The cryptocurrency associated with Elon Musk’s tech startup suddenly grew by 750%

! Not financial advice — ed.

The XAI cryptocurrency token has made an impressive 750% jump in price over the past 24 hours. Analysts have noted an unprecedented surge in the virtual coin’s price activity after the official launch of the artificial intelligence startup led by Elon Musk — xAI.

However, market experts warn that investors should carefully weigh the risks before actively buying up the coin. Low trading volumes indicate that XAI may be very vulnerable to market manipulation and extreme price fluctuations.

At the time of writing (as of the morning of July 13), the token is trading for $ 0.4 358 with a market capitalization of only $ 431,071. Traders made daily trading deals worth $ 346,544.

It should be noted that unlike Elon Musk’s current X Corp, xAI will operate as a separate entity. However, Musk assured that the startup will cooperate with his other companies.

The billionaire will lead the xAI team, which will include reputable experts with experience in tech companies such as DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and scientists from the University of Toronto.

Musk’s latest leap into the field of artificial intelligence did not come as a surprise to avid supporters of his projects. Previous mentions of the businessman’s intention to develop TruthGPT as an alternative to ChatGPT only fueled expectations of his ambitious aspirations.