As the advancements of prominent AI firms fueled excitement for the long-term growth of the tech sector, AI-focused tokens saw a surge in value over the weekend.
Elon Musk, the tech mogul, revealed on Sunday that X Corp., a conglomerate with diverse business interests, would hold a 25% stake in the innovative AI startup xAI. The debut of AI’s Grok bot has already sparked the creation of numerous imitative tokens.
Rumors circulating about Sam Altman, the mind behind ChatGPT’s creator OpenAI, potentially rejoining the board after a recent unexpected removal, have bolstered optimism in the AI market. While reports suggest that former Twitch CEO Emmett Shear has secured a prominent role at the bank, Altman’s reinstatement remains uncertain.
Bittensor’s TAO surged by 4.2%, contributing to a remarkable 77% increase over the past week. Leading cryptocurrencies such as Ocean Protocol’s OCEAN, Fetch AI’s FET, and SingularityNet’s AGIX also experienced gains of up to 16% within 24 hours, outperforming traditional assets. The sector as a whole saw an almost 8% rise, offering substantial profits for crypto investors.
Large-cap assets surged by 16% in the last 24 hours, while AI tokens witnessed gains of up to 41% (CoinGecko). IMGNAI, an image generation software by ImgnAI, a small-cap player, recorded a significant 40% increase.
The introduction of ChatGPT and Dall-E, non-cryptocurrency-based programs by OpenAI for chatbots and image generation, respectively, has propelled AI tokens into the spotlight among crypto enthusiasts in early 2022. Traders anticipate a bullish trend akin to the surge seen in gaming apps and DeFi tokens between 2020 and 2022, considering this sector a key narrative for the upcoming market upswing.
Despite uncertainties surrounding Altman’s potential return, the momentum of AI tokens remains steadfast, showcasing resilience in the face of challenges.
