AI Tokens Jump on Irrational Euphoria as Musk’s X Corp Reveals xAI Shareholding
Developments in key artificial intelligence (AI) companies sometimes drive gains in AI-focused tokens as traders bet on the long-term growth of such tokens....
- AI-focused tokens experienced a rise over the weekend due to positive developments in key AI companies.
- Elon Musk announced that shareholders of X Corp would have a 25% stake in the new AI venture xAI, which recently started testing its Grok chatbot.
- Reports of Sam Altman possibly returning to the board of OpenAI after a surprise ousting last week boosted bullish sentiment for the AI token sector.
- Bittensor's TAO rose 4.2%, adding to a 77% rally over the past week. Ocean Protocol's OCEAN, Fetch AI's FET, and SingularityNet's AGIX also saw significant gains.
- The AI token sector jumped nearly 8%, outperforming bitcoin and other major cryptocurrencies.
- ImgnAI's IMGNAI, an image generation platform, experienced a 40% jump in value.
- AI tokens gained traction in late 2022 after the public launch of OpenAI's chatbot ChatGPT and image generation software Dall-E.
- Traders see the AI sector as a potential driver of a bull run in the coming years, similar to gaming applications and DeFi tokens in the previous bull market cycle.
- Despite reports suggesting Altman may not return to OpenAI, the momentum of AI tokens remains strong.
The article highlights positive developments and bullish sentiment in the AI token sector, driven by key AI companies and their advancements. Despite corporate drama, the momentum of AI tokens remains strong.