The AI sector is experiencing a remarkable rally, with (link unavailable) ($FET) taking the lead with a massive 70% price surge over the past week.
𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸 𝗪𝗶𝗹𝗹 𝗕𝗲 𝗛𝘂𝗴𝗲 𝗙𝗼𝗿 𝗔𝗜 𝗖𝗼𝗶𝗻𝘀 🤩
Since August bottom, AI coins like $FET, $TAO, and $RENDER are up 𝟖𝟎%–𝟏𝟐𝟎% 🚀
Meanwhile, many other L1s are up just 20%-30%.
One of the reasons behind AI outperformance is that #NVIDIA quarterly… pic.twitter.com/BqaReu5fiX— Wise Advice (@wiseadvicesumit) August 26, 2024
Other AI coins, such as TAO ($TAO) and Render ($RENDER), have also demonstrated impressive growth, with gains ranging from 80% to 120% since the August bottom. In contrast, many other Layer 1 (L1) cryptocurrencies have only seen modest increases of 20%-30%.
Which AI token is making the biggest gains today? $FET leads with a massive surge, while others show impressive growth!
Learn more: https://t.co/ZdtrgugHrO pic.twitter.com/QMS0NDT0N6
— CoinMarketCap (@CoinMarketCap) August 26, 2024
Upcoming NVIDIA Earning Reports Drives AI Performance
One key factor driving the AI sector’s outperformance is the upcoming NVIDIA quarterly earnings report, expected this week. A better-than-expected outcome could further fuel the growth of AI coins.
Notably, a whale investor recently made a significant move, purchasing 1.79M $FET tokens for 2.385M $USDT ($1.33 per token) on Binance, just six hours ago. Interestingly, this same whale had sold 2.33M $FET tokens for 2.385M $USDT ($1.02 per token) between August 11th and 23rd, seemingly regretting their earlier decision and buying back in at a higher price. This significant transaction highlights the growing interest and confidence in the AI sector.
The price of $FET has surged 70% in the past 7 days!
A whale seemed to regret selling before and spent 2.385M $USDT to buy 1.79M $FET back from #Binance at a higher price of $1.33 6 hours ago
This whale sold 2.33M $FET for 2.385M $USDT at $1.02 from Aug 11 to Aug 23.… pic.twitter.com/SNIbPrNp0z
— Lookonchain (@lookonchain) August 26, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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