$IO AI Token Explodes with $2B Volume – New AI Coin Steals the Show
The token powering decentralized GPU network IO.net ($IO) has positively exploded overnight, growing 28% as 24-hour trade volume hit a staggering $1.84 billion.
Not bad going for a token with a market cap of just over $400 million, making it the 169th biggest cryptocurrency at the time of writing.
The news is driven by yesterday’s Binance listing, which greatly boosted the token’s liquidity on the open market. Indeed, centralized crypto exchange Binance needs no introduction, being the world’s largest exchange with a 49% share of the market as of March this year.
However, IO.net does need an introduction. It touts itself as a blockchain-based answer to the problem of GPU distribution.
Since there is simultaneously both a global shortage of compute and a ton of spare compute, IO.net gathers underutilized computing power from independent data centers, crypto miners and consumer GPUs.
This increases the amount of available computing power for those building with machine learning and AI, two very GPU-intensive applications.
The protocol launched in November last year. Its native $IO token is used within the ecosystem to pay for services, transact and pay fees.
Over on the trading chart, we can see a huge vertical increase in price as the $IO token hit Binance. Since then it has traded stably around the $4 mark although there are evident signs of growing demand.
The $IO token was posting steady green candles by the late morning UTC, as it rose to $4.85 at the time of writing.
With a relative strength index (RSI) of 75, it is now a little overbought. This is likely to come down as traders sell to do a spot of profit taking, bringing the asset’s strength back into the healthy 30-70 RSI range.
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