Memecoins surging, focus on Worldcoin as Elon Musk sues OpenAI

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Last Updated on 4 March 2024 by CryptoTips.eu

Worldcoin, the cryptocurrency of OpenAI CEO Sam Altman, suffered a blow yesterday afternoon after Elon Musk, CEO of Tesla and SpaceX among others, started a lawsuit against Sam Altman and his company.

Worldcoin is seen by some investors as the only option to invest directly in OpenAI products.

On the broader altcoin market, Bitcoin seems to want to take a step upwards, but analysts think that many investors mainly took profits on Friday and therefore Bitcoin refused to reach the coveted ATH. Memecoins such as Doge, Shiba Inu, Floki and Pepe had a few very good days thanks to mentions on social media.

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Elon Musk invested in OpenAI

Let’s go back in time for a moment. Elon Musk decided in 2015 to invest in OpenAI, at that time a non-profit company that wanted to research artificial intelligence (AI). Around 2020, OpenAI’s then managers, Sam Altman and Greg Brockman, informed Musk that they have made a breakthrough with ChatGPT, a large-language model which became the very first real AI program in 2022.

Musk is happy with the result, but displeased when he notes that Altman and Brockman have by then spoken to Microsoft about further investment. Microsoft pumps 10 billion into OpenAI, which from then on tries to create profitable products.

Especially after ChatGPT4 is released, Musk declares that OpenAI no longer operates according to the original idea they had agreed upon and threatens to file a lawsuit against the company. That has now happened.

Scan eyes

Worldcoin is the controversial cryptocurrency founded by OpenAI CEO Sam Altman. He wants to use Worldcoin to scan the eyes of as many people as possible (to allow them access to a crypto wallet) and then pay them all a UBI (Universal Basic Income) at a time when AI will take over many of humanity’s jobs.

Although problems with privacy legislation in the EU and the United States are gigantic for Worldcoin, the company recently reported that it already has one million registered users.

When news broke about Musk’s lawsuit against OpenAI, Worldcoin took a 5% hit. The coin is seen as an opportunity to invest in Sam Altman products since OpenAI itself is not listed on the stock exchange.

Memecoins are on the rise

We leave it up to you to decide whether investing in memecoins is intelligent, as they are super volatile. However, it is clear that some of these funny crypto coins are having a great time. During a crypto bull run, memecoins can sometimes rise 50% in one day.

In 2021, the value of Dogecoin rose from just a few cents to 75 cents in a span of three months (before it crashed again). In the second half of 2023, Pepe rose rapidly as well (and then fell again).

It is those two memecoins that shot up sharply in the last week after interest in crypto was revived.

‘Pepe is on fire’Ā was trending on American social media channel memedroid for several hours yesterday.

Two others that were also ā€˜on fireā€™ in the past day are Shiba Inu and Floki.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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