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Cryptocurrency News Articles
5 Bullish Reasons To Buy AI-Based Meme Coins As Nvidia (NVDA) Stock Soars
May 29, 2024 at 06:44 pm
Artificial intelligence has increased the popularity of AI-based meme coins such as Grok, Worldcoin, and Corgi AI, among others. However, none of this would have been fruitful without NVIDIA
AI-based meme coins have become a hot topic in the crypto world, thanks to the soaring popularity of artificial intelligence (AI) applications. These coins, like Grok (GROK), Worldcoin, and Corgi AI (CORGI), have seen a surge in demand, fueled by the growing interest in AI technology.
But behind the scenes, a key player has been driving this narrative: NVIDIA (NASDAQ:NVDA). The world's largest chip maker has seen its stock value hit new all-time highs, fueled by the demand for its AI chips. Here's how this relates to AI-based meme coins and why you might want to consider buying them now:
1. Nvidia's AI Dominance
NVIDIA has become synonymous with AI, producing 80% of the world's GPU semiconductor chips. In Q4 2024, the company reported a phenomenal revenue of over $22 billion. Tech giants like Amazon, Apple, Microsoft, and gaming companies rely heavily on NVIDIA's high-end computer chips.
Given the crypto industry's heavy reliance on cryptography, the demand for these chips remains strong. In fact, NVIDIA's CEO, Jensen Huang, highlighted the exceptionally high demand for their chips. To meet this demand, NVIDIA is moving from its Hopper AI to the more advanced Blackwell system. Such positive news could lead to a bullish rally for AI-based meme coins like Grok (GROK).
2. AI Integration in Meme Coins
AI-based meme coins go beyond the humor and simplicity of online jokes. They blend the fun of memes with the serious world of artificial intelligence (AI).
For instance, Arbdoge AI (AI DOGE) runs on the Arbitrum network, promising low fees and fast transactions. It's also designed to become scarcer over time, and its creators have plans to introduce AI-powered products in the future.
Then there's Grok (GROK), an AI meme coin on the Ethereum blockchain. Inspired by Elon Musk's Twitter AI project, Grok (xAI), it aims to bridge AI and cryptocurrency.
Finally, CorgiAI (CORGIAI) is a community-driven meme coin with big plans. Its team aims to create AI tools that help communities grow, showcasing how AI meme coins can do more than just entertain—they can drive real technological progress.
3. Market Sentiment and Trends
According to Coingecko, the total market capitalization of AI-based meme coins has surged to over $1.4 billion. Within this category, there's been a significant increase in trading activity, with over $440 million traded in the last 22 hours. This suggests growing investor interest in this sector.
The largest AI meme coin by market cap is Corgi AI (CORGI), valued at $693 million. Considering that the largest AI-based meme coin is yet to hit a $1 billion market cap, it indicates that this market is still in its early stages, presenting the potential for significant gains for investors who choose the right tokens.
Moreover, Coingecko's data reveals that only a few AI-based meme coins are currently listed, highlighting that investors who enter this market now are doing so at an early stage.
4. Potential for High Returns on AI-based Meme Coins
Despite being a relatively new concept, artificial intelligence-based meme coins have emerged as some of the best-performing assets in the crypto market. For example, Corgi AI (CORGI) has surged by over 4,400% since September 2023, while Turbo (TURBO) has seen an incredible increase of 12,140% since then.
In the past two weeks, Turbo has risen 617%, and in the last 7 days, it's up 396%. Similarly, Grok (GROK) has experienced a significant increase of 1,165% since November 2023, with a 44% rise in the past 7 days and a market cap of $117 million.
As Nvidia plans to meet market demands, the AI industry is expected to witness substantial growth. Such momentum could potentially trigger a massive rally in AI-based meme coins.
5. Exponential Future Growth Prospects
Since the launch of ChatGPT by OpenAI in November 2022, the AI industry has seen rapid growth, unlike anything before. In contrast, the blockchain industry took over 15 years to reach its current stage of development.
Within just 2 years, hundreds of AI tools have emerged online, promising to automate tasks and revolutionize various industries. This could lead to a displacement of workers on a massive scale.
In the gaming sector, AI game agents have already arrived, promising to enhance gameplay and push the boundaries of gaming technology. Given that all trading markets, including crypto, are predominantly speculative, the optimistic
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