Elon Musk Reveals Investment in AI Crypto Tokens

Elon Musk Reveals Investment in AI Crypto Tokens, Driving Up Prices

23 November 2023

This past weekend, the values of AI crypto tokens related to artificial intelligence (AI) businesses skyrocketed amid a rush of attention on the fast-growing sector, including Elon Musk’s weekend announcement that Twitter (X) stockholders would purchase a quarter interest in his AI startup, xAI.

Following the announcement, AI token values increased by about 10% and by more than 11% during the preceding week, with trading volume exceeding $1 billion in a recent 24-hour period. Bittensor’s TAO, Ocean Protocol’s OCEAN, Fetch AI’s FET, and SingularityNet’s AGIX, among others, saw significant advancements.

The price variations were also influenced by dramatic changes at OpenAI, including the stunning dismissal of Sam Altman, co-founder of the contentious crypto project Worldcoin.

After the board of directors dismissed Altman on Friday, OpenAI staff protested in masse and threatened to resign. “We are unable to work for or with people who lack competence, judgment, and concern for our mission and employees,” over 700 employees wrote to OpenAI’s board of directors.

According to CoinGecko statistics, the launch of the phenomenally popular AI tool ChatGPT by OpenAI last year boosted the number of AI tokens in circulation, with AI tokens now having a market worth of $6.39 billion.

Over the weekend, AI tokens outpaced bitcoin and ether, with Ocean Protocol’s OCEAN, Fetch AI’s FET, and SingularityNet’s AGIX experiencing price increases of up to 16%.

Similarly, Bittensor’s AI crypto coin’s TAO saw its price rise 4.2%, following a 77% increase in the previous week.

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