Agentic AI platform's native token ai16z has soared after the project plans to launch its Layer-1 blockchain.
ai16z(AI16Z) rose 38% to an all-time high of $1.77 on December 31, while its market capitalization rose from $1.4 billion to over $1.9 billion at that time according to data from crypto.news. The rise was driven by increased trading activity, with daily volume doubling over the past day to $330 million.
Looking at the weekly and monthly charts, the gains were significantly higher at 156% and 383% respectively, making it one of the best-performing assets among the top 100 cryptocurrencies during these periods.
Why did ai16z rise today?
Several catalysts drove ai16z's recent rally, most notably Plans To launch a layer-one open source blockchain designed specifically for AI applications, marking a major step in revamping its token.
In addition, the project will introduce a token launch pad in the first quarter of 2025, which will become the primary platform for deploying AI projects built on the Eliza framework - the project's AI operating system.
The launch pad is expected to include features such as launch fees, staking requirements for access, and pairing a liquidity pool to increase value to the ai16z token. The token will play a dual role, serving as a governance token within the DAO and as a token for platform activities.
Investor sentiment was further boosted by Eliza, as Google surpassed Gemini to become the world's largest AI repository on GitHub in December, as developers and contributors increasingly engaged with its codebase.
$ai16z/eliza is officially the number one trending repository ππ πππ πππππ this December!
— MΞT π΄ββ οΈ.eth / partner @ ai16z /𦩠(@M4T_NFT) December 30, 2024
We've even surpassed Google Gemini π₯
The work our community is doing is absolutely incredible, creating a tsunami in the open-source crypto world unlike anything seen since the⦠pic.twitter.com/v8ZAtZ42SR
The strong market performance, combined with the growing hype around AI agents, has pushed the AI ββtoken to trend on Google and secure the top spot on CoinGecko.
more Accumulation of whales Last week also helped extend the rise of AI-powered cryptocurrencies.
According to December 31 mail By Lookonchain, two wallets owned by the same whale have likely purchased 2.62 million ai16z tokens for 22,641 SOL worth around $4.34 million following recent developments surrounding ai16z.
In addition, another whale acquired 1.19 million ai16z tokens for $1.65 million USD at an average price of $1.39 per token.
Some of the big players are already making huge profits. A few weeks ago, a whale separated I made a profit Valued at $5.66 million after spending $10 million USDC to purchase 13.16 million AI16Z tokens, which later rose to a value of $15.66 million.
In addition, demand for ai16z among derivatives traders has jumped significantly over the past day. according to Data From CoinGlass, open interest in the ai16z futures market has risen a whopping 256% to over $22.5 million at press time.
Such a sharp upward movement usually means that traders are very confident that the current rally can continue.
According to some market experts, ai16z can outperform other AI heavyweights such as Virtual protocol (hypothetical). Daniel Cheung, partner at cryptocurrency VC firm Syncracy Capital, Projects Recent developments have positioned ai16z to outperform VIRTUAL, the largest AI agent creation tool by market cap.
At the time of writing, VIRTUAL's market cap is $3.68 billion, while ai16z's market cap is $1.79 billion.
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