Surges and Dips in Crypto Market Amidst OpenAI CEO’s Firing and Rehiring
The recent news of Sam Altman, the CEO of OpenAI, being fired and then rehired has caused a stir in both the stock market and the cryptocurrency world. This development had a notable impact on several crypto assets, leading to significant gains.
According to CoinGecko’s post on X, Akash Network (AKT) emerged as the top performer during this saga, experiencing a 61.1% increase from $1.02 to $1.65 by November 23. On November 20, it reached its peak at 80.4%, with a price of $1.85.
AI Tokens Experience Surge After Altman’s Job Status
Interestingly, on November 20, nine out of eleven AI tokens reached their highest points, with gains ranging from 19.3% to 80.4%. This surge occurred shortly after Microsoft’s announcement that Altman and his colleagues would be joining to lead a new AI research team.
Biggest Gainers During Altman’s Saga
The surge in AI token prices coincided with expectations of a spot Bitcoin exchange-traded fund approval. Additionally, OpenAI’s decision to terminate and rehire Sam Altman contributed to the rally of AI tokens.
Akash Network (AKT) was the top performer following Altman’s termination announcement, experiencing a 61.1% increase from $1.02 to $1.65 by November 23. Its peak occurred on November 20 at an 80.4% surge with a price of $1.85.
In the second position was OriginTrail (TRAC), which gained 45.8% from $0.26 to $0.38 during the same period. It reached its highest point of a 50.9% increase on November 20, at $0.40.
Bittensor (TAO) closely followed as the third most significant gainer, registering a 33.9% increase from $171.87 to $230.15. Its peak, a substantial 71.3% rise, occurred on November 20, with a price of $294.39.
On November 22, two of the eleven AI tokens experienced peaks, showcasing gains ranging from 26.4% to 50.9%. This surge coincided with OpenAI’s announcement of Altman’s return as CEO. Worldcoin (WLD), founded by Sam Altman, and OriginTrail (TRAC) were the tokens that saw peak gains following this significant announcement.
Hot Take: Impact of Leadership Changes on Crypto Market
The firing and rehiring of Sam Altman as CEO of OpenAI had a profound effect on the cryptocurrency market, particularly in relation to AI tokens. The market responded with surges in prices, indicating investors’ optimism and interest in these assets amidst the leadership changes at OpenAI.
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