AI Crypto Tokens Surge as OpenAI's Sam Altman Faces Ouster
On Sunday, tokens for Render (RNDR), Akash Network (AKT), SingularityNET (AGIX), and Fetch.ai (FET) all gained value as the broader cryptocurrency market recorded modest gains.
The global crypto market capitalization dropped 0.7% in the previous twenty-four hours to $1.45 trillion, whereas the crypto artificial intelligence (AI) market capitalization increased by nearly 10% to $6.14 billion.
AI crypto token gains are primarily attributable to reports that Sam Altman may return to OpenAI. On Friday, the organization’s board abruptly dismissed the co-founder and (now-former) CEO of OpenAI.
The release of ChatGPT, for which Altman is credited with launching OpenAI to its $80 billion valuation, and his abrupt dismissal stunned not only the AI industry but also the cryptocurrency space.
Altman has not disclosed his plans, but there have been rumors that the OpenAI board is considering reinstating him.
The Worldcoin (WLD) price peaked in response to the news before the unexpected action taken by the OpenAI board. Coinciding with the AI narrative, crypto tokens also surged in value.
In the preceding twenty-four hours, Akash Network (AKT) surged to $1.47, an increase of over 33% that topped the list of the top gainers.
Significant buy-side pressure has also been observed on SingularityNET (AGIX) over the past week, and the stock’s 18% gain over the previous twenty-four hours has investors aiming for $0.28.
At the time of writing, the price of Fetch.ai (FET) was up 14%, with FET trading above $0.48. This is one of the assets on which crypto analysts are bullish due to the AI market’s optimistic outlook.
In contrast, Render’s RNDR has projected a favorable outlook for the week, with a price increase of over 40%. Over the previous twenty-four hours, the RNDR token increased by 10% to a peak of $3.63.
Render is currently the most valuable AI token by market capitalization (1.27 billion).
Several positive developments, including the forthcoming Nvidia (NVDA) earnings report (scheduled for Tuesday) and the token’s listing on Binance Japan on November 27, are anticipated to stimulate interest in the token.