Solana-Based AI Altcoin Explodes After Earning Support From Crypto Exchange Binance

A Solana (SOL)-based altcoin project with an artificial intelligence (AI) focus is soaring after gaining support from Binance, the world’s largest crypto exchange.

In a new announcement, Binance says it’s listing decentralized AI computing network io.net (IO) for trading on its platform.

“Binance is excited to announce that io.net (IO) has been added to Binance Simple Earn, ‘Buy Crypto’ and Binance Convert. In addition, Binance will add IO on Binance Margin, Binance Futures and Binance Auto-Invest at 2024-06-11 14:00 (UTC), 2024-06-11 14:00 (UTC) and 2024-06-13 10:00 (UTC) respectively.”

IO is trading for $5.66 at time of writing, up nearly 52% in the last 24 hours. The altcoin, with a market cap of just over $534 million, reached an all-time high of $5.84 following the Binance announcement.

The io.net project aims to create a decentralized computing network that allows machine learning engineers to access distributed cloud clusters at a lower cost. The intent is to address the challenges of traditional cloud service providers that have inadequate capacity, creating problems such as high costs and longer wait times to access hardware with cloud services.

Says the project team,

“Our vision is to build IO to be the currency of compute, powering an ecosystem of products and services that enable access to compute as a resource and as an asset.”

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