Crypto x AI rise this bull run 🏃♀️
AI tokens surge, fueled by Nvidia and a16z. Buterin all praises for AI while Coinbase throws cold water on AI token hype.
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While meme coins were busy cooling their jets, AI-linked tokens were on a tear the past week.
AI tokens have set the pace for Crypto Altcoins. They have been the move makers of the this crypto rally so far.
The big question - Could AI be the leader of this Altcoin season?
Leading the AI pack has been Near Protocol (NEAR) and Internet Computer (ICP). Giving around 400x return so far this rally, which started back in October 2023.
Why the sudden surge? Buckle up because it involves a tech giant, a conference, and Vitalik Buterin.
Nvidia's Conference Fuels Hype: Traders are betting big on AI projects after whispers emerged about a crypto product being showcased at the upcoming Nvidia conference (March 17-21).
This speculation sent AI tokens to go for a hike.
Venture Capital Giant Bets Big: Andreessen Horowitz (a16z), a Silicon Valley heavyweight, is raising a whopping $6.9 billion, with a special focus on AI.
Nvidia's impressive earnings report
Both revenue and earnings per share topped analyst estimates, sending their stock price soaring.
Posted revenue of $22.1 billion - higher than Wall Street's expectation of $20.4 billion.
Buterin's Praise
Ethereum's co-founder Vitalik Buterin is a big believer in AI for the future of blockchain.
Why the Hype?
AI = Bug Zapper: Buterin sees AI as a game-changer for tackling bugs in smart contracts, a major security concern in the DeFi space.
Beyond Security: Buterin envisions AI streamlining user interfaces, enhancing prediction markets, and even setting rules for DAOs.
The rally has been crazy, for the AI tokens
Coinbase throws cold water
Coinbase suggests the recent surge in AI tokens is fuelled more by excitement than real value.
Their report by David Han warns that these tokens might be overvalued
Hype: The general buzz around AI is inflating token prices without a clear reason for their future use.
Missing Ingredient: Many lack sustainable ways for people to actually use them.
But, Coinbase sees opportunities in making AI data more usable and potentially decentralising AI infrastructure.
When AI Meets Crypto, what happens?
What are AI Tokens?
Think of them as keys unlocking the potential of AI within the crypto ecosystem. These tokens fuel platforms that develop and utilize AI in various ways, from:
Decentralised AI marketplaces: Imagine buying and selling AI services or data with AI tokens.
Enhanced security and efficiency: AI algorithms can analyze vast amounts of data to improve security and optimize transactions.
Predictive modelling: AI can power tools for market analysis and trend prediction, aiding investment decisions.
How Do They Benefit Crypto?
AI tokens bring several advantages to the crypto world:
Faster and more secure transactions: AI can streamline processes and identify potential vulnerabilities.
Improved scalability: AI can help manage network congestion and enable smoother scaling solutions.
Innovation and disruption: AI-powered projects can revolutionize DeFi, data management, and even governance within the crypto space.
TTD Week That Was 📆
Saturday: The ETF wrap 🫔
Friday: Welcome to Volatility 👽
Thursday: ETF steroids for Crypto 💉💪🏼
Wednesday: Crypto Whiplash 📿
Tuesday: Crypto Fear & Greed Index ATH? 🟢
Monday: Tearaway Rally 🚦
TTD Week in Funding 💰
Zama. 73 million. Building open source homomorphic encryption tools for developers.
Kravata. 3.6 million. Connect traditional financial infrastructure and fiat currencies with cryptocurrencies.
Blackwing. 4.5 million. Modular blockchain for liquidation-free leverage trading for any asset.
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