Hassan Maishera
AI is increasingly becoming an integral part of the global economy. Its use in the crypto space continues to increase, with more investors and traders leveraging AI to ease research and other activities.
As usual, Binance, the world’s leading crypto exchange by trading volume, is taking the bold step of leveraging AI to make crypto trading easier for users.
Binance Expands Use of AI on Exchange and Wallet
Binance announced on Monday, September 8th, that it has introduced new AI-powered token information tools and functionalities on the Binance Exchange and Binance Wallet platforms.
In a press release shared with Cryptowisser, Binance said the tools will help users make informed and independent decisions. The tools are: AI Token Report on Binance Exchange, AI Token Narrative, and Token Sentiment Signal on Binance Wallet.
According to the crypto exchange, the tools will address users’ pain point of managing the 24/7 crypto market’s constant flow of information that can overwhelm even seasoned traders.
These tools also build on Binance’s already existing proprietary AI capabilities that were introduced as part of the release of AI-powered features on the redesigned Binance app.
While commenting on this latest development, Jeff Li, VP of Product at Binance, said users face challenges of navigating vast amounts of information and conflicting sources. The large volume of information is available thanks to the growing adoption of cryptocurrencies.
“With our new AI-enabled token information tools across the Binance ecosystem, we’re listening carefully to users’ needs for clarity, speed, and confidence. Binance is helping users save valuable time and reduce stress by making information more accessible and digestible for them,” Li added.
AI Token Report for Binance Exchange
Binance revealed that the AI Token Report is an AI-powered feature that produces accessible and digestible token insights for users in under 30 seconds. This feature, available on the Binance exchange, allows users to access a multi-faceted Token Report that covers a token’s positives based on market conditions.
The report also offers information on potential risks in the market, while also capturing the latest general community sentiment about a token.
The tool refreshes hourly, providing users with updated insights, while also granting them access to Spot trading data with specific insights such as Whale Transfers to centralized exchanges and Buy & Sell analytics for a fuller market view.
Binance revealed that each report includes data sources for transparency. Users can explore further via pop-ups with technical charts and extended analysis so they do not have to leave their trading interface.
Token Sentiment Signal on Binance Wallet Now Features AI Analysis
According to Binance, its Wallet features, Sentiment Signals, and Smart Money Signals have been updated with Binance’s new proprietary AI capabilities. The new AI functions enable users to easily look up token sentiments and narratives on Binance Wallet.
The crypto exchange explained that Sentiment Signal displays a Bullish or Bearish indicator as well as the total number of views of a particular token’s sentiment analysis. The tool also allows users to stay informed and make more educated decisions based on real-time social and market dynamics.
Sentiment Signal achieves this feat by automatically identifying token names and their contracts mentioned in X posts, and gauges the level of discussion and interest these tokens are generating on social media.
With the help of AI, the tool further analyzes the sentiment of user conversations, determining whether the community’s perception of a token is positive or negative. Thus, it offers users a qualitative view of market sentiment while delivering concise summaries of the latest trending events.
The tool is available on the Binance Wallet and covers a wide range of tokens.
AI-enabled Token Narrative Now Available with Smart Money Signals
Finally, Binance added that Smart Money Signals now includes an AI-enabled token narrative. This tool leverages Binance’s AI Token Narrative capabilities, which provide Binance Wallet users with insights into a token’s narrative by analyzing social media and market data.
By leveraging AI, Binance identifies the token from X, aggregates recent social media posts, news, and relevant data relating to the token, quantifies the level of discussion activity, tracks when KOLs trade significant volumes of the token, and assesses the sentiment surrounding the token.
The information made available to users can help them decide whether to buy or sell a token. Users on Binance Wallet can easily buy or sell the token directly via an integrated Quick Buy feature without having to leave the Signals page.
The Smart Money Signals is available on the Binance Wallet. Users can click on any token for more AI-generated information.
