Numerai’s NMR token is up nearly 9% in the last 24 hours as the project reports better-than-expected investment results in 2022.
The Numeraire (NMR) token price surged on March 1 after news that the project’s investment fund was profitable up to 20% in 2022.
Numerai is a platform that allows market researchers, data scientists and amateur traders alike to build profitable trading strategies in the stock market. Highly profitable trading models will be awarded in the form of NMR tokens through the project’s tournament.
Numerai claims to be the first hedge fund to issue cryptocurrency, while applying machine learning technology to optimize the trading model based on the strategy provided by the participating tournament teams. .
Numerai raises $100m for AI hedge fundhttps://t.co/0rJP1BtvjM
— Numerai (@numerai) February 28, 2023
On February 28, Numerai announced that the project’s investment fund, whose strategy is determined by user suggestions, has yielded up to 20% in 2022. This is an impressive achievement. , because last year was a very difficult time both in the stock market and crypto, with a series of chain collapses.
In addition, the project also revealed that it has recorded an additional cash flow of up to $100 million into Numerai, bringing the total assets under management to $300 million.
The fact that Numerai announced the application of machine learning and AI technologies to optimize its investment model also made the crypto community more interested in the project, especially thanks to the AI craze in January.
The NMR token price in the last 24 hours has increased by nearly 9% to $23.3 at times, but has not yet returned to the 2023 peak of $27.57 set in early February, and is far from the ATH of $97.7 recorded in May 2021.