AI token market cap surges 8.5% as major coins report double-digit gains

AI tokens have spiked in value following the introduction of Sora, a text-to-video generator developed by OpenAI. 

The development has reignited enthusiasm in the AI sector, which many investors believe will be a major profit generator in the current year. CoinGecko data indicates an 8.5% increase in the AI token market today, reaching $10.5 billion. 

Ocean Protocol’s OCEAN and Fetch.AI’s FET experienced a nearly 44% increase over the past week, while SingularityNet’s AGIX saw an 80% rise. Bittensor (TAO), the largest AI token by market cap, recorded a 14% increase within the same timeframe, marking an all-time high of $698.60 last Friday. 

Worldcoin’s WLD soared by 30% today alone, marking a 177% increase over the week and setting an all-time high at $7.95. The significant interest in Worldcoin is attributed to its affiliation with OpenAI CEO Sam Altman, leading some investors to view WLD as an indirect investment in OpenAI’s growth.

The momentum in the AI token market was further amplified by a tweet from Ethereum co-founder Vitalik Buterin, suggesting AI’s potential role in auditing smart contracts. This mention led to a 15% increase in the value of TokenFi’s TOKEN, which will release its exclusive Smart Contract Auditor this year. 

AI tokens surged into popularity in early 2023, as generative AI tools like ChatGPT disrupted several industries. Although interest has diminished slightly in recent months due to reduced hype, the launch of Sora by OpenAI has revived investor interest and excitement in AI.