AI-related cryptocurrency tokens FET, AGIX, and OCEAN have shown strong performance in the last 24 hours despite a 6.6% drop in Nvidia stocks, which is closely watched by the crypto community for trends in these tokens.
Fetch.ai’s native token FET has surged 22% to $1.66 in the last 24 hours, with its trading volume increasing over 170% to $311.6 million. Its market cap has also risen to $1.41 billion, making it the 60th-largest cryptocurrency.
SingularityNET’s AGIX has seen a similar increase, climbing 20.5% to $0.68 with a market cap close to $890 million and a daily trading volume of $148 million.
Ocean Protocol’s OCEAN, part of the Superintelligence Alliance (ASI) token, has also surged 21% to $0.69, with a market cap of $394 million and a trading volume of $89 million.
On the other hand, other AI tokens like Render (RNDR) and The Graph (GRT) have experienced drops ranging from 12% to 10%.
The rise in AI tokens comes as Nvidia stock recorded a 6.68% drop on Monday, closing at $118.11. The company, known as one of the “three horsemen of AI,” has also seen an 11.08% decrease in its stock price over the last five trading days.
This increase in AI tokens also coincides with a market correction following the announcement of Mt. Gox’s plan to repay its creditors $9 billion in July. Previous news about Mt. Gox has caused a market sell-off, with Bitcoin’s price falling below $59,000 following the announcement. At press time, BTC has returned to over $61,000, but it has still been down 2% in the past 24 hours and 11% over the past month.