Benzinga - An unrelated cryptocurrency token named XAI experienced an astounding 750% surge in value within the last 24 hours.
What Happened: This unprecedented spike followed the recent unveiling of a new AI company called xAI, spearheaded by tech mogul Elon Musk.
As of the time of writing, XAI was observed trading at a remarkably low value of $0.000000005126. It is important to note that caution should be exercised when interpreting this value due to the extremely low trading volumes associated with XAI. In the past 24 hours, the trading volume for this cryptocurrency amounted to just $327,114.
Unlike Musk’s existing X Corp., xAI will operate as a distinct entity, but collaborative efforts with his other companies are expected.
Musk, will lead the team at xAI, which comprises esteemed professionals with extensive backgrounds in notable organizations such as DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto.
The chosen moniker, xAI, pays homage to Musk’s earlier endeavors, particularly X.com. Launched in December 1999, X.com stood as a pioneering online banking website. In a twist of fate, it merged with PayPal Holdings Inc, another venture co-founded by Musk, in March 2000 before eventually becoming an independent entity. Musk reacquired rights to the X.com domain from PayPal in 2017, repurposing it for his latest venture.
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Why It Matters: This latest leap into the AI space by Musk comes as no surprise to avid followers of his ventures. Prior mentions of his intention to develop TruthGPT as an alternative to ChatGPT have only fueled anticipation for his ambitious pursuit.
Meanwhile, Musk has expressed his support for a bold 2030 cryptocurrency forecast that could potentially catapult Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
Benzinga's Note: The presence of low trading volumes suggests that XAI may be highly susceptible to market manipulation and extreme price fluctuations. Therefore, it is recommended that investors approach this cryptocurrency with careful consideration.
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