An under-the-radar project focused on artificial intelligence (AI) is defying the crypto market downturn as tokenomic upgrade plans take shape.
The AI agent project utility token ai16z (AI16Z) is trading at $1.52 at the time of writing, up 23.7% in the last 24 hours.
With a market cap of $1.65 billion, the Solana (SOL)-based altcoin is the 79th largest crypto project.
Meanwhile, Bitcoin (BTC) is down almost 2% on the day and is trading at $91,998 at the time of writing. The total crypto market cap is valued at $3.36 trillion at the time of writing, down 3.4% in the last 24 hours.
ai16z’s market strength comes as the project proposes a new tokenomic plan that aims to increase the value of the utility token by better leveraging the benefits of the ecosystem’s AI agent, known as Eliza.
“The biggest challenge is that while the Eliza agent framework is thriving in terms of adoption and technical innovation, the ai16z token currently lacks strong mechanisms to increase value, resulting in perverse incentives. The partners recognize that this must change to maintain ai16z’s momentum…
Overall, there is a strong consensus that major tokenomics upgrades…
