ICP and NEAR Trigger AI Token Selloff After Nvidia Slump
Internet Computer (ICP) and NEAR Protocol (NEAR) led a broader AI token selloff on Nov. 11 after SoftBank Group dumped its entire US$5.8 billion Nvidia stake and NVDA shares slid almost 3%. ICP and NEAR fell roughly 8% each, outpacing the 7% average decline in the AI tokens sector versus a 2% drop in the overall crypto market. Other AI tokens such as Bittensor (TAO), Render (RNDR) and The Graph (GRT) also tumbled, reflecting heightened volatility across AI crypto assets. The selloff followed recent rallies and profit-taking amid mixed macro signals, including a US$2,000 dividend pledge and the end of the US government shutdown. As AI token sentiment sours, key support levels for ICP and NEAR may be tested in the short term, while long-term recovery hinges on renewed demand for blockchain-based AI solutions.
Bearish
The news highlights a sharp selloff in leading AI tokens—ICP and NEAR—triggered by SoftBank’s sale of its Nvidia stake and a broader AI sector downturn. The 7% average drop in AI crypto assets, outpacing the general market decline, signals weakening investor sentiment and short-term downward pressure. Historical parallels, such as prior AI hype corrections after tech stock pullbacks, suggest similar behavior: sustained volatility and revisits of support levels before any recovery. Traders may brace for further downside in AI tokens, making this development bearish for near-term market stability.