Artificial intelligence-based cryptocurrencies slumped after AI powerhouse Nvidia Corp. NVDA reported its second-quarter earnings Wednesday.

What happened: The AI-based collaborative token, FET, and TAO, the native token of the decentralized AI platform, Bittensor, shed 7% in the last 24 hours.

Similarly, RENDER, underpinning the Render Network, tumbled 4%. The total market cap of AI cryptocurrency tokens contracted by 3% to $23.29 billion over the past 24 hours, according to CoinGecko.

Cryptocurrency 24-Hour Losses Price (Recorded at 1:01 a.m. EDT) Bittensor TAO/USD 7.4% $294.45 Artificial Superintelligence Alliance FET/USD 7.2% $1.17 Render RENDER/USD 4.0% $5.60

See Also: Donald Trump’s Pro-Bitcoin Stance Influenced Ethereum ETF Approval, Analyst Posits

Despite Wednesday's pullback, AI-related tokens posted healthy gains over the week, with FET and RENDER gaining 20.8% and 16.1%, respectively.

Year-to-date, FET has soared 75%, while RENDER and TAO mopped up gains of 18% and 10%, respectively.

The surge coincided with Nvidia’s staggering 160% gains since the start of the year, positioning the tech company as the market's best performer for 2024.

Price Action: Shares of Nvidia closed 2.10% lower at $125.61 during Wednesday’s regular trading session, according to data from Benzinga Pro.

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