USD.AI’s $1M CHIP buyback sparks 19% rally amid Elon Musk’s AI warning

USD.AI, a decentralized lending protocol that finances AI infrastructure, including GPUs, by providing dollar-denominated liquidity, is in the news. And, this time, it was because of its native governance token, $CHIP, that surged 19% following USDAI's disclosure of a $1 million token buyback. At the same time, volume spiked up by 331%, and it was equivalent to more than 70% of the token's market cap. In fact, at press time, $CHIP was trading at $0.05058 after a hike of 8.9% in the past 24 hours. All about USDAI's $1 million token buyback So, for those unaware, a token buyback occurs when a company uses funds to purchase its own cryptocurrency from the open market. In this case, USDAI used Circle’s USDC to buy $CHIP tokens across multiple cryptocurrency exchanges.

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