Artificial Intelligence tokens rally after Safe Superintelligence announcement by former OpenAI co-founder


  • OpenAI former co-founder Ilya Sutskever announced on Wednesday the launch of a new AI research lab in the US. 
  • News of Safe Superintelligence Inc.’s launch has catalyzed gains in AI-related crypto tokens. 
  • The market capitalization of the AI category is up 12% in the past 24 hours.

Prices of Artificial Intelligence (AI) crypto tokens increase on Thursday after news of OpenAI co-founder starting his own firm. Ilya Sutskever, OpenAI’s former chief scientist, announced the launch of a safety-focused AI research lab in Palo Alto and Tel Aviv, in the US. 

The news comes amidst concerns surrounding the safety aspect of Artificial General Intelligence (AGI), under development at OpenAI. 

The market capitalization of AI tokens is up 12% in the past 24 hours, per CoinGecko data. 

Artificial Intelligence tokens note massive gains in prices

AI tokens such as Near Protocol (NEAR), Fetch.ai (FET), Internet Computer (ICP), Render (RNDR), Bittensor (TAO), The Graph (GRT), SingularityNET (AGIX), and Akash Network (AKT) extended gains in the past 24 hours, per CoinGecko data. 

AI tokens

AI tokens

The rally can be broadly attributed to the announcement of the new firm, Safe Superintelligence Inc. The team consists of former co-founder Ilya Sutskever, American entrepreneur Daniel Gross and Daniel Levy, research assistant at computer scientist Stephano Ermon’s lab.  Sutsekever was Chief AI scientist at OpenAI, and focused on the “safety” aspect when developing AGI. 

The announcement of fundraising for AI projects by hedge funds and Venture Capital is another catalyst likely fueling gains in this token category. Pantera Capital unveiled on June 19, its decision to invest $200 million into AI ventures, per a DLNews report. 

The leading crypto funds are raising $1 billion, of which AI will receive a 15 to 20% investment. This development is another market mover, likely influencing investors’ sentiment about AI tokens.


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

Ripple stablecoin unlikely to invite legal trouble from SEC, says Ripple executive

Ripple stablecoin unlikely to invite legal trouble from SEC, says Ripple executive

Ripple, the native token of the XRP Ledger slipped under $0.60, a key psychological support for the altcoin. The two key market movers are the Securities & Exchange Commission’s lawsuit against Ripple and the upcoming stablecoin RealUSD (RLUSD).

More Ripple News

Binance burns over $950 million in BNB, will price cross $700?

Binance burns over $950 million in BNB, will price cross $700?

Binance Coin price is nearly unchanged in the past month. Data from TradingView shows BNB price is $585 at the time of writing. On-chain metrics support a thesis of gains in BNB, as social dominance and volume climbs this week.

More Binance News

Dogecoin price sets for a rally following retest of support level

Dogecoin price sets for a rally following retest of support level

Dogecoin price faces rejection at the 50% Fibonacci retracement. On-chain data shows that DOGE's development activity is growing, suggesting a bullish move ahead. A daily candlestick close below $0.1018 would invalidate the bullish move.

More Dogecoin News

Mt.Gox transfers $2.85 billion in Bitcoin, what to expect from BRC-20, cat-themed meme coins

Mt.Gox transfers $2.85 billion in Bitcoin, what to expect from BRC-20, cat-themed meme coins

Bitcoin worth $2.85 billion was transferred by Mt.Gox, crypto traders anticipate heightened selling pressure on BTC. Bitcoin-related assets like BRC-20 tokens and cat-themed meme coins typically rally or suffer correction in price alongside BTC. 

More Cryptocurrencies 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.

Read full analysis

BTC

ETH

XRP