AI tokens surge 9% amid OpenAI leadership saga AI tokens surge 9% amid OpenAI leadership saga
AI tokens The Graph, Fetch, SingularityNET post average return of 45% during the past 30 days.
2 min read
Updated: Nov. 20, 2023 at 11:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Artificial Intelligence (AI) tokens’ value pumped over the weekend amid increased attention brought to the industry by theย leadership crisis at OpenAI, the leading generative AI company.
Data from CryptoSlateย shows that digital assets in the sector grew by more than 9% over the last day and by over 11% during the past week. Additionally, tokens in the sector saw their trading volume exceed $1 billion during the last 24 hours.
An evaluation of the top ten AI coins by market capitalization, including The Graph, Fetch, SingularityNET, Ocean Protocol, dKargo, and others, showed that most of these tokens recorded double-digit gains during the reporting period, continuing a run where they all posted an average return of more than 45% during the past 30 days.
This run is reminiscent of the euphoria these tokens had generated earlier in the year on the back of the launch of OpenAI’s generative AI chatbot, ChatGPT. The AI captured the imaginations of people across the globe with its novel technology, resulting in its digital traffic accounting for more than 60% of all AI tools during the past year.
Its success also spurred the development of several rival companies like Anthropic and the entrance of major technological companies like Meta, Google, and Microsoft into the scene.
However, the AI narrative soon subsided as the market evolved as major traditional financial institutions, including BlackRock and Fidelity, applied for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
Why AI tokens are pumping
Crypto traders’ interest in the sector was rekindled over the weekend as OpenAI battled its leadership issues.
Andrei Grachev, the co-founder and managing partner of crypto market maker Digital Wave Finance (DWF), said the “Sam Altman case is pushing people’s interest to AI tokens.”
On Nov. 17, OpenAI’s board decided to replace founder Sam Altman as CEO. This action sparked considerable criticism from key stakeholders and staff of the organization.
However, the power dynamics seem to have settled with the board naming former Twitch CEO Emmett Shear as the new CEO while Altman transitions to a role at Microsoft.
Mentioned in this article
Bitcoin 
Fetch 
SingularityNET 
The Graph 
dKargo 
Ocean Protocol 
OpenAI 
Anthropic 
Microsoft 
Google 
BlackRock 
Fidelity Investments 
Sam Altman Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Editor Editor 
Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Fetch
$2.18816
Fetch describes itself as the worldโs first adaptive, self-organizing smart ledger.
SingularityNET
$0.89346
SingularityNET is a decentralized marketplace for AI services.
The Graph
$0.25798
The Graph is an indexing protocol that facilitates efficient data querying for networks like Ethereum and IPFS, playing a pivotal role in DeFi and the broader Web3 ecosystem.
dKargo
$0.03233
dKargo uses blockchain technology to solve trust issues among participants scattered in the logistics industry and establishing an efficient logistics network based on cooperation that was previously unimaginable.
Ocean Protocol
$0.91090
Ocean Protocol is a tokenized service layer that exposes data, storage, compute and algorithms for consumption with a set of deterministic proofs on availability and integrity that serve as verifiable service agreements.
OpenAI
OpenAI is an AI research and deployment company committed to ensuring that general-purpose artificial intelligence helps all of humanity.
Anthropic
Anthropic is a US-based artificial intelligence (AI) startup and public-benefit corporation founded by former members of OpenAI in 2021.
Microsoft
Microsoft is an American multinational technology company that develops, licenses, and sells computer software, consumer electronics, and personal computers.
Google LLC is an American multinational technology company that is most commonly known for its search engine that was founded by Sergey Brin and Larry Page in 1998.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Sam Altman is the CEO of OpenAI, an AI research and deployment company since 2019.