BOTTO, native token of DAO-governed AI generator of artwork, witnessed excellent rally in last seven days
While the segment of AI and big data cryptocurrencies is in the red today, some unusual assets recorded massive milestones. Botto (BOTTO), the governance cryptocurrency of DAO-managed "decentralized autonomous artist," more than doubled its market cap in just one week.
AI crypto token BOTTO rallies by 130%: Potential reasons
BOTTO, a core native utility and governance cryptocurrency of the eponymous AI project for art generation, has seen its price spike by over 130% in the last seven days. Per CoinMarketCap data, its rates spiked from $0.13 to over $0.32 since the previous Monday.
Image by CoinMarketCap
For the first time ever, the net market capitalization of BOTTO spiked over $10 million. As of press time, BOTTO's market cap stabilized at about $12 million.
The largest share of its trading volume is associated with the BOTTO/WETH pair on decentralized exchange Uniswap v3. Fourteen percent of trading volume is registered on MEXC, a top-tier cryptocurrency exchange. It listed the BOTTO in pair with U.S. Dollar Tether (USDT), the largest stablecoin.
Technically, Botto is a decentralized AI-powered artwork generator that leverages the instruments of Stable Diffusion, VQGAN + CLIP, GPT-3 and a number of custom algorithms. It generates images in various styles - largely, surrealistic ones.
The protocol is fully governed by BottoDAO, a community of token holders who might also contribute to the process of art generation.
Crypto VC Variant Fund bullish on BOTTO, here's why
BOTTO holders receive a share from the sales of every artwork generated by Botto (BOTTO); to receive rewards, the "entry barrier" is set at 2,000 BOTTO tokens.
On Oct. 25, it was announced that renowned crypto venture fund Variant invested $500,000 in the seed round of Botto (BOTTO).
Caleb Shough, CFO and COO of Variant, is excited by the uniqueness of the protocol and the results of its AI-powered image generation processes:
The wasteland of AI-generated art created in the last year from “How to use Midjourney” threads alone predisposes many people to degrade all AI art as algorithmic, vibe-less, and cheap. But Botto reaches beyond any algorithmic tool; it has memory, adaptation, and purpose.
As covered by U.Today previously, another AI cryptocurrency, Fetch.AI (FET), added 55% overnight on the news of tech releases and partnerships.