The Surge in Cryptocurrency Values Tied to AI

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team
Published on March 18, 2024

The realm of AI-related cryptocurrencies has once again experienced a notable surge, propelled by speculative buying ahead of the grand conference hosted by Nvidia, the leading giant in the semiconductor sector. Cryptocurrencies rooted in AI, boasting decentralized models and user incentives as their unique selling points, tend to attract more investment compared to unlisted AI firms, with significant increases observed in RNDR, AGIX, and OGT.

This uptrend seems fueled by the high expectations for the “NVIDIA GTC AI 2024” conference, scheduled to take place in San Jose, California, from March 18th to 21st. Speculation abounds that AI-related cryptocurrency projects may announce something significant during this event.

Nvidia’s stock has soared by 92.39% since the start of the year, breaking past $900 with today’s 4.47% climb. As a leader in the AI and semiconductor sectors, Nvidia has been pivotal in driving not only AI-related stocks like AMD but also the AI token market since last year.

This year’s conference will feature sessions on themes such as AR/VR, high-speed computing tools, AI models and their deployment, and data centers/clouds. There’s keen interest in how these discussions will intersect with the blockchain sector, highlighting the potential in the cryptocurrency space for decentralized GPU rendering and cloud computing networks like Render and Akash based on SOL, as well as decentralized storage solutions like Arweave and Filecoin based on ETH, and platforms for decentralized large language models (LLMs) like OpenGPT and decentralized ID projects like Worldcoin, underscoring the appeal of AI-related cryptocurrencies for their decentralized models and user incentives.

Among these, OpenGPT ($OGT) stood out with a remarkable 200% increase over the previous day on the IDCM Quesera exchange. The market reacted positively to the proposal submitted recently, suggesting the distribution of OpenGPT fees to OGT token holders, which has passed the DAO voting phase by initial investors, VCs, and institutional investors, moving to the next stage.

This proposal, put forth by the OGT Foundation managing OpenGPT’s finances, aims to introduce a fee mechanism to incentivize users staking OGT tokens on the platform. Previously, OGT token holders did not receive a share of OpenGPT fees, but this change opens the possibility for fee distribution. The OpenGPT LaunchPad Option1, aiming for fundraising, has successfully raised a total of $4,500,000, marking significant progress in development.

The outcomes of the NVIDIA GTC AI 2024 conference could potentially lead to further increases in the value of these AI-related stocks.

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team

Spencer Hulse is the Editorial Director at Grit Daily. He is responsible for overseeing other editors and writers, day-to-day operations, and covering breaking news.

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