Main navigation

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

Tue, 02/07/2023 - 14:41
article image
Gamza Khanzadaev
Elon Musk's take on artificial intelligence, sectoral tokens start pumping
Elon Musk Joins AI Hype as These Tokens' Prices Go Vertical
Cover image via www.youtube.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

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.

Related
JASMY up 14% After AI Roadmap Unveiled

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%.

Related
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.

article image
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.