Elon Musk's New ChatGPT Competitor Boosts AI-Related Crypto Tokens
Tokens such as AGIX and FET saw modest bump after Musk announced new Artificial Intelligence (AI) company "xAI" to take on ChatGPT.
Crypto tokens that are related to Artificial intelligence (AI) rose more than 3% on Wednesday, after Tesla and SpaceX CEO Elon Musk unveiled a new AI company called xAI, as an alternative to popular chatbot ChatGPT.
Tokens such as SingularityNET (AGIX) rose more than 6% while (FET) climbed about 3% after the announcement of the with a goal to "understand the true nature of the universe." The team will be led by Musk and includes members that have previously worked at DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto, according to the company website.
The newly formed company will be a separate entity from Musk's X Corp. but xAI said it will work closely with his other companies. xAI will host on Friday, July 14th.
Elon Musk previously have said that he is looking to create as an alternative to ChatGPT and will be "maximum truth-seeking AI that tries to understand the nature of the universe," according to an interview with Fox News.
The AI-related crypto tokens have gotten a short-lived boost earlier this year by due to the technology's increasingly mainstream appeal and after chipmaker Nvidia (NVDA) revealed its for AI sales.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
What will the Fed’s rate cut mean for the global economy?
Share link:In this post: The Fed is set to cut interest rates for the first time since COVID, which will shake global markets, currencies, and commodities. A stronger dollar has crushed weaker currencies like the Japanese yen and Turkish lira, while central banks scramble to control inflation. Ray Dalio warns that the Fed’s decision could worsen the US debt problem and spark more political chaos ahead of the election.
With $SHIB and $DOGE Leading, Is $PEPE Set to Join the Rally?
Crypto investment and entrepreneurship: How to identify the base color of RWA projects?
VIPBitget VIP Weekly Research Insights
Liquid staking emerged after Ethereum transitioned from a proof-of-work to a proof-of-stake mechanism. Its primary goal is to enhance asset utility by allowing users to earn staking rewards while maintaining the liquidity of their staked positions. Currently, mainstream liquid staking protocols allow users to stake their assets in exchange for liquid staking tokens (LSTs). For instance, by staking ETH on platforms such as Lido, users receive stETH tokens. This approach is commonly referred to as "liquid staking derivatives" (LSDs). Since Binance hinted at collaborating with Sanctum to launch the Solana liquid staking token BNSOL, Sanctum's governance token CLOUD has gained significant attention, rising despite unfavorable market trends. On September 5, Bybit announced its partnership with Solayer to launch bbSOL. Additionally, major exchanges have unveiled plans to introduce Solana LST tokens. EigenLayer also began its second season of airdrop claims this week, with its governance token EIGEN potentially circulating by the end of September. The LSD and restaking sectors are gaining quiet momentum, potentially setting the stage for a new wave of hype around restaking within the SOL ecosystem.
Trending news
MoreCrypto prices
More
