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Worldcoin from OpenAI CEO Sam Altman (WLD) The token hit record highs on Thursday alongside a broader rally in artificial intelligence (AI)-related tokens.
AI Cryptocurrencies Initially leap in price Wednesday night after chipmaker Nvidia (NVDA) beat lofty fourth-quarter earnings and first-quarter guidance expectations and the move has gained traction since then.
Leading the way in terms of gains is Worldcoin’s WLD, which is up 40% on the day and almost 170% in the last 7 days. The token hit a new all-time high of $8.85 previously and was trading at $8.54 at the time of publication. Worldcoin was co-created by OpenAI founder Sam Altman and is therefore often associated with AI-related projects. SingularityNET {{AGIX}}, a decentralized artificial intelligence marketplace, saw its token rise 43%. Get AI {{FET}} rose 18%.
According to Strahinja Savic, head of data and analytics at FRNT Financial, there are several reasons behind the recent AI-related token pump.
“(OpenAI’s) Sora launch and Nvidia’s impressive sales forecast are fueling broader optimism around AI that is spreading to cryptocurrencies,” Savic said in an interview with CoinDesk. “We have seen this in cryptocurrencies in the past, where metaverse-related tokens rallied when Facebook changed its name to Meta.”
Savic raised the question of how effective exposure to artificial intelligence is through these AI-themed tokens, as most don’t actually have a direct connection to the adoption driven by OpenAI or Google’s Gemini. Gemini is Google’s family of AI models, similar to OpenAI’s ChatGPT.
“The use of blockchain technology for AI purposes remains unclear and is highly experimental at this time,” Savic continued. “That said, buying AI-themed cryptocurrencies involves greater exposure to niche blockchain-based AI derivatives, rather than exposure to the mass adoption that has received so much attention recently.”
Savic also noted that there is a possibility that demand for AI tokens will come from investors in areas that do not have access to US stocks. “It is conceivable that for an investor who cannot buy stocks like NVDA, AI-themed tokens would be the best option,” she added.
Worldapp, which is the first Worldcoin wallet built for the project, surpassed one million daily users earlier this week, according to the company.