Crypto tokens related to AI surged over the last three days, spurred by optimism that OpenAI’s new text-to-video generator, Sora, will help boost profits for companies operating in the sector.
Worldcoin (WLD), a crypto project co-founded by OpenAI CEO Sam Altman, led the gains, soaring over 35% to reach an all-time high of $8.02 on Feb. 19, according to data from market tracker Dropstab.
The token has rallied 202% over the past week, with some traders betting that Worldcoin, which surpassed one million daily users for its crypto wallet on Sunday, Feb. 18, will benefit from OpenAI’s growth.
Also read: Sora AI Produces Eye-Popping Videos Instantly
‘AI to audit smart contracts’
The Graph’s GRT climbed 23% to $0.26, and AKT, the native token of the Akash Network, spiked over 13% to $4.05. Render (RNDR), Ocean Protocol’s OCEAN, and Fetch.ai’s FET all rose above 10%.
LayerAI (LAI), a zero-knowledge (zk) layer 2 blockchain that powers AI economies, ballooned 30% in 24 hours to $0.0232, as of writing. Open-source protocol SingularityNet’s AGIX surged 13% to $0.52.
Little-known 0x0 gained 25% after Ethereum co-founder Vitalik Buterin tweeted that AI could be used to audit smart contracts. ‘One application of AI that I am excited about is AI-assisted formal verification of code and bug finding,” he wrote.
One application of AI that I am excited about is AI-assisted formal verification of code and bug finding.
Right now ethereum's biggest technical risk probably is bugs in code, and anything that could significantly change the game on that would be amazing.
— vitalik.eth (@VitalikButerin) February 19, 2024
According to CoinGecko data, the total market cap of tokens in the artificial intelligence sector reached $15.3 billion on Monday, rising 7.6% on the day. Trading volume averaged $2.2 billion.
The rally is driven in part by OpenAI’s new AI model, Sora, which was released on Friday, Feb. 16, igniting interest in AI markets. You can use Sora to create videos from text. Tokens are also rising in line with the broader crypto market.
Bitcoin reached a two-year high of $52,000, fueled by the recent SEC approval of a spot Bitcoin exchange traded fund and ahead of its halving event slated for later this year. Ethereum (ETH) is also seeing multi-year highs, hitting $2,900 over the weekend.
“AI is proving to be the most disruptive technological invention of our age, with data from PwC predicting that AI could contribute up to $15.7 trillion to the global economy in 2030, more than the current output of China and India combined,” said a TokenFI developer, as reported by CoinDesk.
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