COAI, ChainOpera AI’s native token, has surged over 70% in the past 24 hours, emerging as the market’s top gainer.
The market appears to be splitting as the coin continues to gain momentum. While some remain bullish on altcoins, others have expressed concerns about the project.
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COAI price soars as traders become bullish on altcoins
The COAI token has made a significant comeback after experiencing a correction to all-time highs. The altcoin rose 71.39% in the past 24 hours, outperforming the broader crypto market, according to data from BeInCrypto Markets.
COAI’s performance ranks it as the coin with the highest daily appreciation rate among the top 300 coins on CoinGecko. Additionally, 77% of traders maintain a bullish stance on the token. At the time of writing, it was trading at $14.
In addition to price, COAI has been adopted by a wide range of investors. Despite being only a month old, the token has amassed more than 50,000 holders.
“Thank you for the love of our community. We now have over 50,000 COAI holders,” the team posted.
Additionally, the token has received significant interest from the community. According to data from analytics platform LunarCrush, COAI was mentioned 2,393 times per day, an increase of 1,308% from typical daily activity.
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A recent analysis of over 2,000 COAI posts showed the following sentiments: was driven Analyzed by three themes: trading opportunities (35%), Bitget’s listing (30%), and ChainOpera’s focus on decentralized AI (20%).
“Traders see $COAI as a potential investment opportunity, with many posts highlighting the profit potential and the project’s focus on AI…The project’s focus on AI and its integration with blockchain is seen as a positive factor, with many users touting it as a potential ‘next big thing,’” LunarCrush said.
Experts warn COAI could become the next major crypto scam amid rapid rise
Despite COAI’s meteoric rise, skepticism remains. According to the data, 10 wallets hold 87.9% of the tokens, raising centralization concerns. Previously, blockchain analysis firm Bubble Maps claimed that a single company is behind half of the top COAI wallets by revenue.
“We thought COAI was just a hype coin, but it turns out it was much worse. There’s a complete scam going on. Fake products concocted with AI. Fake decentralization… and CEX helped it by listing garbage. Retailers get dumped while insiders get rich and walk away. It’s time for this space to stop rewarding scams,” the analyst said.
Another analyst, Victor, pointed out similarities between COAI and MYX Finance (MYX), calling the former “October’s top scam”.
“Seeing as M, MYX, AIA, and COAI all happened within two months, we are of the strong opinion that the scale of fraud allowed on Binance and ByBit is now unprecedented,” he wrote.
While proponents see COAI as a promising project at the intersection of AI and blockchain, critics warn it could turn into yet another short-lived hype, or worse, an organized scam. As the debate rages on, only time will tell whether COAI will prove its legitimacy or fade away as just a cautionary tale in the crypto market.
