- Coinbase (NASDAQ:COIN) asserts that the recent surges in AI cryptocurrencies are exaggerated.
- Research analyst David Han stated that AI platforms can disrupt the industry.
- Han points out the challenges faced by AI projects such as Akash Network, which is experiencing declining supply.
In a recent report, Coinbase asserted that the prevailing hype and surge in cryptocurrencies related to Artificial Intelligence (AI) is exaggerated. David Han, a research analyst at Coinbase, pointed out the rapid changes in the AI sector, commenting that crypto-focused platforms are “uniquely positioned to disrupt” the industry.
According to CoinGecko data, the AI crypto projects have soared to $26 billion this year. About 30% of these surges occurred in a single day following the rise in Nvidia stock, an industry leader. Today, the AI crypto coins boast a market cap of $25.4 billion, up 5% in 24 hours.
Han asserted that AI tokens usually have positive impacts from the broader crypto industry’s bullish sentiments and the circulation of AI-related news. Reiterating that the attention given to AI tokens these days is overstated, he added,
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