Top AI Tokens Plunge Over 15% Amid Regulatory Turmoil

Top Artificial Intelligence-based Coins are trading in red as the entire crypto market slumps amid the ongoing regulatory turmoil. AI crypto tokens, which have gained popularity recently, are basically digital assets that users can leverage to get access to AI technology.

Tope AI Tokens Trade In Red

Earlier, AI-related cryptocurrencies surged on the heels of NVIDIA’s mammoth rally last month, making the AI chip maker a trillion dollar company. However, the craze seems to have faded amid the recent crackdown on the industry by the SEC. Top AI token, The Graph (GRT) with the market cap of over $834 million is down 17% in the last 24hrs and nearly 29% in the last seven days. The famous Render Token is currently trading at just above $2, down 7% in the last 24 hrs and nearly 22% in the last 7 days.

As reported earlier, a product linked to the Render network (RNDR), which offers distributed GPU rendering on the blockchain, was mentioned in the much hyped Apple event this week.

US SEC comes swinging at crypto

The United States Securities and Exchange Commission has come swinging at the crypto industry for a final kill. The regulatory enforcement agency filed two back to back lawsuits against the world’s top crypto exchanges – Binance and Coinbase. Though Bitcoin was able to withstand this below without losing much ground, altcoins bled deeply. Top altcoin, including Filecoin, Polygon, Cardano, Solana, Chiliz, Sandbox, Decentraland, Axie Infinity, and others fell more than 20% in the last 24 hrs. The famous meme coin Shiba Inu (SHIB) led the crypto market crash, falling 30% in the last 24 hours.

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