- Sui Network is working on projects involving the convergence of AI and blockchain.
- Mysten Labs co-founder highlighted Sui’s investment in AI for its projects.
- SUI has surged 86.02% in the last 30 days and is very close to its ATH.
Sui Network announced it will combine artificial intelligence (AI) and blockchain technology in its upcoming projects to improve efficiency and security.
Mysten Labs co-founder Kostas Chalkias said in an X post on Saturday that the layer-1 blockchain protocol plans to integrate AI and blockchain technology to enhance AI-related services.
AI and Blockchain Integration
Venture capital firm Andreessen Horowitz (a16z) highlighted the benefits of integrating AI and blockchain in its State of Crypto 2024 report. The report noted that the number of crypto projects with AI services and functionalities rose from 27% in 2023 to 34% in 2024. a16z cited Near Protocol (NEAR) as an example of a project that successfully addressed “content verification and intellectual property” issues in the AI sector.
By overcoming the challenges of the AI sector, the blockchain sector has attracted more developers and innovators. Blockchain technology offers transparency, which can help address verification issues that plague the AI sector.
SUI Token’s Performance
According to data from CoinMarketCap, at the time of press, SUI has been trading at $2.10, which is up 3.40% in the past 24 hours. The digital’s asset has a market cap of $5.80 billion and is ranked 18th by valuation. The altcoin has surged 14.49% in the past week and 86.02% in the last 30 days.
Further, SUI is trading very close to its all-time high (ATH) of $2.16 and there are chances that investors might witness a new ATH. This is possible because the Relative Strength Index (RSI) for the altcoin is high. At the time of writing, the value of RSI is 61.78, indicating strong buying pressure.
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