ChainGPT has announced a comprehensive $1 million grant program to propel innovation at the intersection of these technologies. This strategic move has not only underscored the project's commitment to fostering growth in the Web3-AI landscape but has also triggered a notable surge in the price of its native token, CGPT. 

At press time, the token had witnessed a robust increase of 13.69% to an all-time high of $0.5476 over the last 24 hours, with its market capitalization reaching $220,900,673, placing it in the 309th position on CoinMarketCap.

CGPT/USD 24-hour price chart (source: CoinMarketCap)

Furthermore, the 24-hour trading volume increased by 23% to $21,564,035, indicating a growing interest and confidence in the project's potential among the crypto community. This positive market response reflects a profound belief in the award program's long-term success and impact on the Web3-AI landscape. If the positive momentum breaches the intra-day high of $0.5476, the next resistance mark to watch is around $0.60, which might lead to additional price gain for the coin.

Expanding the Web3-AI Horizon

ChainGPT's initiative represents a concerted effort to support startups at various stages of development, providing them with crucial resources to innovate at the nexus of AI and blockchain. The grant program is structured into three distinct tiers: Scaling-focused growth grants, builder grants for early-stage projects, and research grants targeting new endeavors. This tiered approach aims to accommodate a wide range of innovative efforts, ensuring that promising projects receive the support they need to flourish.

One of the core benefits for startups participating in ChainGPT's grant program is access to an array of AI-powered tools and services designed to streamline development processes and enhance scalability. The inclusion of APIs and SDKs in the grant package offers startups a robust framework to develop AI-integrated blockchain applications, tools, and products. This access is poised to significantly lower entry barriers for startups, enabling them to leverage AI technologies in blockchain applications more effectively.

A Catalyst for Collaboration and Innovation

ChainGPT's grant program is not just about financial support but also a comprehensive ecosystem designed to facilitate innovation, collaboration, and shared learning within the AI blockchain space. 

By offering technical guidance, promotional support, and partnership opportunities, ChainGPT is laying the groundwork for a more interconnected and robust digital future. Startups are encouraged to apply through an online application, with ChainGPT's team set to assess each project's potential impact and overall fit within the program's objectives.

Notably, the program has already attracted a variety of applications, with projects like Kryptomon, GT Protocol, Cookie3, and AITECH among the early recipients. These projects highlight the diversity and innovation potential within the ChainGPT ecosystem, ranging from Web3 games to AI-driven marketing analytics platforms.

CGPT/USD Technical Analysis

On the CGPTUSD 24-hour price chart, the Moving Average Convergence Divergence (MACD) trend is positive, with a rating of 0.0584, indicating a bullish trend. The motion north suggests that buyers are now in charge of the market, with increased momentum expected to propel prices higher in the immediate term. This bullish trend may attract additional investors looking to profit from possible gains. The histogram also shows an increasing trend, which supports the optimistic view for CGPTUSD.

CGPT/USDT 24-hour price chart (source: TradingView)

With a Money Flow Index (MFI) rating of 69, the CGPTUSD price trend appears slightly overbought, signaling a possible correction soon. However, the general positive feeling and robust purchasing demand are likely to overwhelm any prospective selling pressure. If the MFI falls below 50, this could indicate a shift in momentum to the downside.