Regulatory Uncertainty Triggers Over 15% Decline in Top AI Tokens as Crypto Market Struggles
Amidst the ongoing regulatory turmoil, the top Artificial Intelligence-based Coins are experiencing a decline in value, reflecting the broader slump in the crypto market. These AI crypto tokens, which have gained significant popularity in recent times, serve as digital assets that grant users access to AI technology. Investors and enthusiasts in the crypto space are closely monitoring the impact of regulatory uncertainties on these AI tokens and the overall market performance.
The AI-related cryptocurrencies experienced a significant surge in value following NVIDIA‘s impressive rally, which propelled the AI chip maker to become a trillion-dollar company. However, this enthusiasm has waned in the face of recent regulatory actions taken by the SEC against the industry.
The leading AI token, The Graph (GRT), with a market capitalization of over $834 million, has witnessed a considerable decline of 17% in the past 24 hours and nearly 29% over the last seven days.
Similarly, the renowned Render Token currently trades just above $2, reflecting a decrease of 7% in the past 24 hours and almost 22% over the previous seven days. Investors are closely monitoring the impact of regulatory measures on these AI tokens, as the market sentiment remains uncertain.
Also Read: NVIDIA Surpasses $1 Trillion Market Cap Driven by AI Boom
As previously reported, during this week’s highly anticipated Apple event, a product associated with the Render network (RNDR) was prominently mentioned. The Render network offers distributed GPU rendering on the blockchain, and its technology was featured in the event, generating significant excitement. This acknowledgment from Apple further highlights the growing recognition and adoption of blockchain-based solutions, such as distributed rendering, within the tech industry.
US SEC Cracks Down on Cryptocurrency
The US Securities and Exchange Commission (SEC) has launched a forceful attack on the cryptocurrency industry, filing lawsuits against major exchanges Binance and Coinbase. While Bitcoin managed to withstand the impact with minimal losses, altcoins experienced significant declines. Prominent altcoins like Filecoin, Polygon, Cardano, Solana, Chiliz, Sandbox, Decentraland, Axie Infinity, and others dropped by over 20% in the past 24 hours. Notably, meme coin Shiba Inu (SHIB) led the market downturn, plummeting by 30% within the same timeframe.
Also Read: US DOJ to Crack Down on Crypto Exchanges, DeFi, Mixers
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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