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Crypto AI Tokens Surge as Elon Musk Reveals New Company

CryptoTale

 

Billionaire Elon Musk recently unveiled his latest venture, xAI, a new artificial intelligence (AI) project operating under the "X" brand. This move has led to a surge in AI-related crypto tokens. SingularityNET (AGIX) experienced a significant rally of over 6%, while Fetch.ai (FET) saw a more modest rise of around 3%. As of the reporting time, AGIX was trading at $0.2616, marking a 5.7% increase in the past 24 hours, while FET was trading at $0.2312, reflecting a 3.1% rise within the same timeframe.
 

Musk's new venture aims to provide an alternative to the popular chatbot ChatGPT and has attracted a team of experts from prominent organizations such as DeepMind, OpenAI, and Tesla. His involvement in the crypto markets has triggered significant excitement and price volatility, notably with his tweets impacting Dogecoin (DOGE) on multiple occasions. Nevertheless, the announcement of Musk's new venture, xAI, has not been the sole catalyst for token reactions in response to his endeavors.

 

Meanwhile, the top cryptocurrency Bitcoin witnessed some profit booking in the broader crypto market, causing it to drop by more than 1%. However, it managed to hold the $30,000 mark. Ethereum also experienced a slight decline of approximately 1%, remaining below the $1,900 threshold. Altcoins like Dogecoin (DOGE), Litecoin (LTC), Solana (SOL), and Ripple (XRP) showed minor movements across the board. On the other hand, the Compound (COMP) token emerged as the top gainer, with a 24-hour jump of over 5%
 
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