The cryptocurrency market witnessed a significant surge for AI coins over the weekend, driven by groundbreaking developments from leading AI companies. The rally has been spurred by major announcements from industry leaders, including Elon Musk and the potential return of Sam Altman to the board of OpenAI, the developer behind ChatGPT. Here are the details…
Why did artificial intelligence coins rise?
On Sunday, Elon Musk announced that shareholders of X Corp, a conglomerate, will own a significant 25% stake in the newly formed artificial intelligence startup xAI. With the start of testing for the Grok chatbot, excitement surrounding xAI increased, leading to the creation of a large number of copy tokens. Another bullish factor has been the emergence of speculation about Sam Altman’s return to the OpenAI board following his surprise dismissal last week. Although the situation remains unclear, reports indicate that former Twitch CEO Emmett Shear may take over the company’s top job.
Despite the corporate drama, the bullish trend towards AI tokens has become stronger. The market responded positively to these developments and significant increases were observed in major AI tokens. Bittensor’s TAO increased by 4.2%, marking a significant 77% increase in the past week. Other tokens, including Ocean Protocol’s OCEAN, Fetch AI’s FET, and SingularityNet’s AGIX, have gained as much as 16% in the past 24 hours. Thus, it outperformed major cryptocurrencies such as Bitcoin.
Will the AI narrative continue?
The AI token sector as a whole is up nearly 8%, generating significant returns for crypto investors. According to data from CoinGecko, large-cap AI tokens witnessed an impressive 41% rise, up 16% in the last 24 hours. Notably, among small caps, ImgnAI’s IMGNAI jumped a notable 40%. The rise of AI tokens has gained traction among crypto market observers in late 2022. cryptokoin.com As we reported, this coincided with the public launch of ChatGPT and Dall-E by OpenAI. Although these applications are traditional software with no direct ties to cryptocurrencies or Blockchain, he sees it as a potential narrative for the rise in the coming years.
While there is uncertainty surrounding Sam Altman’s potential return to OpenAI, the face of the AI boom, reports indicate that these developments have failed to dampen the momentum of AI tokens and reflect resilience and optimism in the AI-focused cryptocurrency market. Investors and enthusiasts look forward to further progress in this rapidly evolving industry.
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