Elon Musk has been an important part of the crypto industry for a while, although his presence in the space has caused criticism. In particular, it has affected the price of Dogecoin (DOGE) and Bitcoin (BTC) in the past years, attracting reactions from some. It even came into the focus of regulators with allegations of price manipulation. However, unaffected by the reactions, Musk continues to influence the market and is now preparing to affect a significant part of cryptocurrencies with his new product. Here are the details…
Elon Musk has influenced DOGE and Bitcoin many times
The Twitter owner has influenced the crypto market multiple times in the past. His reputation in the crypto space first rose with his demonstrations regarding Bitcoin. cryptocoin.com As we also reported, the electric car company Tesla made its products available for purchase with Bitcoin in February 2021, causing prices to jump. However, it stopped this feature after a while, triggering a crash in May 2021.
Similarly, its impact on Dogecoin has been one of the biggest developments in the crypto market to follow. Musk’s support of the meme coin was so obvious and important that it prompted people to nickname Musk the DOGEfather. While tweets about Dogecoin have slowed down lately, these past events are testament to how much it can influence price action.
Now, Elon Musk is creating the excitement of artificial intelligence (AI) and is tapping into this space in his own way. Because apparently, what can be expected from its next announcement is the launch of ChatGPT’s competitor, X.AI. Although originally part of the OpenAI team, Elon is only now launching a competitor to the AI bot. This could result in the Tesla CEO enjoying the rise of artificial intelligence excitement with X.AI Corporation.
Artificial intelligence boom and its impact on the crypto market
The discourse surrounding AI has grown over the past year, including investor interest in the past few months. Just like Elon Musk, crypto market investors are always targeting trends and developments in social media, looking for items that will cause a rise in price. It is thought that artificial intelligence coins will benefit from this move of Elon Musk. Currently, the total market capitalization of AI-driven tokens is under $6.3 billion.
Among AI coins, the top 5 cryptocurrencies have managed to make significant gains over the past seven days, with Injective (INJ) performing the best with a 48 percent rally, followed by the Render token with a nearly 33 percent increase in a week. By comparison, while the rally of The Graph, SingularityNET, and Oasis Network may seem smaller, in terms of the broader market, these tokens still outperformed many major cryptocurrencies. So, according to some experts, Elon Musk’s entry into this space could turn artificial intelligence tokens into the “new Dogecoin”.
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