Render, Akash Network, shine as AI tokens surge – here’s why

November 19, 2023 07:13 AM PST | By Invezz
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Render (RNDR), Akash Network (AKT), SingularityNET (AGIX) and (FET) tokens traded higher on Sunday as the broader crypto market tapped minor gains.

While the global crypto market cap was at $1.45 trillion, only 0.7% in the past 24 hours, the crypto artificial intelligence (AI) market cap was up nearly 10% to $6.14 billion.

AI tokens surge amid OpenAI news

Gains for AI crypto tokens is likely related to news of a potential return to OpenAI for Sam Altman. The OpenAI co-founder and (now) former CEO was dramatically ousted by the company’s board on Friday.

Altman is credited with putting OpenAI on course to its $80 billion valuation with the release of ChatGPT, and his sudden ouster shocked not just the AI space but crypto as well. While Altman has not made public his next step, reports have emerged that the OpenAI board is looking to reinstate him.

The news saw the cryptocurrency Worldcoin (WLD) soar to price levels before the surprising move by the OpenAI board. Crypto tokens aligned with the AI narrative also soared.

Render, Akash Network and tokens surge

Leading the top gainers chart was Akash Network (AKT) which has soared more than 33% in the past 24 hours to $1.47.

SingularityNET (AGIX) has also seen significant buyside pressure in the past week, and its 18% move in the past 24 hours has bulls eyeing more near $0.28. (FET) price was bouncing 14% higher at the time of writing, with FET trading above $0.48. This is one of the tokens crypto analysts are bullish on amid the positive outlook for the AI market.

Meanwhile, Render’s RNDR has painted a rather bullish outlook on the weekly, with price up more than 40%. In the past 24 hours, RNDR token gained 10% to trade at highs of $3.63.

Render is the top AI token by market ($1.27 billion at the time of writing). Interest in the token is likely to be catalysed by a number of positive developments, including from the upcoming Nvidia (NVDA) earnings (on Tuesday) and the listing on Binance Japan on November 27.

The post Render, Akash Network, shine as AI tokens surge – here’s why appeared first on Invezz


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