ARTIFICIAL INTELLIGENCE | WorldCoin Token Has The Strongest Correlation with NVIDIA Among AI Tokens in 2024

AI-affiliated tokens experienced mixed performance last week [Week of May 20 2024] despite stronger than anticipated results from Nvidia Corp. (NVDA), said a new analysis by Kaiko Research.

Nvidia reported $6.12 earnings per share and $26 billion of sales for the three-month period ending April 30 2024, shattering mean analyst forecasts of $5.60 and $24.59 billion, according to Forbes.

This was Nvidia’s most profitable and highest sales quarter ever, topping the quarter ending January 2024 record $12.3 billion net income and $22.1 billion revenue.

In the same week, decentralized AI marketplace, SingularityNET’s AGIX and AI-focused crypto protocol Fetch.ai (FET) gained 11%. However, Akash Network (AKT) and Render (RNDR) saw lower returns, while NEAR ended the week down, said Kaiko.

“Overall, AI tokens remain among the best performers this year, rising between 60% and 250% year-to-date, and even outperforming Nvidia. Trade volume for these tokens has increased significantly, averaging $8 billion weekly since February, up from an all-time low of just $300 million in mid-2023.”

– Kaiko Research

The 60-day correlation between AI tokens and Nvidia, which surged to a multi-month high in February 2024, remains relatively low between 0.2 – 0.3.

WorldCoin (WLD), promoted as a global identity and financial network for an AI-driven world, has exhibited a higher correlation with NVDA than most AI tokens this year [2024].

The token, which is set to introduce its stand-alone blockchain, is however down 8.1% in the last 7 days, according to CoinGecko.

According to WorldCoin, more than 10 million people in 160 countries have created a World ID and a compatible wallet which they’ve used to perform 75 million transactions. As of today, 5,009,992 people have also verified their World ID using an Orb.