In analyzing the current landscape of artificial intelligence and altcoin relationships, cryptocurrency analyst Prithvir (@Prithvir12) recently shared X’s insights highlight opportunities and pitfalls in the AI coin market this month. His analysis covers upcoming AI catalysts, their impact on specific coins, and personal investment advice, revealing the nuanced strategies required in this volatile space.
A Deep Dive into the Artificial Intelligence Cryptocurrency Market
Prithvir highlighted a series of major events in the field of artificial intelligence that are expected to directly impact the cryptocurrency market. He first mentioned NVIDIA’s financial report scheduled to be released on May 22, emphasizing NVIDIA’s key role in AI technology, which may have a ripple effect on AI-centric cryptocurrencies.
Discussions surrounding OpenAI’s GPT-4oT further stimulated the market. Additionally, Prithvir discussed the impact of major technology conferences focused on advancements in AI, specifically Google’s I/O conference and Apple’s emphasis on AI at the upcoming Worldwide Developers Conference (WWDC). He predicts that these events will introduce new artificial intelligence initiatives that may impact the cryptocurrency market.
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In his article, Prithvir also analyzed several coins that react differently to these AI catalysts. He described the price of WLD, which is linked to OpenAI through Sam Altman, falling by 20% last week, as a typical “sales press” reaction after the GPT-4o announcement. He expressed concern about WLD’s “ridiculous token economics” and the risks posed by a potential coordinated short squeeze, advising traders to proceed with caution.
Prithvir also talked about OLAS, which analysts said that although OLAS has lost some popularity since its peak in 2023, it is still active on the Gnosis chain and may make a comeback depending on market conditions and developments within its platform.
However, the token SPEC showed huge volatility, surging from $5 to $15 before falling back to $8 within two weeks. Prithvir criticized its high fully diluted valuation (FDV) of nearly $1 billion, warning of the speculative nature and inherent risks of investing in such a volatile asset.
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Finally, he addressed ASI tokens FET, AGIX, and OCEAN, which represent the Alliance of Superintelligence, noting that their once-leading positions in the AI-driven market rally have diminished. Prithvir said that these tokens are currently overvalued and have limited upside potential, indicating that the market status of these assets is saturated.
Prithvir’s Top Altcoin Picks
Prithvir explores the complexities of the AI coin market and shares his preferred investment strategies and options. He highlighted Rendering (RNDR) as a favorable choice, especially ahead of NVIDIA’s earnings and Apple’s WWDC, as it is directly tied to their technology and expected feature enhancements may increase its value.
“NVIDIA because of the GPU networking comparison, and Apple because of the rendering software they develop, which Apple always shows off in different keynotes. So I think this might be before the WWDC time period (3 weeks) A good swing trade.
AR is the “largest artificial intelligence coin currently held by Prithvir.” He praised the project’s move to artificial intelligence capabilities with AO Computer and its strong team. AR’s presence on primary exchanges and its strong support make it a “natural” choice for medium-term holding.
He also mentioned NEAR, albeit on a smaller scale due to its limited upside. “Because the upside is more limited, the position is smaller than AR. But due to its brand value, good liquidity, and innovations in other fields such as Chain Abstraction, it may become one of the consensus artificial intelligence transactions in this cycle.
At press time, RNDR was trading at $10.1089.
Featured image from Shutterstock, chart from TradingView.com
