Elon Musk's Bearish Tweet Surprises Dogecoin And AI-Backed Crypto Assets Holders

A tweet by cryptocurrency evangelist and Twitter CEO Elon Musk surprised not only holders of the world's first dog-themed meme coin Dogecoin (DOGE) but also those with investments in AI-backed crypto assets, triggering speculations that he is leaving crypto behind.

Artificial Intelligence (AI), especially ChatGPT, the AI chatbot developed by OpenAI, has become the favorite topic among technology enthusiasts for its impressive capability that opens a plethora of doors and possibilities for business, finance, education and a lot more.

And, it looks like Musk, who previously sounded the alarm on what the future of artificial intelligence technology could bring, is immensely passionate about it now.

"I used to be in crypto, but now I got interested in AI," he tweeted.

Following his bearish crypto tweet, Dogecoin's price felt the impact and immediately dropped by 0.11%. But the sudden plummet was brief and the meme coin eventually spiked by 0.54% within 24 hours after the tech billionaire's tweet.

But, unlike Dogecoin, the price of AGIX, the native token of SingularityNET, slightly jumped by 1%, an increase which contributed to the 11% gain the asset saw over the past week.

The spike in AGIX's price could be attributed to another tweet by Musk which came with a picture that mentioned "In the Singularity" and the caption, "something should be done."

Musk's tweets earned a wide range of speculations from both the cryptocurrency community and AI enthusiasts.

And while many assume that he is leaving crypto behind, his latest statement may very well reflect the wider and growing trend in the technology industry, where a shift from NFT and metaverse toward artificial intelligence is slowly taking shape.

Musk is a known advocate of the potential of blockchain technology, eventually revolutionizing finance and other industries and that vision has nothing to do with AI, at least none so far.

His interest in artificial intelligence may be rooted in rumors claiming that the tech billionaire may soon launch his own AI company, something which he did in 2015 when he co-founded OpenAI, but later left because of disagreements on the approach the company had taken.

DOGE saw a 2.60% price plummet over the past 24 hours and was trading down at $0.07373 with a 24-hour volume of $234,379,718. AGIX was in the red zone, showing a 9.545 price plummet. It was trading down at $0.442 with a 24-hour trading volume of $137,746,249 as of 121:32 a.m. ET on Monday, according to the latest data from CoinMarketCap.