In the context of a relatively stable overall market with cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) trading sideways, there’s been some notable activity in the AI-related cryptocurrency sector during the weekend. According to BeInCrypto, the total market capitalization of AI-related coins reached $6.363 trillion, a 14% increase within 24 hours, with a trading volume of nearly $700 million.
Some prominent AI-related coins contributing to the growth in market capitalization include Fetch.ai (up 14.5%), Singularity.NET (up 19%), and Render (up 13.4%). These coins have also experienced significant growth over the past week.
The driving force behind this surge in AI-related coin market capitalization is believed to be positive developments in the market. Notably, Elon Musk’s tweet about xAI garnered attention, where he emphasized that investors in X Corp would own 25% of this platform. xAI is a platform behind Grok, a new AI model directly competing with OpenAI’s ChatGPT.
Elon Musk’s tweet quickly gained traction, especially amidst internal controversies within OpenAI. Sam Altman resigned as CEO of OpenAI, and Mira Murati was appointed as the interim CEO. Altman’s sudden departure is reportedly due to a lack of transparency in his communication with the board.
In a statement from OpenAI, Altman’s departure was attributed to a loss of trust in his leadership by the board. However, in a recent development noted by BeInCrypto, it appears that OpenAI’s board is in discussions with Sam Altman to invite him back as CEO.
Nevertheless, not all AI-related news today is positive. Meta, the social media giant, is said to have disbanded the team responsible for overseeing AI projects. Many members of Meta’s AI division have transitioned to other departments, such as joining the infrastructure AI team or the general AI product department. This is seen as a restructuring move by the company before the end of the fiscal year, which CEO Mark Zuckerberg has evaluated as effective.