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Elon Musk Joins AI Hype as These Tokens' Prices Go Vertical

Tue, 02/07/2023 - 14:41
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Gamza Khanzadaev
Elon Musk's take on artificial intelligence, sectoral tokens start pumping
Elon Musk Joins AI Hype as These Tokens' Prices Go Vertical
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The hype surrounding artificial intelligence at the start of 2023 can be said to have reached its next stage today, when Elon Musk posted a meme about it. With an audience of nearly 130 million people, the eccentric billionaire's action clearly signaled the growing popularity of AI, which was immediately reflected in the quotation of certain tokens on the crypto market.

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Thus, since Musk's publication, AI cryptocurrency sector leaders such as The Graph (GRT), SingularityNET (AGIX), Fetch (FET) and Ocean Protocol (OCEAN) have seen an 8% to 12% increase in momentum. At one point, according to crypto analytics portal Santiment, AGIX and FET were the most trending queries on crypto on social media.

How was Musk's action interpreted?

It is worth saying that, judging by further price action, the entrepreneur's publication was more of a signal to experienced crypto investors that it was time to take profits. Furthermore, the reason to turn percentages into money was more relevant than ever when, over the course of a day, these tokens rose by more than 20% and 30%.

What is ChatGPT and How Does It Change Crypto: Guide

The monthly yields are even more staggering. For example, in CoinMarketCap's top five AI cryptocurrencies, there is not a single asset that did not show growth of less than 150% in a month, and two of them recorded growth of more than six times in price.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.