While the AI and big data cryptocurrency segment is in the red today, some unusual assets recorded massive milestones. Botto (BOTTO), the DAO-run “decentralized freelance artist” governance cryptocurrency, more than doubled its market capitalization in just one week.
AI BOTTO Crypto Token Surges 130%: Possible Reasons
BOTTO, a native utility and governance cryptocurrency central to the art generation AI project of the same name, has seen its price rise by over 130% in the last seven days. According to CoinMarketCap data, its rates increased from $0.13 to over $0.32 since the previous Monday.
For the first time, BOTTO’s net market capitalization exceeded $10 million. At press time, BOTTO’s market capitalization stabilized at around $12 million.
Most of its trading volume is associated with the BOTTO/WETH pair on the Uniswap v3 decentralized exchange. Fourteen percent of the trading volume is recorded on MEXC, a top-tier cryptocurrency exchange. It listed the BOTTO alongside the US Dollar Tether (USDT), the largest stablecoin.
Technically, Botto is an AI-powered decentralized art generator that leverages the tools of Stable Diffusion, VQGAN + CLIP, GPT-3, and several custom algorithms. It generates images in various styles, largely surreal.
The protocol is fully governed by BottoDAO, a community of token holders who could also contribute to the art generation process.
Crypto VC Variant Fund is Bullish on BOTTO, Here’s Why
BOTTO holders receive a share of sales from each artwork generated by Botto (BOTTO); To receive rewards, the “entry barrier” is set at 2,000 BOTTO tokens.
On October 25, it was announced that renowned crypto venture fund Variant invested $500,000 in the seed round of Botto (BOTTO).
Caleb Shough, Variant’s CFO and COO, is excited about the uniqueness of the protocol and the results of its AI-powered imaging processes:
The wasteland of AI-generated art created last year solely from “How to Use Midjourney” threads predisposes many people to downgrade all AI art as algorithmic, vibeless, and cheap. But Botto goes beyond any algorithmic tool; It has memory, adaptation and purpose.
As U.Today previously reported, another AI cryptocurrency, Fetch.AI (FET), added 55% overnight on news of tech launches and partnerships.
