AI Tokens Rocketing, Market Cap Smashes Through $15 Billion

Well, brace yourselves, folks, because apparently, AI cryptocurrencies have decided to show the rest of the digital assets how it's done. According to the all-knowing CoinGecko, AI cryptos have reached new heights in local capitalization, leaving the rest of the market feeling a bit inadequate. But fear not, for the largest AI cryptos have graciously decided to take a breather today, probably to let the other coins catch up or something.

In the latest episode of "AI Cryptos: The Saga Continues," the total capitalization of these artificially intelligent currencies has skyrocketed to a jaw-dropping $15.8 billion. Because why settle for regular old cryptocurrencies when you can invest in the future, right? SingularityNET's AGIX token even had the audacity to spike by 80% in the last seven days because, clearly, it's not satisfied with just being part of the crowd.

And just to put things into perspective for all you non-believers out there, the entire rest of the cryptocurrency segment could only manage a pathetic 0.2% increase in the last 24 hours. But hey, who's counting?

Of course, we can't forget to thank the one and only Sora, OpenAI's latest creation that can apparently turn simple text prompts into mind-blowing videos. Because who needs real talent when you have AI, right? And let's not forget about Sam Altman's Worldcoin, which decided to crash the party with a 40% increase because, well, why not?

But don't get too excited just yet, because not all AI coins are basking in the glory. Bittensor and Render Network are feeling a bit blue with losses of 5% and 1.4%, respectively. It looks like they didn't get the memo about today being a good day for AI. 🤖

But fear not, dear readers, because Fetch.AI is here to save the day with a 2% increase in the last 24 hours, making its weekly rally a whopping 40%. Because who needs stability when you can have volatility, right? And let's not forget about Akash Network, which is back in the top 100 assets by market capitalization, proving that sometimes even the underdogs get their moment in the sun.

Ripple CEO Brad Garlinghouse Discusses the Possibility of an XRP Spot ETF

Ripple CEO and professional regulator-dodger Brad Garlinghouse recently emerged from his secret cryptocurrency lair to give an exclusive interview to Bloomberg TV. After adjusting his snazzy ascot, Garlinghouse pleaded ever-so-politely for the SEC to get their regulatory act together when it comes to crypto rules.

Now we know migraines can cause temporary amnesia, but Garlinghouse seems to have forgotten that his company, Ripple, is currently embroiled in a vicious legal battle with the SEC. Yet he still had the audacity to bemoan the SEC’s focus on, well, enforcement actions rather than holding crypto’s hand as they skip merrily along the regulatory yellow brick road. But rules are boring, right, Brad?

Despite Ripple evidently breaking securities laws, they somehow managed to slip through the SEC’s fingers when a judge declared that XRP was not an unlawful security. What a relief for all those offshore accounts! With the threat of prison time averted, Garlinghouse Valentino Rossi-ed away on his blockchain motorcycle into the lawless frontiers of crypto.

But with regulators now hot on crypto’s unregulated trail, Garlinghouse may soon have to pack his bags. Although he did mention the possibility of...gasp, more legal battles! We know lawyers aren’t cheap, but thankfully Ripple has sold nearly $15 billion worth of... Hopefully, that’s enough leftover for Garlinghouse’s team of legal eagles.

Garlinghouse also addressed the possibility of XRP exchange-traded funds, or, as he calls them, “diversified risks.”. But call them what you want, Brad; without clear rules, even creative ETFs will hit roadblocks quicker than a Tesla with a dead battery.

So while the Ripple CEO claims to support regulation, his actions say otherwise. Much like a rebellious teen who says they’ll “be in by midnight” with fingers crossed behind their back. But hey, maybe the SEC will suddenly have a change of heart. Stranger things have happened. Not many, but some!

*This is not investment advice, and I do not have migraines.

What Do We Like Right Now? UPai

Is this yet another crypto-AI scam coming for your wallet? Or is this a winning moon shot? You get to decide!

A hot new crypto AI darling with a suspicious lack of bona fides has slithered out from the shadows to tempt degenerate gamblers with the age-old promise of mountains of money for nothing.

This mysterious project named APai claims their AI presciently picks only winning altcoins every time. Well, damn, sign me up to their Telegram channel for free lottery numbers! Their website shows some drool-worthy past gains, but are those just clickbait, cherrypicked winners among a wasteland of losers? Spoiler: Yes, probably.

Yet desperate investors bored with reality may find this fantasy land enticing. Who needs team details or a whitepaper when your truckload of cash is just one click away! Don't forget your rocket emojis. Their token hardly moves, so you can still buy your one way ticket to the moon for pennies before the mothership departs without your FOMO paper hands.

But before mortgaging your house on this AI oracle black box, perhaps temper expectations just a bit. If it appears too good to be true, it's because no magical AI has slaughtered the market yet. This latest AI hype machine has cunningly rebranded last cycle's strategy: Close your eyes, pin the tail on the donkey, and hope for the best. Maybe you get lucky, maybe you get Rekt. Wanna spin the wheel?🚀

Web3 Summary

Web3 Summary simplifies complex crypto projects using ChatGPT and AI into easy-to-understand explanations.

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*DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your research.