One artificial intelligence (AI)-focused altcoin is surging after going live on South Korea’s largest crypto exchange, Upbit.
The information finance (InfoFi) protocol Kaito (KAITO), which is built on the Base network, soared by more than 45% amid the Upbit listing news.
Kaito was trading at a low of $1.49, before surging to a high of $2.17.
KAITO has since stabilized and is trading for $1.76 at time of writing. With a market cap of $426.8 million, the altcoin is the 168th largest crypto project.
Last month, top US crypto exchange Coinbase added support for Kaito with an experimental label. The experimental label was created by the exchange to designate certain digital assets as riskier, lower-liquidity tokens.
Binance, the world’s largest crypto exchange by volume, also added support for the digital asset last month.
KAITO aims to solve the issue of fragmentation within the crypto space by utilizing AI. Fragmentation is when the crypto markets become increasingly divided by blockchains, leading to different sets of standards, a lack of interoperability and stagnation.
According to its official website, Kaito also aims to build a network that “integrates AI-powered insights with market dynamics to ensure that attention and capital flow to where it creates the most value.”
“In this system, AI leverages algorithms to tokenize the digital economy, while market forces serve as the arbiter of value by drawing on the collective participation of all market players. AI-powered InfoFi establishes a new distribution network that is fairer, more transparent and more efficient.”
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