Benzinga - Billionaire entrepreneur Mark Cuban has witnessed a surge in his crypto investments, registering an increase of over $180,000 in value.
What Happened: Data from Arkham Intelligence shows that this sharp 40% rise within the last week has been largely attributed to the performance of a particular Ethereum (CRYPTO: ETH) based AI-related token within his holdings.
Artificial Liquid Intelligence (CRYPTO: ALI) an AI-focused cryptocurrency based on the ETH blockchain saw its value skyrocket by more than 100% over seven days.
ALI experienced a 32% increase in just 24 hours, with trading volumes surging by 40% to reach $3.7 million.
The boost in AI tokens emerged in the wake of OpenAI’s latest text-to-video generator named Sora. Other AI-linked tokens have followed suit, with both Ocean Protocol’s OCEAN (CRYPTO: OCEAN) and Fetch. AI’s FET (CRYPTO: FET) enjoyed a rise of over 10%. Moreover, TokenFi’s TOKEN (CRYPTO: TOKEN) climbed as high as 15%.
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Why It Matters: The surge in AI-token rally also comes as Ethereum’s co-creator, Vitalik Buterin said on X the potential for artificial intelligence to be utilized in the examination of smart contracts.
One application of AI that I am excited about is AI-assisted formal verification of code and bug finding.Right now ethereum's biggest technical risk probably is bugs in code, and anything that could significantly change the game on that would be amazing.
— vitalik.eth (@VitalikButerin) February 19, 2024
Meanwhile, Cuban fell prey to a crypto scam in September 2023. The incident led to a loss of about $870,000. Cuban disclosed to DL News that he had lost 5 ETH to the scammer.
“Someone got me for 5 ETH. I went on MetaMask for the first time in months. They must have been watching,” Cuban said.
Previous blockchain data revealed that last month Cuban relocated a sum—$2.827 million in MATIC tokens—to the Coinbase exchange. Transactions of this magnitude often incite speculation about potential future sell-offs.
Photo by Kathy Hutchins on Shutterstock
Price Action: At the time of writing, ETH was trading at $2,929, up 0.20% over the past 24 hours, as reported by Benzinga Pro.
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