By
Svetlana Soroka
April 26th, 2024
NEURALINK joins the ranks of crypto tokens experiencing substantial gains following pivotal announcements.
On January 29, 2024, the NEURALINK crypto token, which is not associated with Elon Musk’s co-founded company with the same name, witnessed a meteoric surge, reaching 3,400% within just 24 hours.
The surge comes after Musk announced a groundbreaking achievement at his company – the successful implantation of the first brain chip in a human. Musk’s revelation propelled the token to a record high, showcasing the market’s enthusiastic response to innovative developments in the neurotechnology sector.
Recovering Well
According to a Benziga report, citing data from dextools, the token traded around $42.27 following Musk’s announcement, despite its lack of affiliation with Neuralink.
The digital asset also demonstrated substantial liquidity, with an injection of about $203,080. The token which boosts a circulating supply of 1 million, presently has around 1,110 investors holding the token in their portfolio.
Last year, Neuralink obtained authorization from the US Food and Drug Administration (FDA) to initiate human trials. On January 29, the company commenced its first trial, and Musk confirmed in a post on X (formerly Twitter) that the experiment was a success, with the patient recovering well.
The first human received an implant from @Neuralink yesterday and is recovering well.
Initial results show promising neuron spike detection.
— Elon Musk (@elonmusk) January 29, 2024
The visionary entrepreneur, also CEO of Tesla and SpaceX, shared that Neuralink’s inaugural product would be named Telepathy at launch and it will be initially available to individuals who have lost their limbs.
Not the First
Meanwhile, NEURALINK joins the ranks of crypto tokens experiencing substantial gains following pivotal announcements. In a similar vein, last year, the meme coin GROK surged over 670% within 24 hours after Musk unveiled his venture into the artificial intelligence sector with xAI.
Last November, the company introduced its first AI chatbot, GROK, bearing features akin to OpenAI’s ChatGPT which pushed the GROK token to the moon.
Earlier this month, Bitcoin (BTC) witnessed a notable upswing to $49,000 after Cointelegraph reported that the United States Securities and Exchange Commission (SEC) has approved the first BTC spot exchange-traded funds (ETFs) in the US before the authorities officially announced the approval.
However, the crypto-focused news media later retracted the report, blaming its new intern for the error but it did not stop BTC’s reactions to the news.
Following the official approval of the spot BTC ETFs on January 10, Ethereum (Ether), the second-largest crypto asset after BTC, surged to over $2500 for the first time since the 2022 market downturn. Other altcoins, including Solana’s SOL, also benefited from the SEC’s decision.
In the most recent development, Coinspeaker reported that the Solana-based meme token WEN observed a 35% price increase after developers announced their token burn mechanism following an airdrop distribution earlier this week.