The native token of agentic AI platform ai16z, developed by ai16z, experienced a surge in value following the disclosure of details regarding the upcoming update to its AI operating system, Eliza.
On January 14, ai16z (AI16Z) saw a 35% increase, reaching an intraday high of $1.27, as its market capitalization grew from $1 billion to almost $1.4 billion. This surge was driven by heightened trading activity, with daily volume rising by 33% to $646 million. The altcoin also gained popularity on CoinGecko.
This rise coincided with the broader recovery of the cryptocurrency market, providing additional momentum to AI16Z’s price movement.
The founder of the project, Shaw, shared information about the version 2 update to Eliza, the operating system that powers the Agentic AI platform Eliza. The update is expected to introduce advanced features such as full autonomy for seamless operation, unified wallet abstraction for efficient asset management, and a sophisticated plugin registry to facilitate diverse integrations.
The rally gained further traction following the release of the official technical whitepaper for Eliza on January 14.
Simultaneously, there has been an increase in demand for the AI-powered meme coin among derivative traders. According to data from CoinGlass, the open interest in the AI16Z futures market grew by 10% to $193.9 million.
In light of the recent hype surrounding AI Agentic, whale investors have turned their attention to AI16Z. A whale recently withdrew 5.64 million AI16Z tokens, valued at $6.37 million, from the centralized exchange Gate.io, holding a total of 15.95 million AI16Z tokens worth around $17.86 million.
Furthermore, smart money investors have reportedly begun accumulating the token, a trend often viewed as bullish by crypto investors, particularly for altcoins with smaller market caps.
From a technical perspective, indicators suggest a potential continuation of the current rally. AI16Z’s price remained above the 50-day Moving Average, indicating bullish control. The Average Directional Line indicator registered a reading of 40, signaling strong trend strength when above 25. The diminishing size of histogram bars on the Moving Average Convergence Divergence bars also points towards a bullish reversal. Additionally, the Relative Strength Index at 47 suggests room for further gains before entering the overbought zone.