Apple Activity and GameStop Decline Were a Disaster for These Altcoins!

Technology giant Apple’s artificial intelligence-focused product launch on June 10 and the decline in GameStop shares caused a downward impact on altcoins. Here are the details…

Apple presentation signaled bearishness for those altcoins

Apple Intelligence, the artificial intelligence product announced by Apple at its annual developers event, will be added to all iOS-based phones. This development caused a decline in artificial intelligence-focused altcoins. Investors were disappointed in projects such as Render (RNDR), Fetch.ai (FET) and SingularityNET (AGIX). In particular, Bittensor’s TAO token lost around 8% in value. FET fell 3%, AGIX fell 3.4% and RNDR fell 7%. Apple shares were also affected by this situation and lost 2% in value. However, these projects stood out with their performance since the beginning of the year and collected market value of hundreds of millions of dollars.

AI coins, also known as artificial intelligence coins or cryptocurrency tokens, are crypto assets specifically designed to support artificial intelligence-based projects, applications and services. It is very valuable to do thorough research and invest only what you can afford to lose. The field of artificial intelligence is always evolving and new projects appear frequently. Stay informed about the latest developments and make informed investment decisions.

What is the latest situation for meme coins?

Meme coins also got their share from the decline in GameStop shares. Breast coins, which have experienced significant increases in recent weeks with the return of GameStop legend TheRoaringKitty, lost value in parallel with the 52% decline in GME shares. Roaring Kitty (KITTY) and similar cat-themed chest coins lost at least 10% on average, while chest coins such as Dogecoin (DOGE), Shiba Inu (SHIB) and Floki (FLOKI) lost between 5% and 10%.

In his post on Reddit on June 3, TheRoaringKitty stated that he held GME shares and call options worth $181.4 million, and this post even caused many breast coins to experience huge increases. However, after GameStop earned $933 million by selling 45 million shares, the benefits were erased days later when it announced that it would sell up to 75 million shares. At the same time, he announced that there was a decrease in quarterly sales. This was enough to break investor confidence.

TheRoaringKitty was one of the names that started a financial resistance through GME shares in 2021 and caused a huge impact by causing a huge short squeeze movement. As a result, Apple’s introduction of AI-focused products and the decline in GameStop shares affected the altcoin market. This situation created uncertainty for investors and increased the perception of risk.