Altcoins with connections to artificial intelligence are witnessing a surge in market value following the debut of OpenAI’s latest innovation, Sora, which transforms text into video. Investors are increasingly optimistic, recognizing AI as a lucrative investment opportunity for the current year.
AI-Related Cryptocurrencies See Notable Gains
This burgeoning investor confidence has propelled a market rally for AI-related altcoins. Data from CoinGecko indicates an average 7.7% price upswing for these cryptocurrencies within a single day. Worldcoin’s WLD token soared 30%, hitting a record peak of $7, while Ocean Protocol’s OCEAN and Fetch.AI’s FET saw over 10% growth.
The sharp climb of Worldcoin’s WLD is of particular interest due to its association with OpenAI’s CEO, Sam Altman. Investors appear to invest in WLD as a proxy for OpenAI’s expected trajectory, fueling the token’s remarkable performance.
Moreover, Ethereum co-founder Vitalik Buterin’s recent endorsement of AI’s role in smart contract oversight has further sparked investor interest in AI-centric altcoins. His comments have led to up to 15% price increases for less prominent tokens like 0x0 and TokenFi’s TOKEN, linked to AI developments.
Enthusiasm for AI Altcoins Renewed with ‘Sora’
The AI altcoin market reignited with the advent of OpenAI’s Sora, following initial excitement earlier in the year spurred by ChatGPT and AI image generation tools. Although interest had dipped, Sora’s introduction has again pushed AI altcoins’ values upward.
Despite the enthusiastic market, some developers reserve skepticism regarding the integration of altcoins with AI applications. Biconomy’s marketing director, Aditya Khanduri, underscores the need for clarity on the operational aspects of AI altcoins, including their role in decentralized AI tools, data management, and incentivization strategies.