In an analysis of the current landscape at the intersection of AI and altcoins, cryptocurrency analyst Prithvir (@Prithvir12) recently common insights via X that highlight both the opportunities and pitfalls in the AI coin market this month. His analysis covers upcoming AI catalysts, their impact on specific tokens, and personal investment recommendations, shedding lithe on the diverse strategies required in this volatile segment.
An in-depth look at the AI cryptocurrency market
Prithvir highlights a number of significant developments in the AI space that are expected to have a direct impact on cryptocurrency markets. First, it points to NVIDIA’s earnings announcement scheduled for May 22, highlighting NVIDIA’s key role in AI technology that could have a cascading impact on AI-focused cryptocurrencies.
Further confusion in the market comes from the hype around OpenAI’s GPT-4oT. Additionally, Prithvir discusses the impact of major technology conferences on AI advancements, specifically Google’s I/O conference and Apple’s push into AI at the upcoming Worldwide Developers Conference (WWDC). He predicts that these events could usher in modern AI initiatives that could impact cryptocurrency markets.
In his post, Prithvir also examines several tokens that have responded differently to these AI catalysts. He describes WLD, linked to OpenAI by Sam Altman, which saw a 20% price drop last week, a typical “sell the news” reaction after the GPT-4o announcement. He expresses concerns about the “ridiculous tokenomics” of WLD and the risks posed by potential coordinated low trades, advising investors to approach with caution.
Prithvir also touches on OLAS, which, despite losing some visibility since its 2023 summit, remains energetic on the Gnosis chain and, according to the analyst, may return depending on market conditions and developments on its platform.
However, the SPEC token showed significant volatility, rapidly rising from $5 to $15 and then falling to $8 within two weeks. Prithvir criticizes the high fully diluted valuation (FDV), close to $1 billion, warning against the speculative nature and inherent risks of getting involved in such a volatile asset.
Finally, he addresses the ASI FET, AGIX and OCEAN token group, representing the Super Intelligence Alliance, noting that their once leading position in AI-powered market growth has waned. According to Prithvir, these tokens are currently overvalued, with restricted upside potential, indicating a saturated market condition for these assets.
Most popular Prithvir altcoins
Navigating the intricacies of the AI coin market, Prithvir shares his preferred investment strategies and picks. He highlights that Rendering (RNDR) is a favorable choice, especially ahead of NVIDIA’s earnings and Apple’s WWDC, due to its direct ties to their technologies and expected feature improvements that could enhance its value.
“NVIDIA because of the GPU networking comparisons and Apple because of the rendering software they created, which Apple always presents in various topics. Therefore, I think it could be a good swing trade ahead of the WWDC period – 3 weeks,” the analyst said.
AR is “currently the largest AI coin vault in Prithvir.” He praises the project for its focus on AI functionalities with an AO computer and a solid team. AR’s presence on Tier-1 exchanges and its significant support make it a “no-brainer” to hold the position in the medium term.
It also mentions NEAR, albeit with a smaller investment footprint due to perceived restricted benefits. “Smaller position than AR due to more limited height. However, it may become one of the consensus AI industries in this cycle due to its brand value, good liquidity and innovations in other sectors such as blockchain abstraction,” wrote Prithvir via X.
At press time, RNDR was trading at $10.1089.
Featured image from Shutterstock, chart from TradingView.com
