Families with a net worth of up to 0 million exhibit a strong preference for algorithmic cryptocurrencies over tokens (4.32% versus 0.92%), a new study has found. The study cites statistics indicating that ownership continuity is disrupted in 91% of cases involving a transition from crypto to fiat and vice versa. Traceability of Ownership Continuity […]
Bitcoin News
On the Halving, Bitcoin is Getting New Technologies: Rollups and Tokens. Sovryn’s New Initiative is How to Get In Early
Sovryn’s and BOB are offering early users a piece of the new Bitcoin economy. With the Bitcoin Halving less than a month from now, Bitcoin will get two significant technological additions: Rollups, which will allow an increase in user adoption, lower fees, and smart contract capabilities, and native Bitcoin tokens called Runes. These two additions […]
Bitcoin News
Fetch.ai, Ocean Protocol, and Singularitynet to Merge Tokens Into ‘Artificial Superintelligence’ Coin
The teams from Fetch.ai, Ocean Protocol, and Singularitynet (SNET), three top projects in artificial intelligence (AI) on the blockchain, have announced their intention to amalgamate their tokens into a unified cryptocurrency named “artificial superintelligence (ASI).” 3 Top AI Tokens to Combine Into a Single Coin Called ‘ASI’ In a communication dispatched to Bitcoin.com News, the […]
Bitcoin News
AI Tokens Fetch.AI, AGIX, OCEAN Talk Merger, Surge Double Digits
The three leading artificial intelligence blockchain projects —Fetch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN)—are on the verge of a potential merger into a new token named Artificial Superintelligence (ASI), with the collective aim of establishing a decentralized AI behemoth. This initiative seeks to position them as formidable contenders against established tech giants such as OpenAI, Google, Microsoft, and Apple, by leveraging the intrinsic benefits of blockchain technology for AI development.
Fetch.AI + AGIX + OCEAN = ASI
This breaking news was positively received by the market. In the last 24 hours, Fetch.AI has seen a 12% increase, SingularityNET a 10% rise, and Ocean Protocol a significant 23% surge in their values, underscoring the market’s enthusiastic reception to the merger talks.
This proposed consolidation, first reported by Bloomberg, aims to amalgamate the three tokens into an ASI token, which is projected to have a fully diluted value of approximately .5 billion. The merger’s completion is subject to approval from the community members of each participating platform.
Despite the ongoing negotiations, representatives from SingularityNET, Fetch.ai, and Ocean Protocol have maintained a neutral stance, opting not to comment on the matter. According to sources who wished to remain anonymous due to the private nature of the information, the announcement of the deal could come as early as Wednesday, contingent upon the consent of the community members of each involved project.
Central to this collaboration is the establishment of the Superintelligence Collective, which would oversee the merged entity’s strategic direction. Ben Goertzel, the visionary founder and CEO of SingularityNET, is set to lead this initiative, with Fetch.ai CEO Humayun Sheikh, notable for his early investment in DeepMind (later acquired by Google), poised to serve as chairman.
This leadership structure is designed to synergize the distinct technological and philosophical approaches of each platform, fostering an environment where decentralized AI can thrive away from the conventional corporate model dominated by shareholder interests.
The backdrop of this bold move is the escalating investment by heavyweight tech corporations in AI technologies, signaling a broad industry consensus on AI’s transformative potential. The burgeoning interest in AI from these corporations has sparked a parallel movement within the crypto sector, where projects like SingularityNET, Fetch.ai, and Ocean Protocol are pioneering the development of decentralized AI solutions.
These solutions aim to democratize AI advancements, ensuring that the benefits of AI technologies are accessible to a wider audience and not just a consortium of tech oligarchs.
The largest of all three AI crypto projects by market cap, Fetch.AI (FET) is continuing its price discovery mode after breaking its all-time high in mid-February. At press time, FET traded at .24.
BTC and ETH Derivative Tokens Dominate by Securing Several Top Positions in the Crypto Economy
Throughout this month, bitcoin and ethereum have risen to their highest valuations in years. These two pivotal crypto assets have substantially influenced the cryptocurrency market, with bitcoin currently holding a 51.9% market dominance and ethereum at 17% as of mid-March 2024. Furthermore, in recent years, derivative tokens of bitcoin and ether have garnered significant popularity. […]
Bitcoin News
Transition from BRC-20 to BRC-420 Tokens Signifies ‘Maturation Within Bitcoin-Based Defi,’ Says Mithil Thakore
While the Bitcoin network is poised to see significant growth in its Layer-2 (L2) ecosystem, “finding an optimal mechanism to maintain finality” on the network remains an inherent limitation that prevents this from happening, Mithil Thakore, the co-founder and CEO of Velar, has said. Thakore also identified the yet-to-be-optimized “bridging of native Layer-1 (L1) assets […]
Bitcoin News
Solana Tokens Among Top Gainers: JUP and WEN Soar Over 12%, WIF Hits New ATH
The Solana ecosystem has experienced notable growth, and SOL’s price has turned many experts bullish on it. Similarly, the Solana-based tokens are showing impressive performances during this bull run, with many being among the top gainers in different timeframes.
Solana Chain Driven By Memecoins?
According to CoinGecko data, Solana is currently the 5th largest blockchain by Total Value Locked (TVL), registering over 12.8% growth in the past day. During this timeframe, Solana has outperformed its competitors, including Ethereum, which has registered a 2.2% decrease since yesterday.
In the 7-day and 30-day timeframes, Solana has seen a TVL growth of 35.3% and 89.8%, respectively. As displayed in the chart below, it surpassed the performance of the four chains above it.
Franklin Templeton Digital Assets shared its perspective on the value of memecoins and their native networks. The financial giant considers that there’s a strong relationship between memecoins and the performance of their native chains.
In the last year, crypto markets have seen multiple meme coins parabolically surge, most notably, Solana based BONK during Q4 2023. Solana daily active user addresses were up 75% quarter over quarter from Q3 to Q4 2023.
The asset management firm deems that the connection between the two is further alluded to because “the Solana network captured a large percent of the activity of all the active addresses during the same time that BONK saw a price surge” during Q4 2023.
According to CoinMarketCap data, the market capitalization of the Solana-based tokens increased by 5.5% from yesterday to over 2.36 billion. The performance of the memecoins seems to have put a notch on the network’s belt.
Performance Un-like Cats and Dogs
Tokens in the Solana chain have registered massive performances recently, and the newest tokens around the block (dogwifhat, Wen, Jupiter) continue to shake the crypto market ground.
Notably, dog- and cat-themed tokens continue to be hot topics in the community. According to CoinGecko Data, the Solana-based Myro, Bonk, and Popcat are trending tokens in their sub-categories.
Las Vegas Puts Its Hat On
Since the launch of dogwifhat (WIF), the token has gone from being a “cute dog with a crochet hat on to gathering a robust community seemingly able to back it up.”
SPHERE UNLOCKED
dog $wif hat, in all $SOL colors, coming to your local LAS VEGAS SPHERE
HAT STAYS ON@dogwifcoin pic.twitter.com/NR1kln4X4u
— Curb◎ (@CryptoCurb) March 13, 2024
The over 0,000 raised for the “wif on sphere” fundraiser campaign could serve as evidence of the community’s support. As a result of the campaign, the Las Vegas Sphere will display WIF’s icon for a week on the world’s largest LED screen.
Since the news, the token skyrocketed to a new all-time high (ATH) of .36 this morning, representing a 42.3% increase in the last 24 hours. At writing time, WIF changes hands at .1, just 4.3% lower than its ATH.
Space Suit On, Wen Goes To Jupiter
Jupiter (JUP) recently announced its partnership with the cat-themed token WEN. The latest Jupiter Work Group (JWG) will collaborate with the WEN Work Group. According to the announcement, it “will be focused on contributing awesome vibes and content to amplify crucial Jupiter message.”
Jup
Wen
Wen has a spacesuit for a reason, this cute cat is headed to Jupiter
https://t.co/7k7h2AIdvk
— Wen (@wenwencoin) March 13, 2024
The community seemingly took the partnership positively. After the news, both tokens surged. WEN’s price rose above .00040 in the early hours of the day, and it’s currently trading at .00038, a 12.5% increase in the last 24 hours.
JUP propelled to a new ATH of .988, almost hitting . At writing time, the token is trading at .948, representing a 12.8% price surge in the 1-day timeframe. Similarly, its daily trading volume increased over 58%, with 8.04 million being traded in the past day.
Beyond the Hype: Smog Token’s Rise as a Trailblazer in Crypto Alongside FLOKI and Pepe
Meme coin mania is in full swing as the new trading week begins. Among the Ethereum-based tokens gaining traction, Smog (SMOG) is catching investors’ attention alongside the surge in prices of Pepe (PEPE) and Floki (FLOKI). The speculative mania surrounding the sector has propelled these tokens into the spotlight. PEPE Regains Momentum After Weekend Pullback […]
Bitcoin News
Performance of AI-Related Crypto Tokens Driven by News and ‘Memetic Speculation’ — Coinbase
Since the beginning of the last quarter of 2023, artificial intelligence (AI)-related crypto tokens have not only outperformed the top two crypto assets but have also outpaced key AI stocks such as Nvidia and Microsoft. According to a report by Coinbase, much of this market-beating performance of AI-related tokens can be attributed to AI headline […]
Bitcoin News
AI Crypto Tokens Like Render, WorldCoin Are ‘Overvalued’: Coinbase Research
In their report, “Crypto’s AI Mirage,” Coinbase Research has issued a nuanced examination of the intersection between artificial intelligence (AI) and crypto, revealing a landscape fraught with overvaluation and speculative fervor. David Han, an Institutional Research Analyst at Coinbase, spearheads this analysis, providing a critical lens through which the future of AI crypto tokens is scrutinized.
AI Crypto Tokens Lack ‘Persistent Demand Drivers’
At the heart of the report is the assertion that the crypto-AI domain, despite its rapid expansion and the enthrallment it enjoys from investors and the public alike, confronts substantial obstacles that might thwart its adoption in the foreseeable future. “AI tokens have been buoyed by the broader crypto and AI markets but may lack persistent demand drivers in the short to medium term,” Han states, underscoring the precarious foundation on which these tokens’ valuations might rest.
One of the report’s pivotal insights is the critique of decentralization as a standalone merit for AI products within the crypto sphere. “We generally think that decentralization is an insufficient competitive advantage for an AI product on its own – it must reach feature parity with centralized counterparts in certain other key areas as well,” the report elaborates. This perspective challenges the prevailing narrative that decentralization inherently confers superiority, arguing instead for a balanced approach that considers other critical factors for success.
The analysis further articulates a “contrarian view” on the value potential of many AI tokens, suggesting that the market’s exuberance may be misaligned with the actual prospects of these ventures. “Our view is that the value potential for many AI tokens may be overstated… and that many AI tokens may lack sustainable demand side drivers in the short to medium term,” Han explains. This cautionary stance is informed by the rapid evolution of AI technology, which poses a double-edged sword—while advancing the field, it also raises the barrier for crypto-based innovations to disrupt existing markets.
Delving into the categorization of AI and crypto intersections, the report differentiates between AI applications that enhance the crypto industry and those aimed at disrupting traditional AI pipelines through decentralized methods. It acknowledges the clear benefits and potential for long-term promise in the former category. In contrast, it casts doubt on the latter’s value proposition, highlighting the formidable challenges posed by market competition and regulatory hurdles.
Just Speculative Gambles?
Despite these challenges, the report notes a paradox where AI tokens have outperformed benchmarks such as bitcoin, ether, and even major AI equities like Nvidia and Microsoft since the fourth quarter of 2023. “AI tokens generally benefit from strong associated performance in both the broader crypto market as well as related AI news headlines,” the report observes, suggesting that these tokens can act as proxies for AI progress, albeit potentially detached from their actual utility or adoption metrics.
However, the speculative nature of this market is not lost on Coinbase Research, which warns of the risks associated with memetic speculation absent clear adoption forecasts. “A lack of clear adoption forecasting and metrics have enabled a wide range of memetic speculation which may not be long-term sustainable,” Han remarks, highlighting the precarious balance between price and utility in the AI token market.
In its concluding remarks, the report emphasizes the need for a judicious approach to navigating the crypto-AI landscape. It cautions against overreliance on decentralization as a panacea and advocates for a realistic appraisal of the challenges and opportunities that lie ahead. “Crypto’s role in AI does not exist in a vacuum… Thus, supplanting centralized providers purely for the sake of ‘decentralization’ is insufficient,” the report concludes, advocating for a more nuanced and critical examination of how crypto can genuinely contribute to the AI domain.
Render And WorldCoin Under The Microscope
WorldCoin emerges as a case study in the report, illustrating how AI tokens’ valuations can be significantly influenced by market headlines and promotional activities, often detached from tangible developments within the project itself. “The fully diluted valuation of Worldcoin sits at B – similar to that of OpenAI’s B February 16 valuation…,” Han notes, pointing to the speculative dynamics that can inflate valuations irrespective of underlying fundamentals.
He details that WorldCoin is perhaps the clearest example of AI tokens tracking AI market headlines. “It released its World ID 2.0 upgrade on December 13, 2023 that went mostly unnoticed, yet made a 50% move upwards following Sam Altman’s promotion of Worldcoin on December 15,” Han remarked, adding that “OpenAI’s Sora release on February 15, 2024 led to a nearly threefold gain in price despite no related announcements on Worldcoin’s Twitter or blog.”
Regarding Render Network (RNDR), Han highlights that the decentralized computing (DeComp) sector of the crypto economy is meant to be an alternative to the centralized cloud computing model. He argues that crypto projects such as Render and Akash have benefited from the GPU supply crunch.
However, he questions the long-term viability:
For networks [like Render and Akash] where compute pricing can change based on supply and demand variations, it is unclear to us where persistent, usage-driven demand to native tokens will ultimately arise if supply-side growth outpaces that on the demand side. We think it’s likely that such tokenomic models may need to be revisited in the future.
At press time, RNDR traded at .925.