GNO price hits bottom after Gnosis AI launch

Gnosis, whose ecosystem is built on Gnosis Chain, a secure and decentralized EVM Layer 1 network, recently made headlines with the launch of its new division, Gnosis AI.

Announced on July 30, 2024, Gnosis AI is set to merge artificial intelligence with Web3 technologies, focusing on enhancing prediction markets and agent-to-agent payments.

However, despite this significant advancement, Gnosis’s native token, GNO, has seen a notable decline in its market value although it is showing signs of recovery after the Gnosis AI launch.

Gnosis AI launched by GnosisDAO

The launch of Gnosis AI marks a pivotal moment for GnosisDAO, aiming to establish itself as a central hub in the intersection of AI and blockchain.

We are excited to introduce Gnosis AI, a division of Gnosis Labs working at the intersection of AI and web3!

Our vision is to make Gnosis the Schelling point for AI agents in web3.

Details ↓ pic.twitter.com/pesqvtDRes

— GnosisDAO (@GnosisDAO) July 30, 2024

The new division seeks to leverage AI agents to improve the accuracy and efficiency of prediction markets, an area where Gnosis has had substantial expertise since its ICO in 2017.

Prediction markets, though currently less liquid compared to other decentralized finance (DeFi) sectors hold considerable promise for precise forecasting and decision-making.

Gnosis AI’s innovative approach includes developing specialized AI agents capable of tackling market questions with varying strategies. Top-performing agents are reported to achieve approximately 65% accuracy.

A notable feature of Gnosis AI is the “Social Agent,” which acts as a PR representative for trading agents by analyzing recent market bets and providing public explanations.

This initiative aligns with GnosisDAO’s vision of creating a more transparent and effective prediction market ecosystem.

GNO price likely hit bottom

Despite the recent positive advancements for Gnosis, the GNO price has been on a downward trend. As of the latest data, Gnosis (GNO) is ranked at position 131 by market cap with a price of $209.37.

Over the past 24 hours, the token has seen a modest increase of 1.9%, but its performance over the past week and month tells a different story.

The GNO price has decreased by 12.7% over the past seven days and 27.4% over the past 30 days. This decline is part of a broader downtrend, with the token losing 21.3% in the past 14 days.

GNO price chart

However, despite these short-term challenges, the GNO price has experienced a notable gain of 80.6% over the past year.

The contrast between the innovative strides made by Gnosis, particularly with its Gnosis AI launch, and the current market performance of GNO underscores the volatile nature of the cryptocurrency market.

While Gnosis AI’s launch represents a significant technological advancement, it has yet to positively impact the token’s price trajectory.

Investors and industry observers will be keen to see how Gnosis AI’s integration with Web3 will influence GNO’s market performance in the coming months.

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