Artificial intelligence-based cryptocurrencies slumped after AI powerhouse Nvidia Corp. NVDA reported its second-quarter earnings Wednesday.
What happened: The AI-based collaborative token, FET, and TAO, the native token of the decentralized AI platform, Bittensor, shed 7% in the last 24 hours.
Similarly, RENDER, underpinning the Render Network, tumbled 4%. The total market cap of AI cryptocurrency tokens contracted by 3% to $23.29 billion over the past 24 hours, according to CoinGecko.
| Cryptocurrency | 24-Hour Losses | Price (Recorded at 1:01 a.m. EDT) |
| Bittensor TAO/USD | 7.4% | $294.45 |
| Artificial Superintelligence Alliance FET/USD | 7.2% | $1.17 |
| Render RENDER/USD | 4.0% | $5.60 |
The chip-making giant’s second-quarter earnings and revenue beat Wall Street estimates. But despite the better-than-expected performance, shares of the chip-making giant were down nearly 7% in after-hours trading, suggesting that investors’ lofty expectations were not…
