PAAL AI (PAAL) Making Recovery After Sharp Decline of Over 75%: Here’s Why
PAAL
Date: Thu, Nov 14, 2024, 08:29 AM GMT
In the cryptocurrency market, Paal AI, the blockchain-powered chatbot ecosystem that combines artificial intelligence (AI) and machine learning (ML), recently experienced a significant price drop, with its token value falling by over 75%, dragging its market cap down from $257 million to under $100 million. Today, however, PAAL is staging a recovery, showing a strong 48% rebound and currently trading at $0.1642, with a market cap of $134 million.
The Decline:
On November 12, the Paal AI team announced on X (formerly Twitter) a proposal to merge its token with the Artificial Superintelligence (ASI) Alliance. The merger was planned to start on November 16, but the announcement triggered significant backlash from the PAAL community.
Source: @PaalMind (X)
Many holders expressed frustration over the proposed merger fees and a 180-day lock-up period, which led to widespread discontent. Within just 48 hours, the PAAL token’s value plummeted by over 75%, marking one of the steepest declines in its history.
The Recovery:
In response to the community’s concerns, the PAAL team acted swiftly. Just 12 hours ago, they announced that the merger proposal would be withdrawn. Their statement on X read: “After careful consideration and discussions with both communities and the council, we’ve decided to withdraw the proposed merger. We prioritize the community’s interests, which made it evident that proceeding with a vote was unnecessary.”
This prompt response has helped restore some investor confidence, fueling the token’s partial recovery.
What’s Next for PAAL?
Despite today’s impressive gains, PAAL remains below its pre-decline level of $0.35, leaving it over 100% short of its previous high. If the token manages to recover to this level, it could mark a fresh positive start and potentially bring renewed interest in the project.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
