AI tokens in a tizzy

Fetch.ai (FET) and Render (RNDR) are among AI-related cryptos benefiting from a headline-grabbing surge by Nvidia into the No. 1 spot among global public companies ranked in terms of total market capitalization. Maybe it’s an arbitrary milestone worthy of a fade, or some bright line not to be ignored, what with billions pouring into AI initiatives built on sky-high expectations for steam-engine-era productivity gains. Nvidia's market cap reached $3.335 trillion, versus $3.317T for Microsoft and $3.286T for Apple.

The largest of the AI-coin cadre, FET (CoinGecko's 27th-largest in terms of market cap), had spiked nearly 30% in 24 hours as of 7:19 a.m. (EST) to reach $1.65. FET recouped all losses from a steep slide on Tuesday when it hit a recent low of $1.12. FET has not sunk below a dollar since this past February. Its record high is $3.45 reached in late March. FET's market cap has now once again surpassed $4B.

As for RNDR (No. 34), it rose 5% to above $8. RNDR has declined 40% since reaching, in mid-March, its all-time high near $13.50. RNDR's market cap is $3.2B.

CoinGecko tracks 266 tokens in a category dubbed Artificial Intelligence (AI) and the total market capitalization for this camp is around $30B, or around the size of the market for dog-themed memecoins. AI coins collectively gained 16% since yesterday, versus 5% for dog memes (of which there are more than 100).

Shares of NVDA are in a way (sheer cumulative appreciation) rather crypto-like, up 174% so far this year following a 239% gain last year.

Some market observers are wondering how long it’s been (20 years?) since a company other than Microsoft or Apple could lay claim to being the most valuable U.S.-based company.

“[Nvidia’s] recent dynamics are a result of the market's overreaction to prospects that are not yet fully clear,” said YouHodler Risk Manager Sergei Gorev, per CoinMarketCap. “The narrative of creating something new has always caused hype in the market, whether 3D printers, electric vehicles, etc. Now, it's about the hype around AI."

Everything's green on the heat quilt save for one red square – occupied by DOT. Turns out the native asset of Polkadot, a platform dedicated to cross-chain data transfers, shed all of 0.1% in the past 24 hours as of 8:15 a.m. (EST). DOT's the 17th-largest digital asset. Among the Top 50, only one other coin is in the red: Monero (XMR), down 0.8%.

As for the largest coin, Bitcoin, it has regained a $66K foothold but remains down 7% over the past fortnight.

Not to be completely outdone by Fetch.ai on a day when AI coins are leaping like startled antelopes, SingularityNET (AGIX), 95th-largest digital asset, has surged 26% in 24 hours.

Nearing 68 cents, AGIX remains down slightly over the past seven days. Ah, what difference does it make? AGIX isn't even going to exist in a few weeks.

Neither will FET for that matter. AGIX, FET and Ocean Protocol's OCEAN are merging into one brand new asset, ASI, coin of the realm of the Artificial Superintelligence Alliance. The loudly trumpeted triple-hivemind meld was supposed to have already happened. Apparently, some ecosystem collaborators weren't yet comfortable taking part in a threesome, so the AI-chain amalgamation endeavor was postponed until mid-July.

But do hear this: a decentralized superintelligence network delayed is not a decentralized superintelligence network denied, stresses Humayun Sheikh, CEO of Fetch.ai and the resource-alliance’s chairman.

“While the finalization of the ASI token merger is now scheduled for July due to necessary adjustments by our partners, the commitment and vision driving this alliance remain stronger than ever,” Sheikh said on June 10. “Our teams are actively working with centralized exchanges to finalize the remaining steps.”

So there's still time for OCEAN tides to ebb/flow; the 157th-largest token, undergirding a data-sharing protocol, is right this moment back flirting with 70 cents (after being above $1 merely one month ago). Can it get back to a $1? Can AGIX crack 70 cents? Might FET fall prey to overhype and crater closer to $1?

Goodness gracious, are these three coins converging?!