Nvidia stock (NVDA) became the highlight of the US and global stock markets in May when it set a new high of more than 1,060 USD. AI Token are Capital correlated with AI stocks, but nothing seems to be getting better.
AI Token volume lacks explosiveness but is still a trend of interest
The latest data on AI Token published by Kaiko shows that the volume of these Token lacked a boom in May.
- If only in 2024, the weekly volume of the top 8 AI Token is no longer at the level of over 10 billion USD as in March, but has more than halved to an Medium of about 5 billion USD. And in the last two months, although NVDA shares have reached historical peaks, the volume has not had any breakthrough, and these Token are generally still far from the old peak at a decrease of -35%, -40%.
- If compared to 2024, the current weekly volume level is a breakthrough number (illustrating the low zone on the chart). This shows that, although AI Token have not regained their decline, they are still actively traded, reflecting strong investor expectations.
Observing the community, in most investors' portfolios there is one or a few AI Token , besides meme coins and other narratives. Combined with the above observation, it can be predicted that AI Token still have room to continue increasing in price in 2024.
The AI Token 's correlation with NVDA stock increased in May, but remains low
Another reason to expect a rebound in AI Token is that the correlation with NVDA stock showed signs of increasing in May.
Kaiko's research shows that the correlation between NVDA stock and AI Token increased in March and has remained constant until now. The correlation score tends to increase slightly in May. However, although the correlation increases, it is still low, less than 0.5 points. And among AI Token, the strongest correlation is with Worldcoin (WLD), while WLD is a Token that is more of an Identity theme than an AI one. Perhaps because WLD's founder is Sam Altman.
In addition, Kaiko said that the proportion of volume of AI Token on Binance has decreased from 71% in 2023 to now 39%. Maybe because AI Token have been listed on more different exchanges, the volume is higher, and the number of AI Token is also higher than before.
