The Nvidia (NVDA) conference failed to reverse the downward trend of the Crypto AI Token

Artificial Intelligence (AI) tokens fail to meet their lofty 2024 goals despite Nvidia (NVDA) The last conference This sparked bullish sentiment among AI stocks in traditional markets.

Last March, close The token has more than doubled in the run-up to Nividia’s annual conference, gains that have been reflected in the broader cryptocurrency AI market. fetch.ai(foot), histogram (Total gross revenue) and uniquenessNET (AGIX) All of them recorded significant increases to the upside coinciding with the conference.

However, this year AI codes have shown their fragility. NEAR is down over 8% in the past 24 hours while FET is down nearly 9%. In contrast, NVDA started the year trading at $133 and was up 15% to $153 on Monday as the conference got underway.

There are several reasons why AI tokens are not getting the attention they once received. One of these is the rise of AI agent tokens, which share similarities with meme currencies due to their volatile nature and cult-like following. Investors are more inclined to trade these tokens since they have the potential to generate three times or even four-digit gains compared to regular AI tokens, which are more difficult to transfer due to their larger market cap. And just like meme coins, AI agent tokens have a higher potential for deeper losses as well.

Another reason is simply lack of interest. Google search trend shows that searches for “NEAR token” and “Fetch.ai” are down 47% and 84% respectively since March.

The fall from grace is not surprising, as the cryptocurrency market is extremely volatile and has a habit of penalizing sectors that rise quickly in a speculative nature. Last year’s rally was exactly this: People invested in AI tokens because they thought they would be the underlying narrative for a bullish cryptocurrency market, but instead, it was Bitcoin that stole the show with tens of billions of dollars in ETF inflows and bullish sentiment around Donald Trump. Trump’s presidential victory.

However, AI codes are still in their infancy. Few crypto AI projects were used in the mainstream, as many products were still under construction. Meanwhile, Nvidia announced a $3,000 mini-supercomputer called numbersWhich will be available for purchase in May.