Major Listing Propels This Solana AI-Based Token To New Peaks Beyond $5: Is it Time To Buy?
June 12 2024 - 10:30PM
NEWSBTC
Solana-based altcoins and artificial intelligence (AI)-based coins
have seen a surge in investment and price appreciation in recent
months. Among the notable winners is io.net’s native token IO,
which surged above the $5 mark and saw a substantial 50% increase
within hours of a major listing announcement. What Drives
Investor Interest In io.net? The world’s largest
cryptocurrency exchange, Binance, revealed that io.net would be
added to various platforms, including Binance Simple Earn, Binance
Convert, Binance Margin, Binance Futures, and Binance
Auto-Invest. Related Reading: Bullish News: Top Analyst
Forecasts Altcoin Bottom Today, Market Poised For Upswing – Here’s
Why This listing news sent IO to a record high of $5.99, making it
one of the top gainers among Solana-based tokens. However, the
recent surge in IO’s price and investor interest begs the question:
What is io.net, and why are investors flocking to this token?
At its core, io.net aims to establish a globally accessible and
decentralized cloud computing network. This network reportedly
provides affordable, flexible, and permissionless access to compute
capacity, specifically targeting the increasing demand for GPU
power driven by the rapid growth of AI applications. One of the
main propositions of io.net lies in addressing the challenges faced
by traditional cloud computing infrastructure, including high
costs, limited availability, and long wait times. io.net
tackles these issues by aggregating GPUs from underutilized sources
such as independent data centers and idle crypto mining farms. By
leveraging these resources, io.net offers computing power at
significantly reduced costs—up to 90% less than centralized
providers. IO Token Sales And Economics io.net leverages
distributed computing libraries to facilitate parallel training.
Training models on a single device often leads to bottlenecks due
to CPU/GPU memory limitations. However, io.net overcomes this
challenge by orchestrating and batch-training jobs across multiple
devices, using data and model parallelism to improve training
efficiency. Additionally, io.net supports reinforcement learning
(RL) workloads by employing an open-source RL library. This feature
easily enables the development and deployment of complex RL models,
utilizing a simple set of application programming interfaces
(APIs). Regarding token sales and economics, io.net has a strategy
to ensure the steady and controlled distribution of tokens,
promoting long-term stability and growth of the ecosystem.
The initial circulating supply upon listing on Binance is
95,000,000 IO tokens, accounting for 19.00% of the Genesis supply.
The maximum token supply is 800,000,000 IO tokens, with allocations
for private sales, public launch, team and advisors, and ecosystem
treasury. Solana-Based Tokens Performance When writing, the
Solana-based token IO is trading at $5.67. It remains to be seen if
the current uptrend will be sustained over time after the initial
hype surrounding the Binance listing. Notably, the token has
quickly reached a market capitalization of $543 million, indicating
a significant influx of investment into the newly launched IO
token. Related Reading: Ex-Ripple Director Explains XRP Price Slide
Amid Good News Alongside IO, another Solana-based token, dogwifhat
(WIF), has also experienced a recovery after a sharp correction in
the past week. WIF has regained the $2.68 level and recorded a 6%
uptrend in the last 24 hours. In the case of Solana itself, the
cryptocurrency is currently trading at $156, reflecting a 5.5%
increase within the 24-hour timeframe. However, the fifth largest
cryptocurrency in market capitalization, over $72 billion, has
experienced a price decline of nearly 10% over the past seven days.
Featured image from DALL-E, chart from TradingView.com
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024