TARS AI (TAI) and AIOZ Network tokens emerged as top performers in the cryptocurrency market on Friday, driven by a resurgence in demand for artificial intelligence (AI). TAI surged to a peak of $0.2200 during the day, marking its highest level since June 16th.
Similarly, AIOZ Network saw a rebound to $0.60, reaching its highest point since June 15th. The token has climbed more than 41% from its lowest point this year. Other AI tokens such as Akash Network, SingularityNET, and Fetch also experienced a bounce.
AIOZ Network vs TARS AI
TARS AI Token Burn
This positive momentum was reflected in the stock market as well, with companies like Nvidia, C3.ai, and AMD recording gains of over 0.50%.
The surge in these tokens followed significant developments. Tars, an AI infrastructure network built on Solana, announced a token burn of 100 million tokens valued at over $15 million, accounting for approximately 10% of the total circulating supply.
Token burning is a crucial practice in the crypto industry that involves permanently removing tokens from circulation by sending them to an inaccessible address, aiming to enhance the token’s value by reducing its supply.
Tars also revealed plans to introduce .ai domains on the Solana platform, with the goal of emulating the success of Ethereum Name Service (ENS), which has registered millions of domains in recent years.
Earlier in the month, developers announced the launch of an AI fund consisting of 10 million TAI tokens, intended to support developers in key sectors such as DePin, retail products, computation, and finance.
AIOZ Network Node Upgrade
Meanwhile, the AIOZ Network token saw an uptick following the release of the latest version of the AIOZ Node, introducing new features including transcoding functionality. This feature allows users to engage in video transcoding, converting video files into various formats.
The gains seen in TAI and AIOZ tokens are likely to be sustainable if Bitcoin stages a recovery. Recent attempts by Bitcoin to rebound have stalled around $61,000, where it has been trading sideways in recent days. Typically, altcoins tend to follow Bitcoin’s direction in the market.