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Elon Musk's xAI Start-up to Launch Tomorrow: Here's AI Crypto's Price Reaction

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Fri, 3/11/2023 - 14:40
Elon Musk's xAI Start-up to Launch Tomorrow: Here's AI Crypto's Price Reaction
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Elon Musk's artificial intelligence start-up, xAI, is gearing up to launch its first AI model tomorrow, creating ripples of anticipation within the tech and crypto communities. Musk, who heads X , shared the news via social media, expressing confidence in the model's capabilities, stating it is "the best that currently exists" in specific aspects.

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Earlier this year, Musk vowed to introduce an AI model dedicated to seeing the maximum truth, challenging the efforts of major tech companies in the field. xAI boasts a team experts from Google's DeepMind and other leading AI research firms.

The start-up also collaborates closely with Tesla and X, underlining the synergy among these innovative entities. In a noteworthy development, xAI signed a contract in September to train its AI model on Oracle's cloud, demonstrating the project's strategic approach.

AI cryptocurrencies' reaction

Surprisingly, the announcement failed to trigger the usual surge in AI-focused cryptocurrencies. Tokens like Injective (INJ), The Graph (GRT), Render (RNDR), Fetch (FET) and OCEAN showed minimal gains, while the broader AI and big data-focused token segment experienced a 6.22% decline in market cap over the past 24 hours, coupled with a 34.79% decrease in trading volume, according to CoinMarketCap data.

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Source: CoinMarketCap

Unlike previous instances, where AI-related news led to significant market movements, this time, these tokens followed the broader crypto market trend, declining alongside Bitcoin and Ethereum.

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The subdued reaction highlights the influence of general market dynamics, suggesting that, in this case, the hype around xAI's AI model launch did not act as a significant catalyst for AI-focused cryptocurrencies.

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