Some assets in the cryptocurrency market have recently entered a significant upward trend due to various factors. Bitcoin reaching its historical peak of $69,000 created general optimism and activity in the cryptocurrency world. However, although there was a correction after this peak, the altcoin market moved quite dynamically during this period. In particular, some meme coins and artificial intelligence-themed altcoins are making a name for themselves with remarkable rises and attracting the attention of investors.
One of the factors affecting the rise of artificial intelligence-themed altcoins is that Nvidia, the world’s leading artificial intelligence chip manufacturer, will hold an important event. Nvidia’s conference, which will be held between March 18-21, increases interest in the artificial intelligence sector and ensures that innovations in this field are reflected in the cryptocurrency market. Nvidia’s moves in the field of artificial intelligence are making a huge impact not only in the industrial field but also in the cryptocurrency world. Investors closely follow Nvidia’s leading position and innovations in this field, and this increases the interest in artificial intelligence-themed altcoins.
Invitation of the team of important projects such as Fetch.ai to Nvidia’s conference further strengthened the upward momentum in artificial intelligence-themed altcoins. The fact that such projects demonstrate their future potential by collaborating with giant names such as Nvidia increases the confidence of investors and causes significant increases in the values of these altcoins.
FET reached a new record high of $2.85 about 2 hours ago. Render (RNDR) recorded a new ATH of $ 10.27 about 8 hours ago.
the $FET price soared 52% (24H) as impacted by #NVIDIA #GTC24!
What are the on-chain highlights?
NEWS CONTINUES BELOW1. Whale 0xa7b further withdrew 1.72M $FET ($4.15M) from CEX in the past 5hrs.
The whale withdrew 13.4M $FET from CEX at ~$1.86 ($24.9M) in the past 5 days, now making $12M (+49%).… pic.twitter.com/Xbfpl0ZABK
— Spot On Chain (@spotonchain) March 7, 2024
The effects of these important developments are discussed in the on-chain analysis presented by Spot On Chain. with data together can be seen more clearly. In particular, the events of March 7 had a significant impact on the value of FET. On this date, one whale on the market purchased approximately 1.72 million FETs worth $4.1 million. The whale in question has accumulated 13.4 million FETs at a cost of $1.86 in the last 5 days, creating an asset of $25 million. With this move, the whale made a profit of 12 million dollars. These significant investment moves not only highlighted FET’s potential but also attracted the attention of major players in the cryptocurrency market.
There was also notable activity in a wallet affiliated with the Fetch.ai team. In the wallet named “0x488”, 5 million FETs worth $11.2 million were transferred to Binance on March 7. This wallet currently contains 1.12 billion FETs with a value of $3 billion.
These events can be recorded as important milestones that increase FET’s future potential and confidence in the market. While NVDIA’s event highlights the intersection between the fields of artificial intelligence and blockchain, the presence of the Fetch.ai team at this event could increase the recognition of the project and open the door to more similar collaborations in the future. These developments can be considered as exciting developments for investors and the cryptocurrency community who follow the altcoin price closely.
You can follow the current price movement here.
