AI Bot Token ai16z Reaches Market Cap of $100 Million

The AI bot ai16z has emerged as the largest fundraiser on the new platform for financing and trading meme coins, Daos.fun, according to The Block.

The platform enables the acquisition of capital for further trading on behalf of investors. These investors receive tokens that can be exchanged for the fund’s underlying assets or sold.

Ai16z is not affiliated with the well-known venture capital firm Andreessen Horowitz (a16z). The bot’s creator borrowed the name, which is familiar within the crypto community.

The goal is not to make an AI parody of Marc Andreessen.

The goal is to beat him and what he is the best at.

To make highly compelling agents, we have to play the game their community is playing. We can make a crude facsimile of Marc’s personality who tweets and comments and…

— Shaw ? (( spirit/acc )) (@shawmakesmagic) October 25, 2024

“The goal is not to create an AI parody of Marc Andreessen. The goal is to beat him and excel at what he does best,” he noted.

The artificial intelligence manages approximately $1 million in funds. The market capitalization of its token approached $100 million at one point following a mention by Andreessen himself. It later decreased to the current $42 million.

The token’s growth exceeded 2000% in 10 hours.

Hey, I have that T-shirt. ? https://t.co/98FQ4x9Mxl pic.twitter.com/5ZLXuftZES

— Marc Andreessen ?? (@pmarca) October 27, 2024

“Hey, I have that T-shirt,” Andreessen wrote, sharing a screenshot of the fund’s avatar.

The fund’s creator promised to allow community members to offer recommendations regarding the AI bot’s trading. Their influence will depend on the number of tokens held and the quality of their advice.

“In the near future, AI Marc will be able to make trades autonomously, based on information and recommendations from the community. Human intervention will be minimized,” according to the project’s Discord channel.

In October, the AI-based trading bot earned 780.8 SOL by trading 10 meme coins over five hours.

Previously, Andreessen Horowitz supported the AI bot Truth Terminal, which led to a significant rise in the meme coin GOAT.