With Nvidia's earnings announcement around the corner, the crypto world buzzes with anticipation, particularly around AI and DePIN (Decentralized Physical Infrastructure Networks) projects.
What Happened: Machine Alpha, a notable crypto trader, focused on Render (CRYPTO: RNDR) in his latest tweet, highlighting a video of the Coreweave CEO stating that "The world is dependent on Nvidia."
The trader adds that if you are "bullish on artificial intelligence and crypto," Render is a "your number one" and "The only crypto with significant ties to NVDA for the last 15+ years."
Another trader tweeted that if history repeats itself, Render could pump to $12.80 from the current price within 3 hours of his writing the tweet.
Veteran crypto trader Sensei estimates $3 as the price target for Fetch.ai. Another crypto trader highlighted Bittensor (CRYPTO: TAO) in his latest tweet stating it is all set for a bull run.
As most of CT ignores the upcoming AI szn, I really think there is some alpha watching when $TAO takes these 4H 200s.
— Dyslexic Ventures (@DyslexicVenture) May 22, 2024
It puts in some aggressive moves when it takes this trend and AI coins of all walks of life turbo run too. pic.twitter.com/vJohnLqVnC
Also Read: Nvidia CEO Jensen Huang Sees Dell Partnership As Key To Wider AI Adoption: 'It's Not About Just Delivering A Box...'
Why It Matters: Coingecko data reported a 2.8% surge in the Artificial Intelligence coins sector with Render, Fetch.ai (CRYPTO: FET) leading the pack based on past 24-hour trading volume.
Nvidia earnings are expected to significantly impact AI-related stocks, as its quarterly revenue is projected to triple to $24.6 billion. Nvidia now holds a significant weighting in major indexes and ETFs, with over 5% in the S&P 500 and 6.5% in the Nasdaq 100.
Since May 6, 2024 when Benzinga noted the heated AI Crypto coins sector in light of the soon-approaching Nvidia earnings, the crypto coins Render and Fetch.ai have surged 17% and 13% respectively.
Daan Crypto Trades noted in his latest tweet that the strongest crypto sector today is AI followed by Bitcoin (CRYPTO: BTC).
Strongest crypto sector today is AI.
— Daan Crypto Trades (@DaanCrypto) May 22, 2024
Followed up by #Bitcoin.
Everything else following while the L2/DEX/DeFi coins are doing worst after seeing some big candles since the ETH "news". pic.twitter.com/0eYq4wNvC1
What's Next: The influence of AI and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
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