Crypto AI melting faces
The year for AI
The crypto world never sleeps, and neither do we! Let's dive into the 45th edition with updates on Crypto AI, and general market updates.
Occasionally, the stock market goes down dramatically and creates a short window of opportunity to buy stocks at deep discounts. However, to act upon it, you need to be prepared before it happens.” — Naved Abdali
General Market
It’s been an awesome week as Bitcoin and Ethereum smashed new yearly highs, indicating signs of market recovery. $BTC broke $52k and $ETH broke $3k, not just that, Bitcoin also became a trillion-dollar asset, as it reached $1 trillion in market cap.
For Bitcoin, we are seeing massive inflows on Bitcoin ETFs already, and it’s 55 days to Bitcoin Halving. So, there’ll be more upsides in the coming months with occasional retracements.
For Ethereum, it’s 19 days to the Dencun Upgrade and a few months to ETH spot ETF approvals. I’m also expecting a huge price upside on Ethereum in the months to come, and beyond. Still speculation though, so fingers crossed.
Crypto AI
Crypto AI is one of the strongest-performing narratives in 2024 and one of the most-mentioned on X (Twitter). The Crypto AI category did a cumulative of 33% in the past seven days, with a couple of AI coins hitting all-time highs.
A huge catalyst for the Crypto AI boom that transcends the crypto sector is the global AI explosion. With unicorns like Microsoft, Google, Apple, and OpenAI all actively shipping insane updates, the world is beginning to catch up with the possibilities of AI.
The most recent update is Sora, from OpenAI. Sora is a text-to-video model for generating high-quality video from text prompts. On the day of its announcement, $SORA, a meme token, did about 2000% increase in price. This is just a glimpse of what’s to come with major updates from these unicorns in 2024.
It’s worth paying attention to projects building on Crypto AI and DePIN X Crypto AI, and these sectors hold a lot of potential and might be one of the highest price runners in the bull market. To better benefit from this run, you need to focus on the emerging players because they have massive potential for growth.
A few on my radar:
AEGIS $AEGIS
Mozaic $MOZ
VirtuSwap $VRSW
Synesis One $SNS
enqAI $ENQAI
The new kid - Ethena Labs
Backed by some of the biggest names in crypto, Ethena is disrupting the CDP & stablecoins space. They’re a synthetic stablecoin protocol built on Ethereum. The stablecoin, $USDe, utilizes a delta-neutral strategy bent on staked $ETH.
USDe generates an embedded yield through staked Ethereum returns and capturing basis in ETH perpetual funding rates. And, Unlike centralized stablecoins, this yield accrues directly to users.
Ethena’s native money markets allow the minting of USDe against liquid staking tokens, enabling long exposure to Ethereum while generating USD liquidity. I think it’s a cool experiment with airdrop potential worth trying out.
You can try it using my ref link here: link
Alpha Bites and Tweets
Altlayer airdrop for Celestia Stakers - link
New Galaxe task for Babylon Chain - link
Superfluid Ecosystem Rewards Pass NFT (possible drop) - link
Mint Calderascope 3D NFT collection (possible drop) - link
Don’t forget to trade on Aevo and HyperLiquid (high airdrop potential)
That’s a wrap.
Thanks for reading!
Until next Friday,
Viktor DeFi.
PS: I’d love to hear your feedback and comments.
nice, thx