Token AI Experiences Price Surge, Sora Effect by OpenAI
The cryptocurrency market is witnessing a significant resurgence, particularly in the artificial intelligence (AI) sector, as tokens associated with AI technology soar to new heights.
This newfound enthusiasm is largely attributed to the recent launch of the innovative text-to-video generator by OpenAI, Sora, which has sparked a wave of optimism among investors and enthusiasts alike. Additionally, remarks from Ethereum co-founder, Vitalik Buterin, who tweeted from his X account that AI could find a place to audit smart contracts, have further added to the positive sentiment in this sector.
In the past 24 hours, the market capitalization of AI tokens has surged by 4.6%, according to Coingecko data. Leading the price rally of AI tokens as of (20/2) are Bostrom, PureFi, LimeWire, Delysium, Artificial Liquid Intelligence, and GNY. These tokens have experienced increases ranging from tens to thousands of percent.
On the other hand, two tokens not categorized as AI but affected positively by Sora AI sentiment are Worldcoin (WLD) and Livepeer (LPT). Both tokens have seen consistent gains since the release of Sora on (16/2). In the past week, both have risen by over 120%.
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Positive Trend in Natural AI-Related Stocks
Speaking to The Block about the recent surge in AI token prices, CEO and Founder of Fetch.ai, Humayan Sheikh, stated that he anticipates global AI usage to increase exponentially, thus impacting the blockchain industry.
"Specifically, the decentralized blockchain technology architecture is highly suitable for AI applications, laying the groundwork for widespread blockchain adoption, which has so far been largely limited to financial applications," said Sheikh.
Meanwhile, the excitement surrounding AI tokens is further bolstered by the performance of major AI-related stocks, such as Nvidia, which has been a key driver of AI optimism in the stock market. Since the beginning of the year, Nvidia's stock has surged by over 46%, a growth that not only surpasses its competitors but also makes a significant contribution to the rise of the S&P 500.
As the AI sector continues to evolve, the potential for AI to contribute to the global economy becomes increasingly significant. This disruptive technology will break new boundaries for the crypto market, drive innovation, and potentially reshape the landscape of digital assets.
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