AI tokens experienced a surge over the weekend due to news from industry leaders. Elon Musk’s announcement that X Corp shareholders would hold a 25% stake in the newly unveiled AI venture, xAI, along with the testing of its Grok chatbot, sparked investor confidence. In addition, Sam Altman’s ouster from OpenAI and subsequent move to Microsoft led to increased enthusiasm in the sector.
The AI crypto market reacted positively to the news, with Bittensor’s TAO rising 7.7%. Other tokens such as Render’s RNDR, Ocean Protocol’s OCEAN, Fetch AI’s FET, and SingularityNet’s AGIX also saw gains. Smaller AI cryptocurrencies such as Synesis One (SNS), LimeWire (LMWR), and nuco.cloud (NCDT) saw even more impressive growth—97%, 56%, and 35% respectively.
The overall AI token market cap experienced a 10% surge on Monday, compared to the 1.7% increase in the global cryptocurrency market cap. The recent surge in AI tokens demonstrates the growing prominence of the sector, similar to the impact of gaming applications and decentralized finance (DeFi) tokens in previous market cycles. This resilience in the face of corporate developments indicates sustained interest in the potential of artificial intelligence technologies.