TARS AI (TAI) and AIOZ Network tokens were among the best-performing cryptocurrencies on Friday as demand for artificial intelligence (AI) rebounded. TAI jumped to an intraday high of $0.2200, its highest point since June 16th.
Similarly, AIOZ Network rebounded to $0.60, its highest level since June 15th. It has risen by more than 41% from its lowest level this year. Other AI tokens like Akash Network, SingularityNET, and Fetch also rebounded.
AIOZ Network vs TARS AI
TARS AI token burn
This performance also happened in the stock market, where companies like Nvidia, C3.ai, and AMD rose by over 0.50%.
These tokens also rose after they made several important news. Tars, an AI infrastructure network on Solana, announced that it had burned 100 million tokens worth over $15 million. These tokens accounted for about 10% of those in circulation.
A token burn is an important aspect of the crypto industry that permanently removes tokens in circulation by sending them in an address that cannot be accessed. It is meant to improve a token’s value by reducing its supply.
Tars also announced that it would bring .ai domains to Solana. Its goal is to replicate the success of Ethereum Name Service (ENS), which has registered millions of domains in the past few years.
Earlier this month, the developers announced that they would launch an AI fund worth 10 million TAI tokens. The funding will go to developers in key sectors like DePin, retail products, computation, and finance.
— TARS AI 🤖 (@tarsprotocol) June 14, 2024TARS is taking a monumental step towards developments in AI.
Today, TARS announces the AI Fund that will dedicate 10,000,000 $TAI to creating the most advanced AI ecosystem natively on Solana.
Sectors we are focused on:
✧ DePin
✧ Retail products
✧ Computation
✧ Finance… pic.twitter.com/y8kRaW7Vbx
AIOZ Network node upgrade
Meanwhile, AIOZ Network’s token rose after the developers launched the latest version of the AIOZ Node. The new version brought new functionalities, including the introduction of the transcoding functionality. Transcoding enables users to participate in video transcoding, a process that converts video files into different formats.
— AIOZ Network (@AIOZNetwork) June 28, 2024We are excited to unveil the latest version of the AIOZ Node: The Version 4.0 update!
This update includes a new user interface and brings substantial functional improvements, enhancing your overall experience for increased productivity and efficiency.
More information below:… pic.twitter.com/9S9Cyrgbsh
The TAI and AIOZ gains will likely be sustainable if Bitcoin bounces back. Its recent attempts to rebound have faded at around $61,000, where it has been stuck in the past few days. In most cases, altcoins move in the same direction as Bitcoin.