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Combined Market Cap of the Ten Largest AI Tokens Slumps by $8 Billion in a Month
August 2024 by AltIndex.com
AI-based tokens are experiencing a downtrend caused by Nvidia’s recent stock value drop, which raised concerns in the crypto community. According to data presented by AltIndex.com, the combined market cap of the ten largest AI tokens has plunged by almost $8 billion month-over-month following Nvidia’s stock value drop.
Artificial Superintelligence Alliance is the Biggest Loser Among the Top 10 Tokens, with a 40% Drop in a Month
Nvidia’s recent stock value drop came after the US government’s expanded export restrictions on AI chips to China, which raised concerns about the company’s future revenue and growth potential. The restriction, combined with broader geopolitical tensions, Nvidia’s valuation concerns, and profit-taking, led to a massive $660 billion decline in the AI giant’s stock value.
However, with a key player in the AI space losing hundreds of billions of dollars in value, the prices of the ten largest AI tokens also plunged, falling by an average of 30% in the past month and wiping off more than $8 billion from their market caps.
According to CoinMarketCap data, the combined market cap of the top 10 AI tokens stood at $16.5 billion last week, down from $24.1 billion in July. Although all major AI tokens have seen a considerable price correction, the Artificial Superintelligence Alliance (FET) took the worst hit. Statistics show the market cap of the second largest AI token behind NEAR Protocol plunged by 40% month-over-month, erasing close to $2.7 billion of its valuation.
NEAR Protocol followed closely with a 37% drop month-over-month, and $1.5 billion wiped off its market cap. Render’s market cap plunged by 33%, representing the third-largest drop in the top ten group. DeXe and Akash Network followed with 29% and 27% declines, respectively.
The Combined Market Cap of Top 10 AI Tokens is Still 182% Higher than a Year Ago
Although an $8 billion drop in a single month is massive, the valuations of AI tokens are still far from where they were last year. According to CoinMarketCap data, the combined market cap of Near Protocol, Artificial Intelligence Alliance, Bittensor, Injective, The Graph, and the next five AI tokens by market cap amounted to $5.86 billion in August 2023, or 182% less than their combined value last week.
Although all ten tokens saw massive triple-digit gains, Artificial Superintelligence Alliance and AIOZ Network stand out. Statistics show the market cap of AIOZ Network soared by a whopping 4,108% since last August, despite the massive drop seen in July. Artificial Superintelligence Alliance follows with a 1,235% market cap increase in this period.
