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Is it time to buy?
Altcoins based on Solana and artificial intelligence AI-powered coins have seen a surge in investment and price appreciation in recent months. Notable winners include io.net’s native token IO, which broke through the $5 mark and saw a substantial 50% increase just hours after a major listing announcement.
What drives investor interest in io.net?
The world’s largest cryptocurrency exchange, Binance, revealed that io.net will be added to various platforms, including Binance Simple Earn, Binance Convert, Binance Margin, Binance Futures and Binance Auto-Invest.
This listing news took IO to a record high of $5.99, making it one of the most profitable tokens 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?
Basically, io.net aims to create a decentralized and globally accessible cloud computing network. This network reportedly provides cost-effective, flexible, permissionless access to computing capacity, specifically targeting the growing demand for GPU power driven by the rapid growth of Applications of artificial intelligence.
One of io.net’s key propositions lies in addressing the challenges faced by traditional cloud computing infrastructures, including high costs, limited availability and long wait times.
io.net addresses these issues by aggregating GPUs from underutilized sources such as standalone and idle data centers cryptocurrency 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 parallelism of the model to improve training efficiency.
Additionally, io.net supports reinforcement learning (RL) workloads using an open source RL library. This feature easily enables the development and deployment of complex RL models, using a simple set of application programming interfaces (APIs).
Regarding token sales and the economy, io.net has a strategy to ensure a constant and controlled flow distribution of tokenspromoting long-term stability and ecosystem growth.
The initial supply circulating at the time of listing on Binance is 95,000,000 IO tokens, representing 19.00% of the Genesis supply. The maximum token supply is 800,000,000 IO tokens, with allocations for private sales, public launch, teams and advisors, and ecosystem treasury.
Performance of Solana-based tokens
At the time of writing, the Solana-based IO token is trading at $5.67. It remains to be seen whether the current bullish trend will be sustained over time following the initial hype surrounding Binance’s listing.
In particular, the token is quickly reached market capitalization of $543 million, indicating a significant influx of investment into the newly launched IO token.
Besides IO, another Solana-based token, dogwifhat (WIF), also saw a recovery after a abrupt correction in the past week. WIF regained the $2.68 level and recorded an uptrend of 6% over the past 24 hours.
In the case of Solana itself, the cryptocurrency is currently trading at $156, reflecting a 5.5% increase over 24 hours. However, the fifth largest cryptocurrency by market capitalization, at over $72 billion, has seen a price drop of nearly 10% over the past seven days.
Featured image from DALL-E, chart from TradingView.com