Rejuve.AI (RJV), a Cardano-linked artificial intelligence token, is experiencing a very high level of volatility today as its price just jumped to a new all-time high (ATH). At the time of writing, the token has soared by 153.27% over the past 24 hours and is trading at a spot price of $0.1135.
While most tokens are reeling from the pangs of the yet-to-be-cleared crypto winter and amid the current banking woes in the industry, Rejuve.AI is seeing some of its most ambitious price actions of all time. For a project that has been in existence for over a year, RJV touched an ATH of $0.138 about three hours before press time.
The growth of the token can be attributed to its recently completed Token Generation Event (TGE), which succeeded some of its scheduled community funding round events. The generation of the tokens marked a new milestone for a digital currency that aims to revolutionize human health.
The token design has an affiliation with both Ethereum (ETH) and Cardano (ADA), tapping the influence of two of the most versatile proof-of-stake (PoS) Layer 1 protocols.
Riding AI hype
The ongoing hype surrounding the Rejuve.AI protocol and token can be attributed to the general hype in the artificial intelligence ecosystem today. With the advent of ChatGPT from OpenAI, many crypto projects are now pivoting into the AI world, developing solutions and applications that can help push the frontiers and boundaries of both AI and blockchain technology.
Besides Rejuve.AI, SingularityNET (AGIX) is another Cardano-linked AI project that has made the limelight thus far this year. The SingularityNET agenda is simple, and it is designed to help anyone easily "create, share, and monetize" AI services, thanks to its globally accessible AI marketplace.
Many proponents are advocating building products that will operate at the intersection of AI and blockchain, and that is what Rejuve.AI is currently working on.