In an analysis of the current landscape at the nexus of artificial intelligence and altcoins, crypto analyst Prithvir (@Prithvir12) recently shared 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 light on the nuanced strategies required in this volatile segment.
In-Depth Look At The AI Crypto Market
Prithvir underlines a series of significant events in the AI space that are anticipated to directly impact the crypto markets. He first points to NVIDIA’s earnings announcement scheduled for May 22nd, emphasizing NVIDIA’s pivotal role in AI technology, which could have cascading effects on AI-centric cryptocurrencies.
Further stirring the market is the buzz around OpenAI’s GPT-4oT. Moreover, Prithvir discusses the influence of major tech conferences focused on AI advancements, notably Google’s I/O conference and Apple’s emphasis on AI at its upcoming Worldwide Developers Conference (WWDC). He predicts these events are poised to introduce new AI initiatives that could impact crypto markets.
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In his post, Prithvir also analyzes several tokens that have responded differently to these AI catalysts. He describes WLD, associated with OpenAI through Sam Altman, which experienced a 20% drop in price last week, a typical “sell the news” reaction post the GPT-4o announcement. He expresses concerns about WLD’s “ridiculous tokenomics” and the risks posed by potential coordinated short squeezes, advising traders to approach with caution.
Prithvir also touches upon OLAS, which, despite losing some visibility since its peak in 2023, remains active on the Gnosis chain and could be poised for a comeback depending on market conditions and developments within its platform, according to the analyst.
The token SPEC, however, has shown significant volatility, skyrocketing from $5 to $15 and then retracting to $8 within two weeks. Prithvir critiques its high fully diluted valuation (FDV) close to $1 billion, warning of the speculative nature and the inherent risks of engaging with such a volatile asset.
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Lastly, he addresses the group of ASI tokens FET, AGIX and OCEAN, representing the Super Intelligence Alliance, noting that their once-leading positions in AI-driven market rallies have dwindled. According to Prithvir, these…
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