No one could deny the incredible surge in value and interest that Solana-based altcoins and AI-based cryptocurrencies have experienced lately. Among the most prominent victors is io.net’s native token, IO, which impressively soared past the $5 milestone, marking a staggering 50% growth in a matter of hours following a pivotal listing announcement.
Unsurprisingly, curiosity about the forces driving this remarkable upswing in investor interest in io.net is on the rise. A significant factor is undoubtedly the revelation by Binance, the world’s largest cryptocurrency exchange, that io.net would soon enjoy representation on a multitude of their platforms, such as Binance Simple Earn, Binance Convert, Binance Margin, Binance Futures, and Binance Auto-Invest.
Just the whisper of this news sent IO on a vertical trajectory, culminating in an impressive record high of $5.99. This phenomenal leap catapulted the token to the top of the charts of Solana-based tokens. For those unfamiliar with this enigma that is io.net, one question remains – what is it, and why are investors pouring money into this token?
Ao.net is an innovative endeavor that seeks to build a universally accessible, decentralized cloud computing network. The aim is to provide cost-effective, flexible, and unrestricted access to computational power while homing in on the burgeoning requirement for GPU power, a result of the explosive growth of AI applications.
This is no small undertaking. Established cloud computing infrastructures grapple with several hardships – high costs, restricted availability, and lengthy waits. io.net seeks to alleviate these issues by tapping into GPUs from underutilized sources such as idle crypto-mining farms and independent data centers. The brainchild behind this concept is an offering of computational power at a fraction of the cost of centralized providers, potentially reaching lows of up to 90%.
Coming down to the economics of IO tokens, io.net uses distributed computing libraries to catalyze parallel training. Training models on a solo device often run into the barricades of CPU/GPU memory limitations. io.net builds a bridge over this hurdle by organizing and batch-training jobs over multiple devices, utilizing data and model parallelism, escalating training efficiency.
Additionally, io.net underscores the importance of reinforcement learning (RL) workloads by integrating an open-source RL library. This function propels the evolution and deployment of intricate RL models courtesy of a simple set of application programming interfaces (APIs).
With regard to the sale and distribution of tokens, io.net boasts a methodical approach to ensure a steady and controlled flow, while fostering long-term stability and growth of this enterprising ecosystem. Roughly 95,000,000 IO tokens would be up for grabs upon the Binance listing, accounting for around 19.00% of the Genesis supply. The upper limit for the token supply rests at 800,000,000 IO tokens, with allowances mapped out for private sales, a public launch along with provisions for the team, advisors, and ecosystem treasury.
At present, the Solana-based token IO is holding steady at $5.67. Only time will reveal if the present upward swing remains consistent in the wake of the initial excitement over the Binance listing. The token didn’t leave onlookers waiting long, speedily attaining a market cap of $543 million, signifying a substantial flood of investments into the newly unveiled IO token.
Parallel to this progress of IO, dogwifhat (WIF), a fellow Solana-based coin, is picking up steam after a recent sharp downturn. The token stands confidently at the $2.68 level, celebrating a 6% growth in the past 24 hours.
As for Solana itself, the cryptocurrency currently trades at a steady $156, noting a 5.5% rise within the last 24 hours. Despite experiencing a near 10% drop in price over the past week, Solana, with a respectable market capitalization of over $72 billion, retains its title as the fifth largest cryptocurrency.