Billionaire Elon Musk recently unveiled his latest venture, xAI, a new artificial intelligence (AI) project operating under the “X” brand. This move has led to a surge in AI-related crypto tokens. SingularityNET (AGIX) experienced a significant rally of over 6%, while Fetch.ai (FET) saw a more modest rise of around 3%. As of the reporting time, AGIX was trading at $0.2616, marking a 5.7% increase in the past 24 hours, while FET was trading at $0.231, reflecting a 3.1% rise within the same timeframe.
Musk’s new venture aims to provide an alternative to the popular chatbot ChatGPT and has attracted a team of experts from prominent organizations such as DeepMind, OpenAI, and Tesla. His involvement in the crypto markets has triggered significant excitement and price volatility, notably with his tweets impacting Dogecoin (DOGE) on multiple occasions. Nevertheless, the announcement of Musk’s new venture, xAI, has not been the sole catalyst for token reactions in response to his endeavors.
Meanwhile, the top cryptocurrency Bitcoin witnessed some profit booking in the broader crypto market, causing it to drop by more than 1%. However, it managed to hold the $30,000 mark. Ethereum also experienced a slight decline of approximately 1%, remaining below the $1,900 threshold. Altcoins like Dogecoin (DOGE), Litecoin (LTC), Solana (SOL), and Ripple (XRP) showed minor movements across the board. On the other hand, the Compound (COMP) token emerged as the top gainer, with a 24-hour jump of over 5%.
In other news, the G20 finance ministers and central bank governors are set to receive a global regulatory framework proposal for crypto assets. This proposal will be presented during a policy dialogue in Gujarat later this month. Ajay Seth, the secretary of the Department of economic affairs, confirmed this development, adding that the G20 officials will also be presented with the first volume of a report from an independent committee established by the G20 to strengthen multilateral development institutions.
