Tron plunges into the AI hype as Justin Sun unveils AI integration plans. TRX rises to a new 5-month high, but selling pressure is creeping in as it goes to press.
In recent weeks, we have seen multiple crypto projects join the AI hype. The Tron network is the latest blockchain project to follow this path. Its founder Justin Sun recently revealed his plan to tap into AI.
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According to Sun, Tron should embrace AI to improve the process of information dissemination. Tron’s main target segments are investment management tools and oracle services.
Sun expects the latter to provide more accurate on-chain data when integrated with AI. He also expects that integrating AI with management tools will bring benefits, such as increasing the resilience of smart contracts to security threats.
AI is transforming the technology industry and #TRON is at the forefront of this revolution with its #AI-oriented integrations.
– Oracle services
– Investment management tools
– Payment infrastructure
– Content creation
🧵— HE Justin Sun🇬🇩🇩🇲🔥₮ (@justinsuntron) February 9, 2023
The CEO of Tron noted that AI can also be integrated into the content creation space via NFTs. But what does all this mean for Tron’s performance? Tron’s proprietary cryptocurrency TRX has been one of the most consistent coins in terms of maintaining its edge.
Most of the top coins have experienced a significant slowdown or even some selling pressure since early February. This is not the case for TRX, which hit a new 5-month high of $0.071 this week.
Source: TradingView
TRX’s RSI indicator confirms that the cryptocurrency has maintained healthy relative strength. In other words, TRX managed to outperform investor sentiment so far this month.
Weighted sentiment ended January with an increase, followed by a sharp decline.
Source: Sentiment
TRX on-chain volume also showed an increase since early February, contrary to weighted sentiment. This was mostly bullish volume as price reacted with some upside.
This performance may have been boosted by an increase in development activity. The latter recovered strongly in the first week of February, after previously registering a sharp decline in the last week of January.
Source: Sentiment
Can TRX hold its course?
TRX has experienced a decline in volatility since early February. This suggests that the market hype seen earlier in January is fading.
This can result in a situation where there is less demand. Such a result could cause a significant spillover, especially if market conditions allow.
Source: Sentiment
Tron’s market cap is already showing signs of profit taking. It tanked between Wednesday and Thursday (February 8 and 9) with about $258 million. Traders should thus keep a close eye on the current trajectory, especially as the weekend approaches.
This post Tron is exploring AI-powered oracle services to increase the accuracy of on-chain data
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