the NEAR blockchain.
The company said on Monday that the partnership will allow users of the NEAR protocol to access a Hamilton Lane credit fund, the Brevan Howard Master Fund and the Blackrock ICS Money Market Fund.
Furthermore, ASI jumped over 6% after announcing a new partnership with GameSwift AI, a Layer-2 blockchain designed for gaming. However, some crypto community members suggest that the asset may see a price correction.
Meanwhile, TAO, RENDER, and ICP have rallied 4.9%, 4.7% and 4.7%, respectively. However, TAO is down on the weekly chart with losses of over 16% following a 46% decline in its trading volume.
RENDER and ICP have also been down 18% and 7% on the weekly chart but could experience positive investor sentiment as the new month commences.
Meanwhile, Phoenix, a crypto analytics platform, revealed the top AI projects by social activity on Monday.
TOP #AI PROJECTS BY SOCIAL ACTIVITY$FET $INJ $TAO $RENDER $ROSE $VRA $PAAL $ZIG $TOKEN $AKT pic.twitter.com/wkRxCu9nbB
— PHOENIX - Crypto News & Analytics (@pnxgrp) September 2, 2024
TOP #AI PROJECTS BY SOCIAL ACTIVITY$FET $INJ $TAO $RENDER $ROSE $VRA $PAAL $ZIG $TOKEN $AKT pic.twitter.com/wkRxCu9nbB
— PHOENIX - Crypto News & Analytics (@pnxgrp) September 2, 2024
The AI crypto category was down over the weekend, fueled by massive selling pressure after the release of Nvidia's earnings report. However, these tokens could begin to recover as Nvidia's higher-than-expected earnings made several Wall Street banks raise their price target for the NVDA stock.
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