• 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

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.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Zilliqa price poised for a rally on positive on-chain data; bullish technical indicators

Zilliqa price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. Bullish divergence on the RSI and the Awesome Oscillator indicators signal a potential reversal and upward movement in ZIL price in the coming days.

More Cryptocurrencies News

MATIC sets for a rally as Polygon Foundation confirms the migration date

MATIC sets for a rally as Polygon Foundation confirms the migration date

Polygon (MATIC) price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. The Polygon Foundation officially announced on Thursday that September 4 is the migration date for MATIC to POL.

More Polygon News

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Bitcoin and Ethereum hold steady above $64,000 and $3,400 as $1.8 billion in options expire on Friday. WazirX hack of $230 million potentially linked to Lazarus Group ushers correction in Shiba Inu, among other assets. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?

Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?

Bitcoin price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166. By Thursday of this week, U.S. spot Bitcoin ETFs observed cumulative positive inflows totaling $861.50 million.

More Bitcoin News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166. By Thursday of this week, U.S. spot Bitcoin ETFs observed cumulative positive inflows totaling $861.50 million. On-chain data indicates oversold conditions for BTC, suggesting a possible market bottom.

Read full analysis

BTC

ETH

XRP