OpenAI’s Sora Launch Leads to Strong Rally in AI Tokens over Weekend

UTC by Bhushan Akolkar · 3 min read
OpenAI’s Sora Launch Leads to Strong Rally in AI Tokens over Weekend
Photo: Unsplash

The launch of OpenAI Sora last Friday has reignited the rally in AI tokens with Worldcoin leading the charge by registering ~200% gains over the last week.

Last week, OpenAI unveiled its text-to-video generator Sora, leading to a strong rally in Worldcoin (WLD), an iris-scanning crypto project developed by OpenAI chief Sam Altman. However, over the last weekend, tokens from the Artificial Intelligence (AI) space also joined the party with a strong rally.

Over the past 24 hours, sector tokens have seen a notable surge, with an average increase of 7.7%, according to data from CoinGecko. Leading the charge are Ocean Protocol’s OCEAN and Fetch.AI’s FET, both experiencing gains of over 10%. Additionally, the largest and most liquid cryptocurrencies have climbed by 2.68% within the same timeframe.

Among AI tokens, Worldcoin’s WLD has seen a remarkable surge of 30%, marking the highest increase. WLD has reached a new all-time high of $7. Interestingly, Sam Altman established Worldcoin’s parent company OpenAI CEO, thus prompting some traders to view WLD as a speculative bet on the future growth of Altman’s company.

Worldcoin’s native cryptocurrency WLD has been the talk of the two recently, with a staggering 42% gain in the last 24 hours. At press time, Worldcoin (WLD) is trading at $7.5 with a market cap of $975billion. Its weekly gains extend to a staggering 195%.

Crypto analyst Ali Martinez noted that Worldcoin has broken out of an ascending parallel channel on its daily chart, suggesting the possibility of upward momentum. Should WLD sustain this breakout, it could see a surge to $15 and potentially extend further to $26.

AI for Auditing Blockchain Smart Contracts

In a recent tweet, Ethereum co-founder Vitalik Buterin suggested that AI could play a role in auditing smart contracts. This statement sparked a surge in the prices of lesser-known tokens such as 0x0 and TokenFi’s TOKEN, with gains of up to 15% attributed to their association with the topic.

Interest in AI-related tokens initially surged in early 2023, coinciding with the rise in popularity of ChatGPT and image generation software. While this enthusiasm waned in recent months due to a slowdown in hype, the launch of Sora on Friday appears to have reignited interest in the sector.

However, the commercial utilization of AI remains largely confined to virtual tools and chat software. Consequently, some developers have expressed concerns regarding the apparent integration of tokens into AI systems.

“Current AI tokens and Web3 projects may not yet know what these decentralized AI tools look like. There’s a lot of unanswered challenges and lots to be figured out. Say an AI tool gets to 250 million users. Then what will its infra look like? How will people use it? How will the data be trained? Where does the token fit in? Can you even have a way to reward people for their data if you used it to train your models?” said Aditya Khanduri, head of marketing at Biconomy.

Altcoin News, Cryptocurrency News, News
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