Shiba Inu, Dogecoin Caged As AI Coins Like Fetch.AI Excite Market: Here's Why
Portfolio Pulse from Murtuza Merchant
The cryptocurrency market is witnessing a shift towards AI tokens like Fetch.AI, with a 13% increase in the AI-linked tokens category, while meme coins such as Dogecoin and Shiba Inu are experiencing declines. This trend is attributed to the anticipation of AI's role in the global economy and an upcoming Nvidia conference featuring crypto AI projects. Meme coins, previously buoyed by Bitcoin's rally, are losing momentum and value, with Dogecoin's futures open interest also decreasing.
March 07, 2024 | 4:39 pm
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NEGATIVE IMPACT
Dogecoin experiences a downturn, losing over 15% of its value, with a decrease in futures open interest indicating a potential withdrawal of investment.
The decline in Dogecoin's value and futures open interest suggests a significant shift in investor sentiment, likely due to the growing interest in AI tokens and the anticipation of AI's impact on the economy.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Shiba Inu sees a significant decline, losing over 15% of its value as the market shifts focus towards AI tokens.
Shiba Inu's decline is part of a broader market trend where investors are moving away from meme coins to focus on AI-linked tokens, influenced by the upcoming Nvidia conference and the potential of AI.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
POSITIVE IMPACT
Fetch.AI's token value climbs by up to 40%, driven by the market's growing interest in AI tokens and anticipation of AI's role in the economy.
Fetch.AI's significant increase in token value is directly linked to the growing enthusiasm for AI tokens, fueled by developments in AI technology and the upcoming Nvidia event.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90