Two of the biggest AI-linked cryptocurrencies — Internet Computer (ICP) and NEAR Protocol (NEAR) — took a noticeable hit on November 11. Both coins dropped sharply as the broader AI crypto market saw one of its worst days this month.
ICP fell about 7.6%, while NEAR was down around 8%. The overall market cap for AI-related tokens slipped roughly 7%, much worse than the 2% dip in the wider crypto market.
Other big names like Bittensor, Render, and The Graph also traded lower, following the same trend.
What’s Behind the Drop?
The main reason seems to be a mix of profit-taking and market jitters after some big stock market moves — especially involving Nvidia and its major investor, SoftBank Group.
SoftBank just sold its entire $5.8 billion stake in Nvidia, one of the biggest names in the AI world. That news alone sent a shockwave through markets. Nvidia’s stock dropped nearly 3%, and many investors started worrying that this could be a sign the AI hype might be cooling off.
The sale also made traders question if the AI boom that’s been driving stocks — and even AI-linked cryptocurrencies — could be losing steam.
Crypto Market Reaction
The crypto market didn’t escape the hit. Bitcoin briefly climbed above $107,000 after news of a $2,000 dividend payment for some U.S. citizens and the end of the government shutdown, but those gains didn’t last. The world’s biggest cryptocurrency quickly dropped back below $102,000.
As for AI-focused projects, many traders decided to lock in profits after recent rallies. ICP and NEAR both slid lower, and analysts think they could test some key support levels if weakness continues.
Stock Ripple Effect
It wasn’t just crypto feeling the pressure. The shock from SoftBank’s Nvidia sell-off spread across AI-related stocks, too. Shares of CoreWeave — a well-known name in the AI and cloud computing space — dropped more than 16%, closing at $88.39.
SoftBank’s move seems to have rattled confidence across both traditional and digital markets. Many investors are now wondering: is this just a short-term correction, or is the AI boom entering a slower phase?
 and NEAR Protocol (NEAR) — took a noticeable hit on November...){kind=link}