The AI Sector Might Soon Gain Traction as Whale Activity Surges! Will AI-Craze be Re-established?
The post The AI Sector Might Soon Gain Traction as Whale Activity Surges! Will AI-Craze be Re-established? appeared first on Coinpedia Fintech News
Different sectors of the cryptocurrency market have demonstrated strength at various points in time. Beginning with the AI boom in Q4 2023, which propelled the entire crypto market beyond the prolonged consolidation phase. The rally that began then has remained under the bullish influence, with memecoins following suit alongside Bitcoin and Ethereum.
Although AI-based tokens maintained a significant upswing, the craze that was seen then was missing. However, when the whales’s interest soars on any token, then the other market participants tend to follow and a similar action is expected to occur soon.
Whale accumulation and transfers have had a major impact on the entire market, as market participants have become either optimistic or pessimistic. While the BTC & ETH price surges have taken centre stage, the whales are slowly increasing their activity in the AI sector. The data from santiment indicates that they are more interested in Render at the moment.
The above chart shows a significant growth in the transaction volume of Render in the past few days. This has also impacted the RNDR price positively, which soared from levels below $4 to as high as $13.8. After reaching the highs, the transaction volume doubled, suggesting acute activity by bulls and bears, which has kept the price more or less at equilibrium. A whale sent 4.89 million worth of over $52 million as soon as the price corrected, suggesting they appear to be bullish on the upcoming rally.
One of the major reasons behind the rise of the AI sector is said to be Nvidia’s earnings, whose reported revenue of $26 billion soared by over 5.3%, which is above expectations. This indicates the growing interest in the AI sector, which may further kick-start a fresh upswing soon. Therefore, along with the Render (RNDR) price, other tokens may also gain huge momentum and initiate a fresh upswing soon.