The agitation surrounding Sam Altman, the former CEO of OpenAI, known for developing the AI program ChatGPT, has left a lasting impact on both traditional markets and the cryptocurrency world.
Following Altman's firing and subsequent rehiring, a wave of fluctuations has been observed in the cryptocurrency space, with certain digital assets experiencing remarkable gains during this period of chaos.
Crypto Assets in the Limelight
CoinGecko's recent post on X, dated November 23, highlighted significant gains among several open AI crypto coins amidst the uncertainties surrounding Altman’s tenure.
What are the biggest crypto gainers since OpenAI fired & rehired Sam Altman?
— CoinGecko (@coingecko) November 23, 2023
Our study shows that $AKT took the lead, soaring by 61.1% from $1.02 to $1.65 on Nov 23, 2023. It hit a peak of 80.4% on Nov 20, reaching $1.85.
Read the full study: https://t.co/Gu1CTr9RH4 pic.twitter.com/jYRzTiUien
Notably, Akash Network (AKT) led the pack, exhibiting a staggering surge of 61.1% from $1.02 to $1.65 on November 23, 2023. It reached an apex of 80.4% on November 20, soaring to $1.85.
Altman's Impact on AI Tokens
Altman’s fluctuating job status played an important role in the market dynamics, particularly for AI tokens. On November 20, 2023, during the flux in Altman’s role, nine out of eleven AI tokens experienced their peak, recording gains ranging from 19.3% to a notable 80.4%.
This spike closely followed Microsoft's announcement welcoming Altman, Brockman, and their team to lead a new AI research endeavor.
Tokens Riding the Surge
Among the tokens riding the surge, Akash Network (AKT) emerged as the most substantial gainer following Altman’s termination, with a whopping 61.1% increase, peaking at 80.4% on November 20, 2023.
Following closely, OriginTrail (TRAC) secured the second position with a 45.8% gain from $0.26 to $0.38 within the same timeframe, peaking at 50.9% on November 20.
Bittensor (TAO) followed suit as the third biggest gainer, registering a robust 33.9% increase from $171.87 to $230.15. Its zenith, a remarkable 71.3% surge, occurred on November 20, when its price skyrocketed to $294.39.
Market Dynamics and Investor Sentiment
The market landscape, driven by the anticipation of a spot Bitcoin exchange-traded fund (ETF) approval, was further influenced by OpenAI's high-profile decision regarding Altman.
This move contributed hugely to the ongoing rally of AI tokens, captivating the attention of investors and traders alike.
Altman’s Impact on Token Performance
Following the announcement of Altman's return as CEO on November 22, 2023, two out of the eleven AI tokens peaked, with gains ranging from 26.4% to 50.9%.
On November 23, 2023, despite Altman's reinstatement, only 10 out of 11 AI tokens demonstrated gains, spanning from 11.8% to 61.1%, with PAAL AI (PAAL) being the sole token showing negative gains, dropping by 5.3%.
Investor Response to Fluctuations
Notably, eight out of eleven tokens experienced dips, ranging from -1.4% to -8.0%, following Altman’s initial dismissal.
However, these downward trends were swiftly countered after reports emerged of OpenAI’s investors pushing for Altman's reinstatement. Tokens like AKT, TAO, and PAAL managed to maintain positive gains during this fluctuation period.
As of November 23, 2023, the top 11 performing AI tokens experienced significant fluctuations. Akash Network was leading at 61.1%, followed by OriginTrail at 45.8%, and Bittensor at 33.9%.
Methodology of Analysis
The study encompassed a thorough examination of the four-hour closing prices of eleven AI-associated tokens from OpenAI’s announcement to terminate Sam Altman on November 17 (8:00 pm UTC) to November 23, 2023 (5:00 am UTC).
The tokens were selected across various market capitalizations from CoinGecko’s AI category, including Bittensor (TAO), Render (RNDR), Fetch.ai (FET), SingularityNET (AGIX), Akash Network (AKT), Ocean Protocol (OCEAN), OriginTrail (TRAC), PAAL AI (PAAL), 0x0.ai (0X0), and Dynex (DNX).
The saga surrounding Sam Altman's role at OpenAI has not only had a resonating effect within the company but has notably influenced the fortunes of various AI tokens in the cryptocurrency market. As the story continues to unfold, the impact of leadership decisions on the changing world of digital assets remains a key point of interest for investors and analysts alike.