Numerai Token Price Surges After Fund Reports Strong 2022 Performance

Numerai's NMR token has surged nearly 9% in the past 24 hours following the announcement of impressive investment returns for 2022.

1-hour chart of the CHZ/USDT pair on Binance at 10:15 PM on March 1, 2023

The price of Numerai's Numeraire (NMR) token saw a significant jump on March 1 after news broke that the project's investment fund delivered a remarkable 20% return in 2022.

Numerai is a platform that allows market researchers, data scientists, and even amateur traders to develop profitable trading strategies in the stock market. High-performing trading models are rewarded with NMR tokens through the project's competitions.

Claiming to be the first hedge fund to issue cryptocurrency, Numerai utilizes machine learning technology to optimize trading models based on strategies provided by tournament participants.

On February 28, Numerai revealed that its fund, which operates on user-submitted proposals, achieved a 20% profit in 2022. This is an impressive feat given the challenging market conditions last year, which saw significant turmoil in both stock and crypto markets, including a series of high-profile collapses.

Additionally, the project disclosed an influx of $100 million into Numerai, bringing the total assets under management to $300 million.

Numerai's use of machine learning and AI to enhance its investment models has further piqued interest in the crypto space, especially in light of the recent AI boom in January.

Read more: Archway Coinlist

The NMR token price has surged nearly 9% in the past 24 hours to $23.30. However, it has not yet reached the 2023 high of $27.57 set earlier in February and remains far from its all-time high (ATH) of $97.70 recorded in May 2021.

1-hour chart of the NMR/USDT pair on Binance at 10:45 PM on March 1, 2023