Numeraire (NMR), the token linked to AI hedge fund Numerai, surprised the crypto world this week by more than doubling in just one day. It’s now trading at $16.71, up over 107.44% in 24 hours, and its total market value has jumped to $124 million.
Daily trading has also exploded, with volume soaring past $798 million, a massive increase of over 11,600% from the previous day.
JPMorgan Steps In
The rally was triggered by big news from Wall Street. Numerai announced that JPMorgan Asset Management has agreed to provide up to $500 million in funding for its hedge fund.
For Numerai, based in San Francisco, this is a huge leap. The company has already grown its assets under management from $60 million to $450 million in the past three years, and the JPMorgan deal marks what the fund itself called its “biggest milestone yet.”
Staking Drives Scarcity
At the same time, investors using Numerai’s platform have been locking up more tokens. As of August 21, over $7 million worth of NMR has been staked, up from $5.5 million in May.
With only 7.5 million tokens available in circulation out of a maximum supply of 11 million, this extra staking has reduced supply in the market, making the recent price spike even sharper.
AI Tokens Back in Fashion
The rally also fits into a bigger trend. AI-focused tokens are attracting fresh attention again, even as larger names like Fetch.ai (FET) and SingularityNET (AGIX) have cooled off. Numeraire, still trading about 76% below its 2025 high of $68, is being seen as one of the undervalued plays in this space.
The jump in NMR comes as the wider crypto market is also gaining. The global market cap has risen to $3.87 trillion, up 2.47% in a day, with Bitcoin trading at $111,254. But even in a rising market, Numeraire has easily stolen the spotlight with one of the biggest jumps in recent memory.
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