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AI-Linked Crypto Tokens Underperform as Apple's Event Fails to Impress Traders
Tokens of Render, Fetch.ai, SingularityNET and Bittensor slumped 3%-5% despite mostly flat bitcoin and broader crypto prices.
Updated Jun 11, 2024, 6:01 p.m. Published Jun 10, 2024, 8:20 p.m.
- Apple shares tumbled nearly 2% as tech giant unveiled its AI plans during the annual developers event.
- The rout rippled through AI-adjacent cryptos which underperformed the broader digital asset market.
Artificial intelligence-linked (AI) cryptocurrencies slumped Monday as tech giant Apple's (AAPL) highly-anticipated annual developers event failed to inspire traders.
Native tokens of Render (RNDR), Fetch.ai (FET) and SingularityNET (AGIX) declined 3%-5% over the past 24 hours, while Bittensor's TAO tumbled nearly 6% during the same time. Layer-1 network Near Protocol also dropped 3.2%.
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The CoinDesk Computing Index, which includes tokens with AI-related utilities, was one of the worst-performing sectors among digital assets, losing 2.5% in market value during the day and underperforming bitcoin and the broader digital asset benchmark CoinDesk 20 Index.
The decline happened as expectations were high for the tech giant to reveal its AI plans and how it would weave artificial intelligence into its offerings at this week's Apple Worldwide Developers Conference (WWDC2024). The firm on Monday announced Apple Intelligence, a suite of AI features for iPhones, Mac and other products, and a partnership with Sam Altman's OpenAI to integrate ChatGPT into Apple software.
Apple shares, however, closed the trading session nearly down 2% despite slight gains for key U.S. equity indexes.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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