AI-based tokens gain popularity as the crypto market enters a bull run. The global market cap reached $3 trillion with Bitcoin nearing the $90K mark. Market analyst Spot On Chain showed interesting activity in the AI token space in a post on X today.
According to the update, market maker Wintermute acquired 17.9 million TAI tokens eight hours ago. Spot On Chain also found that in the last 24 hours, TAI holders moved approximately 600 million TAI (around $95 million) between early holders.
What is TAI?
TAI is the native token of TARS AI, which is an AI infrastructure protocol that runs on the Solana blockchain. The token has generated a lot of interest in the crypto community.
In a recent post on X, Market commentator RaAres said that TARS AI will address any concerns over sell pressure by buying TAI tokens from early investors over a 90-day period. This will reduce the circulating supply of TAI. TARS AI will also release an updated tokenomics structure in the next 30 days to explain these changes.
As a result of these actions, the price of TAI rose by over 6% yesterday, and it now trades at $0.1551. The token also rose by more than 29% in the past seven days.
Amid these developments, Spot On Chain noted that the AI sector is gaining significant momentum once again. It cited other AI-related tokens, such as Fetch.ai (FET) and Bittensor (TAO), which have both experienced a 40% increase in value within the past few days.
AI Token Market Growth
Notably, in the past week, the market capitalization of AI-related tokens has nearly doubled. It was $28 billion on November 4th and is over $42 billion as of this day. Many prominent tokens helped with this growth, including Near Protocol (NEAR), which rose by an impressive 52% in the last seven days.
Other standout performers include Internet Computer (ICP), which gained 32%, and Render (RNDR), which has surged by 72% over the same period.
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