HomeNewsThe 'xAI' Effect: AGIX and FET Tokens Enjoy Bullish Swing

The ‘xAI’ Effect: AGIX and FET Tokens Enjoy Bullish Swing

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  • AI-associated crypto tokens, including SingularityNET (AGIX) and Fetch.ai (FET), saw a rise after the announcement of Elon Musk’s latest venture, ‘xAI’.
  • Musk’s xAI, envisioned as an alternative to ChatGPT, aims to delve into the profound nature of the universe, triggering a ripple effect in the crypto market.

The Ripple Effect of Musk’s xAI on the Crypto Market

Following the revelation of Elon Musk’s innovative artificial intelligence (AI) venture, ‘xAI’, AI-centric crypto tokens registered a moderate upswing. Musk’s xAI, a bold competitor to the renowned chatbot ChatGPT, served as a catalyst for a more than 3% surge in AI-related crypto tokens on the announcement day.

In particular, SingularityNET (AGIX) and Fetch.ai (FET) experienced a surge of more than 6% and about 3%, respectively. Musk, the entrepreneurial force behind Tesla and SpaceX, has envisioned xAI as a venture designed to

“grasp the true essence of the universe”.

The team at the helm includes seasoned experts from leading tech corporations such as DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto.

Closer Collaboration with Musk’s Entities

xAI, though separate from Musk’s X Corp, plans to closely coordinate with Musk’s other business entities. An interactive Twitter Spaces chat session, scheduled for July 14th, promises to provide more insights into the venture.

Elon Musk has previously expressed interest in creating an AI solution, TruthGPT, which aims to be a

“maximum truth-seeking AI that endeavors to comprehend the universe’s nature”.

Musk’s xAI has injected a fresh dynamism into the crypto market, as evidenced by the uplift in AI-associated crypto tokens. This renewed enthusiasm was mirrored earlier this year when Nvidia, the renowned chipmaker, forecasted a bullish outlook for AI sales.

The Unveiling of xAI and its Market Impact

xAI’s strategic position to challenge industry giants like OpenAI, Google, and Anthropic, the creators of leading chatbots such as ChatGPT, Bard, and Claude, has generated considerable attention. The rise of xAI has stirred up the AI space, while subsequently impacting the AI-related crypto tokens. Its ambition to unlock the “mathematics of deep learning” and build the “theory of everything” for vast neural networks projects a promising trajectory for AI’s advancement, with potential ramifications for the crypto market.

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Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628