Following the release of a crucial CPI report this week, the crypto market experienced a recovery. However, it was the AI cryptocurrencies that stole the spotlight, producing the most gains. Despite a recent market cooldown over the past couple of days, investors are now actively seeking out the top artificial intelligence (AI) cryptos to buy.
Prithvir, an analyst with a following of approximately 5,000 on X (formerly Twitter), has shared insightful analysis related to AI cryptocurrencies. Let’s delve into his insights.
Render (RNDR), Near Protocol (NEAR), and Other Top AI Cryptocurrencies to Buy Now in 2024: Expert Analysis
Prithvir highlighted several catalysts driving the AI crypto market. These catalysts could set the stage for an upswing in AI-related cryptocurrencies.
First off, all eyes will be on NVIDIA’s earnings report on May 22nd, as the company’s performance is closely tied to the growth and adoption of AI technologies. Additionally, the much-anticipated GPT-4o announcement from ChatGPT on May 13th has already generated considerable buzz, with investors closely monitoring the impact on AI-focused projects.
Tech giants are also poised to make their mark in the AI arena. Google’s I/O conference on May 14th is expected to unveil new AI initiatives, while Apple’s Worldwide Developers Conference (WWDC) will likely shed light on the company’s AI focus.
Moreover, the potential launch of GPT-4 by OpenAI at the end of June could be a pivotal moment, further fueling interest and investment in AI-driven cryptocurrencies. These back-to-back catalysts have the potential to create a perfect storm for AI-related tokens, setting the stage for price movements
How to Profit from AI Coins this Month 👀
I'll cover:
– AI catalysts
– Tokens affected by these catalysts
– My personal picksDive in for some real alfa
1) AI Catalysts:
a) $NVIDIA earnings on May 22nd
b) GPT-4o announcement on May 13th @ChatGPTapp
c) @Google IO conference on… pic.twitter.com/mUXzJTE1YR— Prithvir (@Prithvir12) May 15, 2024
Then, Prithvir provided insights into various AI-related tokens that might be affected with these catalysts.
WLD: The main proxy for OpenAI due to its association with Sam Altman. The GPT-4o announcement was a “sell the news” event, with the price down 20% over the past week. He advised against trading this token due to its high fully diluted valuation (FDV) and the risks associated with longing and shorting.
OLAS: A 2023 favorite AI agent coin that has since lost some momentum, although it remains active on the Gnosis chain. Prithvir questions whether it can make a comeback.
SPEC: A trader favorite AI agent coin over the past month, which pumped from $5 to $15 in two weeks but has since returned to $8. He cautioned against trading this token due to its absurdly high FDV close to $1 billion.
FET, AGIX, OCEAN, and ASI: These coins seem richly valued now and are no longer leading AI runs, suggesting limited upside potential for the time being.
Prithvir’s personal picks: a) RNDR (Render): Prithvir considers Render one of the easiest longs heading into NVIDIA-related news and Apple news due to comparisons of GPU networks and the rendering software Render has built, which Apple often features at different keynotes. He sees this as a good swing trade leading up to WWDC, with a time period of three weeks.
b) AR: A fully diluted coin with a strong team pivoting to AI with the launch of AO Computer. Prithvir considers it a “chad team” with Tier-1 exchange listings, making it a “no-brainer medium-term hold” and his biggest AI coin holding currently.
c) NEAR: A smaller position than AR due to more limited upside, but Prithvir believes it could become one of the consensus AI trades of this cycle due to its brand value, good liquidity, and innovations in other sectors such as Chain Abstraction.
All in all, Prithvir advises focusing on AI coins during periods of catalysts, avoiding coins with predatory tokenomics and inflated FDVs, and prioritizing quality projects with strong teams, sustainable tokenomics, and working products.
Best Low-Cap AI Cryptocurrencies With Potential
Crypto Boy, an analyst with 40,000 subscribers on YouTube, posted a video highlighting WienerAI (WAI) as the best low-cap AI crypto to invest in now with 100x potential. WienerAI is an AI-powered trading bot and meme coin designed with crypto trading efficiency.
The technology integrates AI to enable lightning-fast transactions and predictive trading features, catering to both experienced traders and newcomers. The AI interface also allows users to ask questions related to crypto investing, providing predictive analytics to find the best match across crypto markets. WienerAI’s presale has already raised $2 million.
Another AI crypto worth considering is 5SCAPE. This is an ERC-20 utility token that serves as the backbone of the 5th Scape ecosystem.
Holding 5SCAPE tokens grants users exclusive access to premium VR games, movies, educational content, and other immersive experiences within the 5th Scape platform. Users can also utilize 5SCAPE tokens to purchase in-game items, power-ups, and other virtual goods within the various VR games and applications offered by 5th Scape. This project is also in presale, raised slightly below $6 million so far.
Conclusion
The AI cryptocurrency market presents exciting opportunities for investors seeking innovative projects and potential for growth. Render (RNDR), Near Protocol (NEAR), and other established AI cryptos like AR and WienerAI have garnered some attention from experts like Prithvir and Crypto Boy for their strong teams, sustainable tokenomics, and working products.
Stay informed, diversify your portfolio, and consider investing in the best AI cryptocurrencies that align with your investment goals and risk tolerance.
