ai16z token rockets 50% after nod from top venture firm

Ai16z’s token rocketed more than 50% on Nov. 18 after a top executive at venture firm a16z, the token’s namesake, acknowledged the project in a post on the X platform.

Ai16z touts itself as a decentralized autonomous organization (DAO) directed by an artificial intelligence agent named Eliza. Its name references venture firm a16z, but the entities are not directly related.

On Nov. 18, an X post from Eddy Lazzarin, a16z Crypto’s chief technology officer, tipped an ongoing dialogue between the venture firm and the eponymous ai16z DAO.

Shaw, one of ai16z’s founders, posted on X asking for a contact at a16z. Lazzarin promptly responded, saying, “Check your DMs [direct messages],” implying an openness to publicly collaborate with the DAO.

In the past 24 hours, the AI16Z token price has risen nearly 55%, according to CoinGecko. It now trades at a more than $480 million market capitalization after launching on Oct. 24.

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“If we are comparing this meta to defi summer then $ai16z is the $AAVE of this world… the tech that everybody forks,” pseudonymous cryptocurrency influencer 0xMerp said in a Nov. 18 X post.

Merp is referring to decentralized finance (DeFi) protocol Aave’s prominent role in decentralized finance’s 2021 bull market.

Ai16z aims to use decentralized AI to direct investments and support projects in the blockchain ecosystem.

“DAO holders will have the opportunity to advise on investment decisions, and our AI will diligently track the performance of these recommendations,” ai16z said in an Oct. 24 announcement.

“Those whose insights consistently yield positive outcomes will earn the trust and confidence of our AI.”

Ai16z is governed by Eliza, “a flexible AI tool for creating unique, interactive characters that can connect to Discord and Twitter,” according to a16z’s website.

Eliza “can read links, PDFs, audio, and video, remember conversations, and summarize them for easy review.”

Eventually, ai16z aims to “deploy a network of specialized agents, each optimized to fulfill essential functions within the digital realm – from welcoming new members and moderating discussions, to participating in online social games and beyond,” it said on Oct. 24.

Agentic AI has emerged as a hot theme for liquid token investors after a16z co-founder Marc Andreessen donated $50,000 worth of Bitcoin (BTC) to Truth Terminal, a semi-autonomous AI agent, in July.

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