Artificial Superintelligence Alliance, Solana, FLOKI, and more: Cryptocurrencies to watch this week

After Fed Chair Jerome Powell hinted at interest rate cuts, the crypto market is turning its attention to Nvidia earnings

PublishedAugust 26, 2024

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Image for article titled Artificial Superintelligence Alliance, Solana, FLOKI, and more: Cryptocurrencies to watch this week — Illustration: Yoshikitaima (Getty Images)

The cryptocurrency market received a significant boost after U.S. Federal Reserve Chairman Jerome Powell announced that a monetary easing cycle is set to begin soon. This news propelled Bitcoin to $63,000 over the weekend, driving up the broader crypto market.

As stability returns, investors are now eagerly awaiting Nvidia’s earnings report, which is scheduled for release this Wednesday. Historically, Nvidia’s earnings have served as a catalyst for the AI-driven token space, making its performance particularly relevant to the crypto community.

Read more to discover which cryptocurrencies are worth monitoring in this evolving landscape.

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Artificial Superintelligence Alliance

Earlier this year, blockchain networks Fetch.ai, SingularityNET, and Ocean Protocol combined their tokens into one and created an alliance for decentralized AI — or “ASI,” which stands for “artificial superintelligence.” The partnership aimed to provide an alternative to tech giants’ growing control of the AI industry.

With Nvidia’s earnings report due this week, the token has surged over 10% over the past 24 hours and 70% in the last seven days, hovering around $1.3.

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Bittensor

Bittensor aims to decentralize machine learning and artificial intelligence by establishing a marketplace for AI as a tradable commodity. Some experts believe that Bittensor is a memecoin that is taking advantage of the hype around AI.

As Nvidia’s earnings report is due this week, Bittensor has risen over 5% in the past 24 hours and over 21% in the past seven days, trading at $345.

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Solana

After the Federal Reserve Chair hinted that interest rate cuts may be on the horizon, the crypto market rallied over the weekend and now appears more stable. Among the top performers, Solana continues to trend upward, signaling growing confidence as more traders invest in the platform.

With nearly 2% growth in a day and over 12% in the past week, Solana is hovering around $160.

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Tron

Tron has successfully raised its energy cap to 120 billion, a move aimed at boosting network activity and lowering gas fees as meme coin projects gain traction. Tron founder Justin Sun announced the increase on his X page, explaining that it was implemented through Proposal No. 92 to reduce network congestion and transaction costs.

In response, Tron is currently trading at $0.16, up over 4% in a day and over 21% in a week.

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FLOKI

The popular memecoin FLOKI is rallying after crypto exchange Binance announced it would support the airdrop for Simon’s Cat (CAT) — another memecoin on the BNB Chain — exclusively for FLOKI holders. In the crypto world, an airdrop is a marketing strategy where small amounts of cryptocurrency are distributed to a wide range of wallet addresses, typically to promote a new token.

FLOKI is up over 2% in the last 24 hours and up over 33% in the last seven days, trading at $0.0001514.

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