The cryptocurrency market has been driven by groundbreaking developments from leading artificial intelligence companies. The weekend in particular witnessed a significant increase for AI coins. 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 made a statement to the shareholders of X Corp, a conglomerate. Musk announced that he will hold a significant 25% stake in the newly established artificial intelligence startup xAI. Excitement surrounding xAI has increased with the start of testing for the Grok chatbot. This subsequently led to the creation of a large number of duplicate tokens. Another bullish factor has been the emergence of speculation about Sam Altman returning to the OpenAI board following his surprise dismissal. Although the situation remains unclear, reports indicate that former Twitch CEO Emmett Shear may take on the position.
Despite the corporate drama, the bullish trend towards AI tokens has become stronger. The market responded positively to these developments. Because there were significant increases for important artificial intelligence coins. 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 up to 16% in the past 24 hours. Thus, it outperformed major cryptocurrencies such as Bitcoin.
Will the AI narrative continue?
The AI coins industry as a whole increased by 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. As we at Kriptokoin.com reported, this coincided with OpenAI making ChatGPT and Dall-E public. 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 AI coin momentum 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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