Cryptocurrencies that boast a strong use case linked to artificial intelligence (AI) such as Render Network (RNDR), SingularityNET (AGIX) and Fetch.ai (FET) have seen a surge on Wednesday amid positive AI news. .
Twitter, Tesla and SpaceX CEO Elon Musk announced Wednesday that he had launched a new generative artificial intelligence company called xAI.
xAI will supposedly be a direct competitor to OpenAI’s ChatGPTwhich became the world’s fastest app to reach 100 million users earlier this year after launching last November.
Musk’s official re-entry into the AI career (he had previously been a founding member of OpenAI) brings new attention to the rapidly evolving tech sector, which brings new attention to AI cryptocurrencies like the ones mentioned above.
RNDR is the cryptocurrency that powers the Render Network, a decentralized GPU-based AI rendering solution.
AGIX is the token that powers SingularityNET’s AI-focused decentralized crypto ecosystem.
FET is the ERC-20 cryptographic token that powers Fetch.ai’s AI-powered platform for building, deploying, and connecting so-called “smart agents” to automate web3 processes.
What’s next for RNDR, FET and AGIX?
While RNDR initially pushed the Musk news, it has since reversed more than 3% lower on the day.
At current levels in the $1.93 area, it is below its 21, 50, and 100-day moving averages (DMAs) and once again threatens a potential break below a medium-term pennant structure.
A break below this structure could open the door for a short-term slide towards resistance turned support in the $1.60 area.
Meanwhile, AGIX is running into key medium-term resistance in the form of a downtrend from the March highs.
With AGIX also finding resistance at its 21 and 50 DMAs, bears may see the current levels as attractive to add to short positions.
A retest of the June lows near $0.17, more than 25% below current price levels in the $0.235 area, is a strong possibility.
The outlook for FET looks equally challenging as it is testing a long-term downtrend as well.
At current levels just above $0.21, where it is also below its 21 and 50 DMAs, the FET could easily drop to yearly lows in the $0.16 area, marking a roughly 25% decline. compared to current levels.
Alternative to Meme Coin to Consider – Mr Hankey Coin
AI coins have been very volatile this year.
That’s great for investors with a high tolerance for risk and an appetite for big short-term gains.
An alternative sector of the cryptocurrency market that such investors might consider getting involved in is the world of meme coins.
With so many meme coins available, Cryptonews.com analysts spend a lot of time looking at the best projects.
And they really like a new meme coin project called Mr Hankey Coin.
Mr Hankey Coin is a new meme coin themed after South Park’s Mr Hankey, a clever and jolly piece of poop and the former Christmas deity from the cartoon.
Since launching on social media on Wednesday, the project has gone viral ahead of the launch of a stealthy pre-sale that anyone can take part in on Thursday.
Mr Hankey Coin, who prides himself on promoting himself as the best bullshit coin in the cryptocurrency industry, already has over 5,600 followers on Twitterwhile the project Telegram quickly approaching 1,000.
Web3’s most popular new shitcoin is understood to be looking to raise a modest $500,000 through the sale of 40% of its 1 billion token supply, valuing the token at a very modest $1.25 million, which means plenty of room for a potential bomb.
Meanwhile, the limited availability of the token on pre-sale means that pent-up demand and FOMO will remain on its DEX launch.
In addition, the project committed to locking 40% of the token supply in Decentralized Exchange (DEX) liquidity, ensuring smooth trading conditions and eliminating the possibility of a rug pull.
Finally, and most importantly, Mr Hankey Coin appears to be backed by a savvy marketing team, and rumors are already swirling that the teams behind $SPONGE and $PEPE might be involved.
Whoever the team is, they seem to be working hard to get the word out, with Mr Hankey Coin already appearing all over the crypto media on reputable news sites like Beincrypto and here at Cryptonews.com.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
