OLAS recorded gains of over 65% within a week, likely spurred by general news surrounding artificial intelligence and hype for AI-themed cryptocurrencies.
The price increase in Autonolas (OLAS) saw its price climb from around $2.72 to over $4.67, according to CoinMarketCap. OLAS also boasted an uptick in daily trading, attracting more than $11 million in on-chain activity on exchanges like Uniswap. The increase in activity marked a 150% jump in 24 hours.
OLAS operates as a unified network of off-chain services providing automation, oracles, and co-owned AI. The protocol supports Ethereum, Polygon, Gnosis, and Solana blockchains.
With a market cap of around $225 million, OLAS sat just outside the top 2,000 cryptocurrencies in the world after hitting its all-time high of $5 on Dec. 5. While the specific factors pushing the price of OLAS are vague, the token is likely rallying alongside an array of cryptos experiencing price gains in the broader digital asset ecosystem.
Bitcoin (BTC) has seen a resurgence in price during 2023 and more than doubled in value since the token seemingly bottomed out at $16,000 in late December 2022. The market buoyed with BTC as expected approvals for spot Bitcoin ETFs from the U.S. Securities and Exchange Commission (SEC) garnered industry-wide optimism.
Crypto AI tokens have also received attention since OpenAI released ChatGPT, and digital assets drew additional interest as Tesla billionaire Elon Musk debuted his chatbot, Grok AI. The news sparked a raft of Grok-theme cryptocurrencies, which soared in value within hours of their launch, though the tokens are unaffiliated with Musk’s Grok chatbot.
