AI16Z’s native token surged over 35% today after its founder revealed details about the upcoming update to its AI operating system, Eliza. The altcoin’s price rose to an intra-day high of $1.27, while its market cap increased from $1 billion to nearly $1.4 billion.
The rally was fueled by heightened trading activity, with daily volume jumping 33% over the past day to $646 million. This coincided with the overall crypto market recovering from a recent downturn, adding further momentum to AI16Z’s price movement.
According to founder Shaw, the version 2 update to Eliza will deliver advanced features such as full autonomy, unified wallet abstraction, and a sophisticated plugin registry. The official technical whitepaper for Eliza was also released on January 14, which may have contributed to the surge in interest.
Whale investors have shifted their focus to AI16Z, with one recent whale withdrawing $6.37 million worth of tokens from Gate.io. Smart money investors have also started accumulating the token, seen as a bullish trend by crypto investors.
AI16Z’s technical indicators point to a potential extension of the current rally. The altcoin was positioned above the 50-day Moving Average, and further analysis suggests that bulls are still in control. A reading above 25 on the Average Directional Line indicator signals strong trend strength, while diminishing histogram bars indicate a bullish reversal.
Source: https://crypto.news/heres-why-ai16z-surged-over-35-today