Recent announcements in the world of artificial intelligence (AI) have given a noteworthy boost to cryptocurrencies that feature a solid AI use case. For instance, just this week, Elon Musk revealed the latest feather in his tech cap – a generative AI start-up, xAI – turning the spotlight back on AI-centric digital coins like Render Network (RNDR), SingularityNET (AGIX), and Fetch.ai (FET).
As the digital currency that fuels the eponymous Render Network, a decentralized AI rendering solution based on GPU, RNDR was quick to soak up the initial enthusiasm stirred by Musk’s revelation, although its value has since slipped marginally by over 3%. The token is currently hovering in the $1.93 range, falling short of its 21, 50, and 100-Day Moving Averages (DMAs). If it breaks below this medium-term pennant frame, we might be looking at a possible degradation towards a resistance-turned-support in the $1.60 bracket.
Options like AGIX, the coin that drives SingularityNET’s sprawling, decentralized crypto universe oriented towards AI, are also facing turbulence. Despite currently being placed in the $0.235 range, the coin is bucking against key medium-term resistance from the March highs. Additionally, considering the resistive interplay from its 21 and 50 DMAs, a retest of June lows near $0.17 could be on the horizon, translating into a hefty decline of over 25%.
Fetch.ai’s FET token resonates with this shaky forecast, grappling with a persisting long-term downtrend. Lying just above $0.21 and also below its 21 and 50 DMAs, FET may slip back to yearly lows in the $0.16 vicinity, marking a similar 25% dip from present levels.
An alternative, volatile, yet potentially lucrative segment within the crypto-verse is the meme coin niche, ideal for thrill-seeking investors with an appetite for significant short-term rewards. The latest enticing entry to this scene is Mr Hankey Coin, a recently launched meme coin based on South Park’s amusing character. The project has already amassed over 5,600 followers on Twitter, with a fast-growing Telegram group rapidly closing in on a thousand members.
Mr Hankey Coin, touted as the premier ‘shitcoin’ of the crypto space, aims to raise a moderate $500,000 through the sale of 40% of its whopping 1 billion token supply, amounting to a modest total value of $1.25 million. This investment equation offers a wide scope for possible token inflation. Furthermore, the project’s limited pre-sale availability ensures the maintenance of demand anticipation and the fear of missing out (FOMO) leading up to its DEX debut.
Emphasizing safety, Mr Hankey Coin commits to locking in 40% of the token supply into Decentralized Exchange (DEX) liquidity, thereby eliminating the potential for a rug pull while facilitating smooth trading conditions. Bolstered by a savvy operational team, the project is attracting a substantial buzz across the popular crypto media outlets, further legitimizing its position in the crypto world.
Source: Cryptonews
