TL;DR
- Apple’s AI Boost: The iPhone 16’s advanced AI features have significantly impacted AI tokens, with ICP and FET seeing notable gains of 10% and 5%, respectively.
- Mixed Market Reactions: While ICP and FET outperformed, other AI tokens like Injective (INJ) saw modest increases, and some, like Near Protocol (NEAR) and Render (RENDER), experienced declines.
- Broader Crypto Market Challenges: Despite the positive performance of AI tokens, major cryptocurrencies like Bitcoin and Ethereum faced losses, influenced by external political events.
Apple’s recent unveiling of the iPhone 16, which features advanced AI capabilities, has had a notable impact on the cryptocurrency market, particularly on AI tokens. The tech giant’s announcement has sparked a mixed reaction among these tokens, with some experiencing significant gains while others remain relatively stable.
$AAPL launches Apple Intelligence.
New AI abilities:
🤖 Edit images and text
📱Siri takes action for you in apps
🔒 Processed on-device
☁️ Private Cloud for complex queries
🎨 Image generation & Genmoji
💬 ChatGPT 4o will be integrated to iOS
✨ Other models to come later pic.twitter.com/EnhKdwpRhZ— App Economy Insights (@EconomyApp) June 10, 2024
ICP and FET Outperform the Market
Among the AI tokens, Internet Computer Protocol (ICP) and Artificial Superintelligence Alliance (FET) emerged as top performers immediately after the announcement. ICP saw a remarkable 10% increase in its value, making it the best-performing token among the top 100 cryptocurrencies by market value.
FET also experienced a notable 5% rise. These gains are attributed to the optimism surrounding Apple’s AI-focused features, which are expected to drive further interest and adoption of AI technologies. At the time of writing, ICP and FET continue to ride the rising wave, gaining nearly 8% and 1% respectively in the last 24 hours.
Mixed Reactions from the Rest of the AI Tokens
In addition to ICP and FET, other AI tokens have also benefited from the announcement. Injective (INJ) led the pack with a nearly 3% increase. Other tokens such as Near Protocol (NEAR) and Render (RENDER) decreased between 3% and 4%. The overall market capitalization of AI crypto tokens rose by 7%, reaching $22.22 billion.
Broader Market Impact
Despite the positive performance of AI tokens, the broader cryptocurrency market faced challenges. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) experienced losses following a poor showing by pro-crypto U.S. presidential candidate Donald Trump during a debate with Kamala Harris.
Future Outlook
The introduction of AI features in the iPhone 16 is seen as a significant step towards integrating AI into everyday technology. Market participants are optimistic that this development will have a positive effect on AI-related blockchain projects. As AI continues to gain traction, the demand for AI tokens is expected to grow, potentially leading to further gains in the sector.
