While the segment of AI and big data cryptocurrencies is in the red today, some unusual assets recorded massive milestones. Botto (BOTTO), the governance cryptocurrency of DAO-managed "decentralized autonomous artist," more than doubled its market cap in just one week.
AI crypto token BOTTO rallies by 130%: Potential reasons
BOTTO, a core native utility and governance cryptocurrency of the eponymous AI project for art generation, has seen its price spike by over 130% in the last seven days. Per CoinMarketCap data, its rates spiked from $0.13 to over $0.32 since the previous Monday.
For the first time ever, the net market capitalization of BOTTO spiked over $10 million. As of press time, BOTTO's market cap stabilized at about $12 million.
The largest share of its trading volume is associated with the BOTTO/WETH pair on decentralized exchange Uniswap v3. Fourteen percent of trading volume is registered on MEXC, a top-tier cryptocurrency exchange. It listed the BOTTO in pair with U.S. Dollar Tether (USDT), the largest stablecoin.
Technically, Botto is a decentralized AI-powered artwork generator that leverages the instruments of Stable Diffusion, VQGAN + CLIP, GPT-3 and a number of custom algorithms. It generates images in various styles - largely, surrealistic ones.
The protocol is fully governed by BottoDAO, a community of token holders who might also contribute to the process of art generation.
Crypto VC Variant Fund bullish on BOTTO, here's why
BOTTO holders receive a share from the sales of every artwork generated by Botto (BOTTO); to receive rewards, the "entry barrier" is set at 2,000 BOTTO tokens.
On Oct. 25, it was announced that renowned crypto venture fund Variant invested $500,000 in the seed round of Botto (BOTTO).
Caleb Shough, CFO and COO of Variant, is excited by the uniqueness of the protocol and the results of its AI-powered image generation processes:
The wasteland of AI-generated art created in the last year from “How to use Midjourney” threads alone predisposes many people to degrade all AI art as algorithmic, vibe-less, and cheap. But Botto reaches beyond any algorithmic tool; it has memory, adaptation, and purpose.
As covered by U.Today previously, another AI cryptocurrency, Fetch.AI (FET), added 55% overnight on the news of tech releases and partnerships.
Alex Dovbnya
