Crypto AI Tokens Jump up 80% Amidst Sam Altman’s Exit and Return as OpenAI CEO
In Brief
10 out of 11 AI tokens made gains after OpenAI’s announcement to fire & rehire Sam Altman as its CEO, with gains ranging from 11.8% to 61.1%.
On November 18, 2022, OpenAI made a significant announcement through a blog post, revealing the abrupt departure of its CEO, Sam Altman. The decision, attributed to a breakdown in communication with the board, was underscored by a noticeable loss of confidence in Altman’s leadership, impeding the fulfilment of the organization’s responsibilities.
8 out of 11 tokens experienced negative gains after OpenAI’s announcement to fire Sam Altman, ranging from -1.4% to -8.0%. However, these dips were quickly bought up when there were reports that OpenAI’s investors were pushing for Altman to be reinstated as CEO, according to a study by CoinGecko, an independent crypto data aggregator.
Concurrently, a faction of investors mobilized to support Altman, actively seeking his reinstatement as OpenAI’s CEO.
9 out of 11 AI tokens peaked on November 20, 2023, where gains ranged from 19.3% to 80.4%, shortly after Microsoft announced that Altman, Brockman, and colleagues would join them to lead a new AI research team, the study said.
On November 22, Sam Altman rejoined OpenAI as its CEO, providing a potential end to five days of drama and witnessing three CEOs in quick succession. The company’s former president Greg Brockman, who quit in protest of Altman’s firing, also announced his return today.
As per the study, 10 out of 11 AI tokens made gains after OpenAI’s announcement to fire and rehire Sam Altman as its CEO, with gains ranging from 11.8% to 61.1% on November 23, 2023 (5am UTC). PAAL AI (PAAL) was the only AI token with negative gains, decreasing by 5.3% in that same period.
Top AI Token Gainers
The surge in the value of AI tokens is closely tied to optimistic anticipation surrounding the potential approval of a Bitcoin exchange-traded fund (ETF). The decision by OpenAI to terminate and subsequently reinstate Sam Altman has become a focal point for both investors and traders, contributing significantly to the ongoing upswing in the value of AI tokens. The study identifies three top gainers as,
Akash Network (AKT) was the largest gainer since OpenAI’s announcement to fire Sam Altman on November 17, 2023, increasing by 61.1% from $1.02 to $1.65 on November 23, 2023. It peaked at 80.4% on November 20, when its price increased to $1.85.
OriginTrail (TRAC) was the second largest gainer, increasing by 45.8% from $0.26 to $0.38 in the same period. At its height, it increased 50.9% by November 20, when its price reached $0.40.
Bittensor (TAO) came in close as the third largest gainer, increasing by 33.9% from $171.87 to $230.15 in the same period. It reached its peak of 71.3% on November 20, when its price reached $294.39.
The analysis focused on the closing prices over a four-hour period for eleven AI-related tokens, spanning from OpenAI’s decision to terminate Sam Altman on November 17 to November 23, 2023.
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About The Author
Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
