The world of artificial intelligence (AI) based coins is currently facing a downturn, with top tokens trading in the red amid the ongoing regulatory turmoil engulfing the crypto market. These digital assets, which have gained popularity recently as a means to access AI technology, had enjoyed a massive surge thanks to NVIDIA’s impressive rally last month, pushing the AI chip maker into the trillion-dollar club. Unfortunately, the recent crackdown on the industry by the SEC seems to have dampened the enthusiasm.
Top AI token, The Graph (GRT) with a market cap of over $834 million, has experienced a 17% drop in the past 24 hours, and a staggering 29% dip over the last seven days. In a similar vein, the renowned Render Token is now trading just above $2, down 7% in the past 24 hours and nearly 22% in the last week. The Render network (RNDR), which provides distributed GPU rendering on the blockchain, was mentioned in the much-hyped Apple event earlier this week.
The United States Securities and Exchange Commission has taken a strict stance against the crypto industry, targeting top crypto exchanges Binance and Coinbase with back-to-back lawsuits. While Bitcoin managed to weather the blow without losing too much ground, the impact on altcoins has been far more severe. Prominent altcoins, including Filecoin, Polygon, Cardano, Solana, Chiliz, Sandbox, Decentraland, Axie Infinity, among others, have tumbled more than 20% in the past day. Leading the crypto market crash is the notorious meme coin Shiba Inu (SHIB), which has plunged 30% in the last 24 hours.
The current industry scenario highlights the need for comprehensive market research before investing in cryptocurrencies. As the regulatory pressure intensifies, investors may find the market increasingly unpredictable, with diverse opinions coloring their perspectives. As such, it is crucial to remember that the content presented may reflect the personal opinions of the author and is subject to market conditions. Therefore, personal responsibility remains an indispensable part of investors’ financial decisions in the dynamic and unpredictable world of crypto.
Source: Coingape
