Did The OpenAI and Microsoft Saga Just Trigger Massive Interest in AI Tokens?
November 21 2023 - 4:00PM
NEWSBTC
The recent saga surrounding OpenAI and its co-founder Sam Altman
has sparked a surge of interest in AI tokens, with total weekly
trade volume surpassing $2 billion for the first time since March,
fresh data from Kaiko, a blockchain analytics platform, shows.
According to statistics, WLD, the native token on Worldcoin, a
project co-founded by Altman, and other tokens, including FET, the
primary coin behind the AI-reliant blockchain, Fetch.ai, appear to
be primary gainers. Even so, WLD prices remain below November 2023
lows when writing. WLD Remains Volatile Even so, looking at
market data, the spike in crypto AI trading volume seems driven
mainly by WLD activity. Looking at the project’s share, trading
volume comprises over 33% of all related crypto AI trading
volume. While there is a noticeable spike in activity, it
remains below the all-time high of above $4 billion in Q1 2023.
Then, traders and investors were keen on AGIX, the SingularityNET
token. However, over the months, Worldcoin has since taken over as
investor interest shifted to WLD, evidenced by the gradual rise of
trading volume. Looking at WLD price action over the past three
days, prices have been volatile, though trading volume has been
mostly up from November 13. Following news of
Altman’s removal as CEO of OpenAI, prices fell before
slightly expanding with news of negotiations to return to the role,
followed by his appointment to lead Microsoft’s AI team.
Related Reading: Analyst Sets $30,000 Floor For Bitcoin, But Can We
Forget 2021’s Misfire? All these events have contributed to the
market’s heightened interest in WLD. Accordingly, trading volume
across the broader crypto AI scene stands above the $2 billion
level for the first time since March. The Sam Altman
And OpenAI Drama Turns Attention To Worldcoin Though there is no
direct connection between OpenAI and Worldcoin, crypto participants
focus on events at OpenAI and how the board handled Altman as a
factor catalyzing WLD’s activity. The general lack of clarity
on why the board ousted Altman as CEO worsens the situation,
sparking speculation that this could also impact WLD’s prices and
how Worldcoin is governed, considering the former CEO is also
behind the crypto AI project. Looking at the co-founder’s previous
role as the team leading Worldcoin’s developments, Altman also
holds significant sway, contributing to discussions on how the
government should regulate AI at the end of the day. Related
Reading: Solana Forms Sell Signal, Decline To $30 Ahead? Altman’s
influential role has impacted Worldcoin and its prices since the
blockchain project aims to create a global identity system.
Worldcoin’s operations would rely on AI, including fraud
prevention, data analysis, verification, and more. Feature
image from Canva, chart from TradingView
Solana (COIN:SOLUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024