AI-Focused Layer-1 Blockchain Altcoin SAHARA Flames Out Following New Binance Listing

An artificial intelligence (AI)-based altcoin is faltering after gaining support from the world’s largest crypto exchange platform by trading volume.

In a new announcement, Binance says that it is adding support for Sahara AI (SAHARA), a decentralized AI platform that enables users to develop and monetize AI models, datasets and applications.

“Binance is excited to announce that Sahara AI will be added to Binance Simple Earn, ‘Buy Crypto,’ Binance Convert, Binance Margin, and Binance Futures.”

News of the addition had a negative impact on the price of SAHARA, as the digital asset went from a peak of $0.141 earlier today to its current price of $0.096, a dip of over 32% in just a few hours.

Earlier this week, SAHARA was also added to Binance Earn, a program that allows traders to generate passive income by staking crypto.

In its official litepaper, the development team behind Sahara AI says its purpose is to address the common issues found in centralized AI platforms.

“Centralized AI platforms come with significant limitations and risks, including concerns for privacy, deepening economic disparities, and restricted access to resources.

This creates significant barriers that hinder widespread innovation, limit participation in AI development from diverse backgrounds, and restrict access to AI technologies across different communities. Sahara AI addresses these challenges by decentralizing AI ownership and enabling broader participation in its development.”

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Featured Image: Shutterstock/Dan Collier/Nikelser Kate