AI and Memecoins Lead Rally, WIF, RNDR Top Gainers

  • Bitcoin slightly recovered after the weekend correction with altcoins experiencing significantly larger gains.
  • Render (RNDR) has seen a 27% increase in value within 24 hours amidst a surge in AI-related cryptocurrencies.
  • Near Protocol (NEAR) and dogwifhat (WIF) have also shown remarkable growth.
  • Solana (SOL) capitalised on the memecoin trend to push its market cap significantly higher.

After making new all-time highs last week and dropping below USD $65k this weekend, Bitcoin seems to have found its footing again, recovering to the USD 67,500 (AUD $102,911) mark at the time of writing. However, the gains only amounted to around 3% in 24 hours, and several alt-coins have seen much stronger gains over the past days.

Related: CommBank Faces Backlash for Blocking Customer Crypto Purchases

Render (RNDR)

Decentralised rendering platform Render, which leverages idle computing power, is one of the hottest AI-related projects. RNDR has gained 27% in the past 24 hours, which comes on the back of sustained, strong growth over the past few months.

Render (RNDR), 1-month graph, source: CoinMarketCap

The surge of AI-related coins comes as the Nvidia GTC conference is going to kick off in San Jose on Monday, US Time.


Near Protocol (NEAR)

Near Protocol is another AI-related protocol that is taking off thanks to the Nvidia conference. The co-founder of NEAR Protocol, Illia Polosukhin is making an appearance at the conference for a panel discussion titled ‘Transforming AI.’

The discussion, which will focus on the novel transformer neural network architecture, features such illustrious industry figures like Nvidia founder and CEO Jensen Huang, co-founder and CEO of Essential AI, Ashish Vaswani and co-founder and CEO of Inceptive, Jakob Uszkoreit.

The crypto-AI community seems to eagerly await the panel discussion, with NEAR surging 142% in the past month, trading at USD $8.33 (AUD $12.69) at the time of writing.

Near Protocol (NEAR), 1-month graph, source: CoinMarketCap

dogwifhat (WIF)

Memecoins are continuing to cause a stir, making some of the biggest gains. WIF has gained over 30% in the past 24 hours, which represents the biggest gain any coin or token has made. WIF has gained over 660% in the past month but remains highly volatile.

dogwifhat (WIF), 1-month graph, source: CoinMarketCap

Solana (SOL)

The memecoin craze of Solana-based tokens has undoubtedly given the Solana network a boost. While Bitcoin and Ethereum had been crashing over the weekend, Solana was the only coin in the top ten by market cap that made gains. 

Related: Solana, Dogwifhat Defy Market Correction Odds, Fuelled by Meme Coin Mania

In fact, Solana increased by 7% in the past 24 hours, briefly pushing it over the USD $200 (AUD $304) mark. Solana’s market cap has increased to USD $87.6bn (AUD $133.5bn), making SOL the fourth largest crypto by market cap.

Solana (SOL), 1-month graph, source: CoinMarketCap

Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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