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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 $7.5 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 $3.24.

Fetch.AI price

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Altcoins Watchlist: Market Expert Spotlights ETH, BLUR, MATIC, And More For Explosive Gains

Crypto analyst Miles Deutscher has spotlighted several altcoins, with a special focus on artificial intelligence (AI) tokens, that demonstrate strong breakout potential in the current market rebound. 

ETH On The Rise

In a recent post on X (formerly Twitter), Deutscher suggests that the upcoming Ethereum (ETH) Dencun upgrade, along with advancements in the AI industry, could drive significant price movements in related tokens. 

Deutscher emphasizes the upcoming ETH Dencun upgrade, noting that while much attention has been directed towards Bitcoin (BTC) and exchange-traded fund (ETF) flows, ETH has been steadily rising against BTC. 

Altcoins

Interestingly, the analyst expects an “aggressive” upward movement in ETH at some point, particularly with the first set of ETF decision dates approaching in May. 

Deutscher also highlights the strong performance of AI tokens, including AGIX, FET, WLD, and RNDR, attributing their recent success to significant advancements within the AI industry. According to the analyst, the upcoming earnings report from NVIDIA (NVDA) on Wednesday could further bolster the bullish sentiment surrounding AI coins. 

Highlighted Altcoins And Their Catalysts

  • BLUR: BLUR is nearing a significant announcement, and Deutscher notes the token’s recent strength, suggesting the $1 mark may soon be within reach. The founder’s association with BLAST, another project, adds to the intrigue.
  • BEAM: Deutscher points out that BEAM’s treasury holds large MAVIA bags, leading to increased balances. As the market begins to reevaluate the native token’s value, Deutscher is intrigued by the fact that BEAM has not gained widespread attention yet. He also mentions Pantera’s recent investment/partnership, further supporting his interest.
  • STRK: Token launch day is Tuesday for STRK, and Deutscher observes that new token launches often present opportunities for investors. He will closely monitor STRK’s performance, as success could lead to airdrop sellers buying back in at higher prices, while continuous selling pressure could result in price declines.
  • SEI: SEI is currently near all-time highs, and Deutscher notes positive sentiment surrounding the project, fueled by an “active team” and endorsements from key figures. If overall market sentiment remains positive, Deutscher sees potential for SEI to lead the way.
  • MAVIA: Deutscher highlights the buzz surrounding MAVIA, drawing parallels to Axie in its early days. The token’s successful launch and endorsements from influential figures have added to its long-term investment appeal. While acknowledging an initial strong run, Deutscher considers MAVIA a potential dip buying opportunity.

As identified by crypto analyst Miles Deutscher, various altcoins, especially AI tokens, are capturing attention due to their breakout potential. Factors such as the upcoming ETH Dencun upgrade and advancements in the AI industry are expected to influence price movements. 

Altcoins

Featured image from Shutterstock, chart from TradingView.com

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Fetch.AI (FET) Prints Strong Bullish Signal, Targets 500% Spike

In a new technical analysis, renowned crypto analyst Gert van Lagen forecasts a 500% surge in the value of Fetch.AI (FET), with a price target of $5.5. This bold prediction comes as the AI-centric cryptocurrency coin, FET, records a 12% increase over the past 24 hours and an impressive 45% gain over the last week.

Currently trading with a momentum that correlates with the buzz around AI technology giant Nvidia, Fetch.AI is riding the wave of heightened interest as Nvidia approaches its Q4 2023 earnings release on February 21.

Nvidia’s stock has experienced a remarkable 45% surge since their previous earnings report, expanding its market cap by an unprecedented $600 billion. As the tech community anticipates Nvidia’s next financial update, speculation abounds regarding the potential influence of the company’s performance on the broader AI and cryptocurrency markets.

FET, along with other AI-tied tokens such as The Graph (GRT), Injective (INJ), Render Network (RNDR), and SingularityNET (AGIX), stands at a critical juncture where Nvidia’s financial results could significantly sway investor sentiment within the AI and crypto sectors. A positive report from Nvidia could catalyze a wave of enthusiasm, potentially bolstering investments in AI-dedicated cryptocurrencies.

Fetch.AI (FET) Eyes A 500% Rally

Van Lagen’s chart showcases a massive inverse ‘Head and Shoulders’ (H&S) pattern, consisting of three troughs: the left shoulder formed in early 2022, the head reached its nadir at the end of 2022, and the right shoulder developed in August 2023.

The pattern is characterized by a ‘neckline,’ which is a resistance level that the price must surpass to confirm the reversal. For Fetch.AI, the neckline is situated around the $0.5 mark, a threshold that was successfully retested as support in January 2024. This retest is seen as a bullish confirmation, reinforcing the integrity of the reversal pattern.

FET price analysis

A noteworthy element in the analysis is the decisive breakout from the green Fibonacci resistance zone last week. The Fibonacci retracement tool is commonly used to ascertain potential support and resistance zones, and a breach beyond these confines typically suggests a strong market conviction.

Thus, Fetch.AI has not only surmounted the neckline but has also made strides past the resistance zone, paving the way for the asset to strive towards new all-time highs. Van Lagen has calculated a technical target for the iH&S pattern at $5.5, extrapolated from the depth of the pattern’s head to the neckline, and projected upwards from the breakout point.

The analyst has also stipulated a condition for the invalidation of this bullish scenario: should Fetch.AI print a ‘lower low’ (LL), it would disrupt the structure of the iH&S pattern and potentially signal a bearish shift in the market’s sentiment. He summarizes:

FET [1W] – Head and Shoulders bottom playing out neatly:
+ Dec-23 breakout of the right shoulder & the green Fib resistance zone;
+ Jan-24 multi-week successful retest of the neckline;
+ Feb-24 clearance for new ATHs
Technical target iH&S: $5.5 Invalidation: print LL

At press time, FET traded at $0.92.

FET price

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Crypto Analyst Unveils Top AI Trend And Coins This Bull Run

In a recent analysis via X (formerly Twitter), the renowned crypto analyst Miles Deutscher has cast a spotlight on artificial intelligence (AI) as the paramount sector poised for significant performance in the ongoing crypto bull run. With a keen focus on Decentralized Physical Infrastructure (DePIN), Deutscher not only forecasts this niche to burgeon into a $3.5 trillion industry by 2028 but also underscores an unprecedented opportunity for early investors.

“AI will be one of crypto’s top performing sectors this bull run,” Deutscher states, emphasizing the strategic advantage of investing in DePIN. “Instead of buying random AI coins, I’m focused on one key beneficiary: DePIN.”

Understanding The Top AI Trend: DePIN

DePIN, an abbreviation for ‘Decentralized Physical Infrastructure’, represents a groundbreaking blockchain protocol. It incentivizes decentralized communities to construct and maintain physical hardware, offering token rewards to users who contribute hardware or software resources to the network. This sector encompasses a broad range of multi-billion-dollar hardware markets, including cloud storage, computing power, and wireless sensor networks.

“Messari predicts that DePIN could add $10 trillion to the global GDP in the next decade, with the potential to reach $100 trillion the decade after,” Deutscher elaborates, highlighting the immense economic impact anticipated from the growth of DePIN.

Historically, physical infrastructure has been monopolized by Big Tech companies, characterized by significant capital and maintenance costs. Deutscher points out, “Physical infra has historically been a Big Tech monopoly […] Giants like AWS capitalize on this by selling their services at a premium.”

DePIN networks, however, offer several advantages over traditional centralized solutions, including cost reduction, the ability to scale horizontally, rewards for network contributors, and enhanced security. “DePIN (decentralized physical infra networks) has many benefits over centralized solutions due to its ability to reduce costs, horizontally scale, reward network contributors, and enhance security,” Deutscher notes.

Key Sectors Within DePIN

Deutscher dives deeper into specific sub-sectors within DePIN, identifying decentralized storage and computing, along with AI infrastructure, as critical areas of growth and innovation:

  • Decentralized Storage: Projects in this category aim to create marketplaces for unused storage capacity, offering a more accessible, secure, and cost-effective alternative to centralized storage solutions.
  • Decentralized Computing: This segment focuses on leveraging GPU power from across the globe to facilitate complex computations, thereby democratizing access to computing resources.
  • AI Infrastructure: Addressing the exponential growth and accompanying scaling challenges of AI, infrastructure projects offer solutions for specialized hardware access, effective collaboration, and data storage.

Best DePin Crypto Coins

Highlighting specific projects within the DePIN sector, Deutscher mentions Akash Network (AKT), Render Network (RNDR), Aethir Cloud, Filecoin (FIL), Arweave, and ATOR Protocol as standout projects:

  • Akash Network (AKT): Described as the ‘Airbnb for server hosting’, Akash Network facilitates an open marketplace for decentralized cloud services. “Akash’s model disrupts traditional cloud hosting, offering a cost-effective and scalable alternative,” Deutscher highlights.
  • Render Network (RNDR): Tapping into underutilized GPU power, RNDR facilitates advanced AI and 3D rendering capabilities, with network activity showing consistent month-over-month growth.
  • Aethir Cloud: Poised for a highly anticipated launch, Aethir Cloud boasts significant partnerships and infrastructure commitments, positioning it as a potentially transformative player in the DePIN landscape.
  • Filecoin (FIL): Identified as Deutscher’s top decentralized data storage pick, FIL showcases robust growth metrics across multiple verticals, including a substantial increase in storage capacity and user base.
  • Arweave: Specializing in permanent data storage on the blockchain, Arweave is highlighted for its application in projects requiring long-term data preservation.
  • ATOR Protocol: Serving as scalable privacy middleware, ATOR Protocol enhances privacy for DePIN and other crypto projects through innovative hardware solutions. “ATOR Protocol’s use of relays to maintain anonymity while rewarding users is a game-changer for privacy in the digital age,” Deutscher remarks.

Deutscher’s analysis concludes with a call to action for investors and enthusiasts alike, urging them to look beyond the surface of the burgeoning AI trend in crypto and consider the foundational shift DePIN represents. “As we stand on the brink of a new era in technology and economics, the DePIN sector offers a rare opportunity to be part of something truly transformative,” he asserts, adding that “each sub-sector disrupts a $1T dollar industry.”

Deutscher concludes, “DePIN generates more than $15 million in annual on-chain revenue, and this number is set to grow rapidly in the coming years.” This financial viability, combined with the sector’s vast potential for disruption across trillion-dollar industries, solidifies DePIN’s position as a compelling investment opportunity in the burgeoning crypto landscape.

At press time, RNDR traded at $6.15.

Render Network price

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Aptos Labs’ Collaboration With Microsoft Sends APT Soaring By 17%

Aptos Labs and Microsoft have announced a strategic partnership to showcase the convergence of artificial intelligence (A.I.) and blockchain technologies. 

Aptos Labs, a leading blockchain developer, and Microsoft, a key backer of A.I. advancements through OpenAI, are joining forces to create the innovative Aptos Assistant, a ChatGPT-powered chatbot designed to provide users and developers with comprehensive information and analysis of the Aptos ecosystem.

Aptos Labs And Microsoft Forge Alliances For Blockchain Development

According to a report by Yahoo Finance, unlike previous endeavors in the crypto-related A.I. space, which primarily revolved around licensing OpenAI’s ChatGPT, Aptos Labs’ collaboration with Microsoft ventures beyond boundaries. 

The partnership encompasses various facets, with Aptos Labs hosting validator nodes on Microsoft’s Azure cloud computing platform, integrating its programming language, Move, into Microsoft’s popular coding platform, GitHub Copilot, and exploring opportunities to connect with major financial institutions seeking to build blockchain-powered applications on Azure.

Rashmi Misra, General Manager of A.I. and Emerging Technologies at Microsoft, expressed excitement about the fusion of A.I. and blockchain, stating: 

The intersection of A.I. and blockchain is among the most interesting combinations of emerging technologies. By fusing Aptos Labs’ technology with the Microsoft Azure OpenAI Service capabilities, we aim to democratize the use of blockchain.

Aptos Labs has already secured substantial funding of $400 million from investors, according to Crunchbase, highlighting the confidence in their technological prowess. The collaboration with Microsoft further solidifies its position as a formidable player in the blockchain space.

While A.I. startups have dominated funding in 2023, raising nearly $25 billion, compared to around $3.6 billion for crypto ventures, Mo Shaikh, Co-founder and CEO of Aptos Labs, believes that A.I. and blockchain are not mutually exclusive. 

Shaikh emphasizes the importance of blockchain’s ability to provide verified and accurate information, minimizing the risk of A.I. models generating false statements or hallucinations.

The practical implications of this collaboration are still unfolding. Still, Shaikh underscores elements such as the A.I. assistant and integration into Github Copilot to represent a larger vision of deep integration and co-development between Aptos Labs and Microsoft. 

APT Rebounds As Collaboration With Microsoft Reignites Investor Interest

APT, the native token of the Aptos blockchain, experienced a significant surge of over 17% following the announcement of its partnership with Microsoft. 

This surge marked a crucial turning point after a prolonged downtrend that persisted since the beginning of February. Notably, APT had reached an all-time high of $20 before succumbing to the downward trend.

The decline in APT’s price can be attributed to an unlock event on February 12th, where Aptos released 4.5 million APT tokens. 

The unlock event, involving the release of a significant number of tokens, resulted in increased selling pressure, leading to a continuous decline in APT’s price. 

However, the recent partnership announcement with Microsoft has injected new life into the token’s value, reigniting investor interest and resulting in a remarkable price surge. 

Despite experiencing some retracement, APT still holds a 10% profit since the disclosure of the partnership with Microsoft. It is currently trading at $7.3340, representing a 63% decrease from its all-time high reached in January 2023.

Aptos

Overall, investors have responded positively to this news, recognizing the potential of the Aptos-Microsoft partnership to drive innovation and expand the reach of the Aptos blockchain. The substantial surge in APT’s price reflects growing confidence in the project’s prospects and underscores the significance of this collaboration.

Featured image from iStock, chart from TradingView.com 

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AI Tokens Record Lowest Weekly Volume Since January – A Sign Of Waning Interest?

AI (artificial intelligence) tokens were one of the most promising assets in the cryptocurrency market at the beginning of 2023. One of the major drivers of this was the launch of ChatGPT – an AI-based chatbot – in late 2022, which propelled some AI-related cryptocurrencies to substantial gains.

However, the interest in this set of cryptocurrencies appears to be cooling, with data research firm Kaiko revealing a significant decline in trading activity for the AI-related tokens.

Lowest Weekly Trading Volume For AI Tokens

AI-related tokens registered their lowest weekly trading volume since January 2023, according to a recent data report from Kaiko. In this report, the research platform looked at the trading volume of six of the top seven AI tokens, including FET, INJ, ROSE, AGIX, RNDR, and GRT.

AI Tokens

This notable decrease in trading activity suggests a decline in attention from investors since the AI token frenzy peaked in January. And this appears to be reflected in the price performances of many AI-related cryptocurrencies.

The Graph (GRT), the largest AI token in the market, was one of the top gainers at the start of 2023, surging by roughly 122% to reach a yearly high of $0.2323 on February 7. However, the price of the GRT token has since plummeted, with a 51% decline from the 2023 peak.

Can ChatGPT & OpenAI Do It Again?

As mentioned earlier, the surge of interest in AI tokens was partly driven by the launch of ChatGPT. However, there has not been a similar effect on the AI and big-data crypto economy following the launch of Sam Altman’s Worldcoin project and WLD token.

On July 24, 2023, Altman, the CEO of OpenAI – the artificial intelligence company behind ChatGPT – rolled out his crypto product, releasing the World ID development kit and the WLD token. 

The WLD token soared more than 85% to reach an all-time high of $3.3 on the day of launch, according to CoinGecko data. However, the cryptocurrency’s price has declined by over 31% since hitting this peak.

Although there has been enthusiasm around the launch of Worldcoin, the project – especially its technology – has also been met with some skepticism. Notably, Ethereum co-founder Vitalik Buterin voiced his concern over the project’s iris-scanning hardware and biometric data collection practices.

Meanwhile, Worldcoin looks set to face some regulatory scrutiny, with the UK’s data regulator Information Commissioner Office (ICO) already making inquiries. France’s privacy regulator CNIL has also questioned the legality of the project’s biometric data collection.

While the Worldcoin project and the WLD token seem to be gaining some traction at the moment, it remains to be seen how they will impact the AI and big-data crypto economy. As of this writing, the WLD token changes hand at $2.27, with a 6.8% price increase in the past day.

AI Tokens