TARS AI and AIOZ Network Experience Price Increase Following Ecosystem Update
On Friday, TARS AI (TAI) and AIOZ Network tokens emerged as top performers in the cryptocurrency market as interest in artificial intelligence (AI) surged. TAI soared to a peak of $0.2200 during the day, marking its highest level since June 16th.
Similarly, AIOZ Network saw a rebound to $0.60, reaching its highest point since June 15th. The token has surged by more than 41% from its lowest point this year. Other AI tokens like Akash Network, SingularityNET, and Fetch also experienced a resurgence.
In comparison, the stock market also witnessed positive movements, with companies such as Nvidia, C3.ai, and AMD recording gains of over 0.50%.
The rise in these tokens followed significant developments in the industry. Tars, an AI infrastructure network built on Solana, announced a token burn of 100 million tokens valued at over $15 million. This move accounted for approximately 10% of the total tokens in circulation.
Token burns play a crucial role in the crypto sector by permanently eliminating tokens from circulation, thereby enhancing the value of the token through supply reduction. Tars also revealed plans to introduce .ai domains on the Solana network, aiming to replicate the success of Ethereum Name Service (ENS), which has registered millions of domains in recent years.
Earlier in the month, Tars developers announced the launch of an AI fund comprising 10 million TAI tokens. The fund will support developers in key sectors such as DePin, retail products, computation, and finance.
On the other hand, AIOZ Network’s token price surged following the release of the latest version of the AIOZ Node, which introduced new features, including transcoding functionality. This feature enables users to engage in video transcoding, a process that converts video files into various formats.
The upward momentum of TAI and AIOZ tokens is expected to be sustained if Bitcoin stages a recovery. Despite recent attempts to bounce back, Bitcoin has struggled around the $61,000 mark, remaining stagnant in recent days. Typically, altcoins tend to move in tandem with Bitcoin’s price movements.
