Aaryamann Shrivastava
FXStreet
- Elon Musk announced the launch of his ChatGPT competitor - X.AI.
- Musk is famous for having a unwantedly strong influence over the crypto market.
- Elon Musk entering the Artificial Intelligence space is set to trigger a reaction among the AI tokens.
Elon Musk has been a crucial part of the crypto industry for some time now, even though his existence in space has drawn him criticism. However, unfazed by the reactions, Musk continues to impact the market and is now set to influence a major portion of cryptocurrencies with his new product.
Elon Musk, Bitcoin and Dogecoin
The Twitter owner has affected the crypto market a bunch of times in the past. His prominence in the crypto space first grew with the stunts he pulled off in regard to Bitcoin. He even made his car company Tesla’s products available for purchase with Bitcoin and sometime later stopped that too, triggering a crash in May 2021.
Similarly, his influence over Dogecoin is one of the most disappointing developments to happen to the crypto market. His endorsement of the meme coin was so obvious and significant that it even urged people to nickname Musk as DOGEfather.
While the Dogecoin-related tweets did under $6.3 billion slow down recently, all this is evidence of how much he can influence the price action.
Elon Musk either generates the hype or capitalizes on it in his own way, and by the looks of it, that is what can be expected from his next announcement. The rival of ChatGPT - X.AI.
Despite being initially a part of the OpenAI team, Elon is only now launching the rival for the AI bot. This could result in the Tesla chief enjoying the bullishness of the AI hype with his X.AI Corporation.
Artificial Intelligence hype and its effect on the crypto market
The discourse surrounding Artificial Intelligence has grown over the past year, including investors’ interest over the last few months. Just like Elon Musk, crypto market investors are also always aiming at trends and what is pumping the hardest on social cues, eventually pushing its price on the charts.
When it comes to talking about the top AI tokens that could benefit from Elon Musk’s move, the list is not too long, as AI and such tokens are still in their infancy. The total market capitalization of these tokens is under $6.3 billion.
Top AI tokens in the crypto market
Among them, the top 5 cryptocurrencies have managed to make significant gains over the last seven days, Injective (INJ) has performed the best with a 48% rally, followed by the Render token with an increase of nearly 33% in a week.
Even though, in comparison, The Graph, SingularityNET and Oasis Network’s rally seem smaller, in terms of the broader market, these tokens still outperformed many top cryptocurrencies.
Thus, Elon Musk’s entry into this space will certainly make AI tokens his new Dogecoin playground.
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