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ThecoinrepublicCryptocurrencyThe Centralization Of io.net With The Decline...
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The Centralization Of io.net With The Decline In Price

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Io.net is one of the largest decentralized AI computing networks in the crypto-verse. It allows machine learning engineers to access scalable distributed clusters at a small fraction of the cost of comparable centralized services. The protocol can create clusters of tens of thousands of GPUs anywhere in the world while maintaining low latency for deployers. The centralized clouds can take weeks to deploy, while users can access the io.net network in a matter of seconds.

Source:io.net

DePINs like Render and Filecoin also supply their compute capacity to io.net in order to access monetization from AI/ML companies. The protocol also enables an ecosystem of products and services built on top of the computer while bringing AI to the world by reducing costs for innovators. Let’s have a look at the on-chain analytics of io.net

Will The Token Unlock Put Bearish Pressure On The IO?

io.net has a massive grid of GPUs across 138+ countries. It has more than 5300 GPUs in the USA and 9210 active CPUs in the USA. Per their website, you can get on-demand GPU access for $0.36 per/h with over 52% of the savings. One can also unlock compute in seconds with the Solana pay. 

Source: Holders by io.net

IO has a total supply of 800,000,000 IO, of which only 11% of the supply is circulating in the market. It has a total of 82,043 holders, which has increased slightly in the last few weeks. As per the Coincarp, the top 10 holders of the IO have over 93% of the total supply, while the top 100 holders have over 99.7% of the total supply.

Source: IO transfers by Solscan 

The number of transfer values of IO has declined in the last three months. The transfer value has decreased from the highs of 491 Million to 186 Million. Let’s see the price action scenario of the IO price

Is The Launch Of IO Not As Successful As Their Whales Imagined?

Ritika_TCR on TradingView.com

IO has a market cap of $496 Million and is currently ranked 132nd in the cryptoverse. The volume of the asset price has observed a decline of over 52% in the intraday session. The VM ratio of 1.8 suggests bearish momentum in the price. IO price is currently trading near the value of $5.25, with a drop of 13% in the past 24 hours.

As per the hourly chart of the IO, strong bullish candles are formed. It is trading above the 50 EMA on the 4-hour chart. The upside trend of the IO token price can see a halt near the value of $6.5. Meanwhile, the support of the token price can be seen near $4.8

Conclusion

IO token has a net centralization in the overall supply. The token will see an unlock after a few days of $11 Million, which can put a solid bearish pressure. IO token price is currently in consolidation but can see a new high in the future.

Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Nancy J. Allen
Nancy J. Allen
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and a minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
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