GNOUSD Gnosis

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. Related Reading: This Crypto Expert Called The Bitcoin Top in 2021, Now He’s Calling The Bottom In 2024 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. Related Reading: Is The Crypto Winter Thawing? US Bitcoin ETFs Record First Inflows In Weeks – Coinshares 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 tokens are currently overvalued, with limited upside potential, indicating a saturated market state for these assets. Prithvir’s Top Altcoin Picks Navigating through the complexities of the AI coin market, Prithvir shares his preferred investment strategies and picks. He highlights Render (RNDR) as a favorable choice, especially leading up to NVIDIA’s earnings and Apple’s WWDC, due to its direct ties to their technologies and expected feature enhancements which might boost its value. “NVIDIA due to comparisons of GPU networks and Apple due to the rendering software they have built that Apple always features at different keynotes. Hence, I think this could be a good swing trade leading up to WWDC Time period – 3 weeks,” the analyst stated. AR is Prithvir’s “biggest AI coin holding currently.” The project is praised by him for its pivot to AI functionalities with the AO Computer and robust team. The presence of AR on Tier-1 exchanges and its substantial backing makes it a “no-brainer” for a medium-term hold. He also mentions NEAR, albeit with a smaller investment footprint due to the perceived limited upside. “Smaller position than AR due to more limited upside. But could become one of the consensus AI trades of this cycle due to its brand value, good liquidity and innovations in other sectors such as Chain Abstraction,” Prithvir wrote via X. At press time, RNDR traded at $10.1089. Featured image from Shutterstock, chart from TradingView.com