The AI narrative is resurging

SCOOP’S TL;DR

📈 MARKET SENTIMENT

  • We may not be out of the woods just yet in the short term. we would have expected more than a 20% retracement in BTC price recently. Be cautious on short potential short-term price swings, but overall. Giga Bullsih.

🔥 THE TRENDING NARRATIVE

  • AI Resurgence

🏋️ BARBELL’S WEEKLY PICK

  • $AGRS Tau Protocol

🗞️ TOP STORIES

  • Bitcoin Ads Go Live

  • FTX Reserves Rise

  • Stolen Crypto Recoveries

🏆 WEEKLY WINNER

  • Phantom

😡 REKT SECTION

  • Sam Lee

💎 PREMIUM SCOOP

PNG. Line Break - Triple Scoop

🚨BREAKING

Co-Founder & Chairman of Ripple ‘Chris Larsen’ has just learned the hard way. Not you’re keys. Not your crypto. Imagine leaving $112M on an Exchange!

    • Crypto Total Market Cap $1.66T - 24/hour change 3.17%+

    • Total Crypto Market Volume $58.04B - 24/hour change 44.38%+

      Majors - 24/Hour change

    • BTC - $43,400 - 3.5%+

    • ETH - $2310 - 3%+

      Trending 24-hour

    • $MANTA - 2.5% - Layer 2

    • $BULL - 60% - MEME

    • $ALT - 2% - Re-staking / ZK / roll-ups

    • $API3 - 2% - Oracles

    • $BONK - 1.2%

      Take home message: We may not be out of the woods just yet in the short term. we would have expected more than a 20% retracement in BTC price recently. Be cautious on short potential short-term price swings, but overall. Giga Bullsih.

    • Jan 31st, Jerome Powell ‘Chairman’ of the US Federal Reserve, will conclude on the direction of interest rates.

    • ProTip - High interest rates are bad for risk-on (High Risk) assets like crypto, as people can gain yield simply by holding their cash. Lower interest rates are better for assets like crypto, as it becomes less favorable to hold cash & to seek out riskier investments to gain yield.

    • Interest rates are currently at a 22-month high, despite other members of the SEC pushing Jerome to lower interest rates, experts anticipate the US Federal Reserve will likely maintain interest rates at 5.25%-5.50% for now. But, we will likely see, rate cuts later on in the year, fueling the fire for crypto.

    • Overall, things are super positive in the world of crypto, and rightly so, with the halving on the horizon, the cycle beginning to play out & a drop in interest rates in the coming months, there is a lot to be excited about. It will be interesting to see, whether the 20% dip we have seen recently on BTC is final or another one will catch us by surprise. Either way, great time for DCA, we know where we are heading.

      Bitcoin

    • Seemingly the strongest horse at present, with of course outliers in the ALTs, but overall last few days/week, holding Bitcoin has been the ‘better performer’ over alts. Grayscale dumping of slowing down, with now only $270M sold yesterday, which is a reduction of 30%. Funny $200M+ being dumped is considered more bullish. This could lead to a further push-up for BTC.

    • Bitcoin dominance

    • Dominance for BTC is pushing right up 52.3%, keeping alts at bay for now, so don’t sweat it if your favorite bag is struggling to push up right now. Keep an eye on the chart, when Bitcoin dominance uptrends show signs of weakness, ALTS will wake and begin to outperform Bitcoin.

      ETH/BTC

    • Last few weeks and most of last year, ETH has been getting destroyed against Bitcoin, but on a higher time frame (Zoomed out view). the ETH/BTC looks to bounced off a support zone, is ETH finally awakening?

      Ethereum 

    • A fairly lackluster performance throughout the year, which has had an impact on the ETH ‘On chain’ market, But with ETH/BTC pair showing some strength, we may soon see it pick up speed.

      DEGEN

    • More of the same here, the Solana ecosystem is where the money printing is happening right now, don’t fade it for short-term wins. $GME on Solana, a meme coin that represents the 2-year anniversary of the Gamestop short squeeze has sent hard since launching over the weekend to now exceeding $30M mcap, not to mention the volume has been insane!

    • On ETH we are seeing some better action over the last few days, but nothing quite like what we are seeing on SOL.

    • Infamous influencer Pauly launched a fork of $PEPE with the ticker ‘$PORK’, which traders were able to claim, given his cult following, it’s no surprise this reached $45M mcap.

    • But overall as far as short-term trading & wins are concerned, right now, we recommend hunting on Solana. If you haven’t already dive into our ‘Trading Memes like a Pro guide’ in last week’s issue.

    🔮 NARRATIVES TO FOCUS ON IN 2024

  • - AI Infrastructure / Autonomous agents

  • - DEPIN (Decentralised Infrastructure)

  • - RWA - Real-World Asset tokens

  • - Memes - (you’re not too good for them)

  • - Eigen Layer

  • - BTC Defi

  • - New Layer 1’s

  • - Parallelization EVM / Modular Blockchains

  • - Solana Killers

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Crypto is a narrative & trend-driven game, where attention goes, the money flows. So what’s hot?

Are robots going to take over the world? Perhaps a conversation for another day. AI has dominated the media for the past 12 months. We have Elon trying to slow down its acceleration in an attempt to control before things go too far & but every tech company wants a slice of the action. So there is no doubt as to why AI happens to be one of the hot narratives in the crypto space.

The AI narrative dominated 2023, with altcoins like $FET, $TAO & $OLAS pushing for the moon. And why wouldn’t they? The attention is on AI across the world & crypto is an attention-driven game.

Before we move forward - ProTip, In crypto, ‘Attention beats Tech’

You may have the best tech in the world, but if nobody knows about it, the price of the token won’t budge, you can have the worst tech in the world, but if people believe it to be the next best thing since Bitcoin, chances are it will soar.

Following last year’s AI dominance in crypto the last few weeks/month we have seen it quieten down, there has been less talk on X and most of the tokens had a healthy retrace.

But it would appear that the robots are waking up again and the market is ready for surges higher in AI. There is a clear poster boy of the AI narrative and it is Bittensor $TAO, It is a hard product to wrap your head around, but think of Bittensor as a computer system that helps make computers work together for smart tasks, kinda like a big team of robots sharing their power. Under Bittensor, users have a tech team, an AI team, a storage team etc all in one, in the real world, all of these teams would leveraged separately. Bittensor $TAO has had an incredible year from a price appreciation perspective, and in the last 2 weeks alone has recovered amazingly from a dip to reaching all-time highs.

Should you buy $TAO?

$TAO is likely a very safe bet as far as Alts are concerned during this bull cycle. As the front runner, it will attract plenty of capital flowing into the AI sector, but it is now at quite a large market cap at $2.3Billion, so will it 100X? probably not, but a 20-30X, at a push yes, $60 Billion market cap wouldn’t be so far-fetched.

Given $TAO’s influence on the market, it’s driving attention back to the AI narrative, and smaller competitors are waking up too, people who feel they missed $TAO want the next one.

We can see when looking ‘On-Chain’ that ‘Smart Money’ (The most profitable traders on chain), have been very resilient in holding their (Autonolas) $OLAS tokens, an autonomous AI agents project. It is currently a top as well as now beginning to aggressively buy $AGRS, the currency of the TAU protocol, a software as a sentence platform. If you are thinking WTF? Think of describing your software requirements in human-readable sentences, similar to using ChatGPT, and then creating the software you require. One more AI-powered project to add to the mix is $WBAI, the token of BalanceAI. The project is a newer player, looking to rival $OLAS in the Autonolas AI agent sector.

The crypto community interest is re-igniting for AI, which combined with a global narrative and smart money bidding in this area tells us that this area of the market is going to have a fruitful 2024.

In Barbell’s pick of the week below, he dives deeper into the Tau protocol and it’s token $AGRS

🏋️ BARBELL’S WEEKLY PICK

In each issue, our Founder ‘Jack Barbell’ delivers a hot rising star crypto asset that is yet to explode.

You can Follow Jack Barbell on X - @thebarbell_

Tau Platform & the $AGRS stands out for several reasons, but first, we are in an attention game, and this project is set to ride one of the most popular narratives.. Artificial Intelligence, and with a market cap of Just $72M, there is plenty of room for upside potential.

🌐 The Tau Ecosystem Unveiled:

Picture this: A world where logic-based solutions tackle global challenges. Where the Tau Platform strides confidently into large-scale discussions, decision-making scenarios, and software development challenges and it can quickly solve issues efficiently through the power of logic.

🚀 Software as a Sentence - SaaS?:

Tau doesn't settle for the ordinary, we’re not talking about regular SaaS (Software as a service) here. Tau's takes the approach of automatic generation, reliability, and easy maintenance. The protocol allows users to develop complex software by merely using plain sentences. I am sure you have had an amazing idea for an app before but you let it fall by the wayside, as you didn’t have the resources or know how to bring it to life. Tau lets users imagine describing the parameters & requirements of the software they want to develop, and then letting the system do the work. This opens up & democracises software development.

🌌 Nvidia's Inception Program

Nvidia is one of the most prominent companies in AI, they run an Inception Program to accelerate the development of cutting-edge start-ups, which TAU has been accepted onto. The program will give technologies and expert mentorship helping to propel Tau forward.

👥 The Team behind Tau:

Tau's team comprises 18 core members, including 4 PhD holders and 3 professors, with diverse backgrounds from leading companies like Google, Microsoft, and more. Ohad Asor, the Founder & CTO, is a prodigy who embarked on his journey in Math at a young age.

💰 Tokenomics:

$AGRS, the token in the AGORAS ecosystem, holds the key to governance rights as well as transaction capabilities within this Tau ecosystem. There is a total supply of 42 million tokens, with 42% in circulation, 28.6% locked until mainet, and the remaining 28.6% in the treasury.

The $AGRS token sits within a trending category, has massive upside for growth, has been given the nod from Nvidia, and appears to be a first mover in it’s the tech it delivers, definitely a strong contender as a bull run essential.

Closing thoughts: Keep an eye on their development via Twitter, monitor price action & see how the sentiment continues for this one, you can do so by searching ‘$AGRS’ on X to get the latest.

🌐 TOP STORIES

Bitcoin Ads Go Live - There is no turning back now

At a glance 🔎
  • BlackRock, Franklin Templeton & VanEck are now advertising Spot Bitcoin ETFs on Google.

  • The new policy from the search engine came into effect on the 29th of January.

  • The hope is that Google’s processing of 100,000 searches per second will have a positive impact on the space.

🕵️ Scoops take:

From being accused of the underworld currency to the centre of a marketing war, the rise of Bitcoin continues.

Yes, the ads are limited to the ETF only for now however as you will soon realise, once the walls are broken down it will only grow.

Like it or not, Bitcoin each day is becoming more mainstream, it’s earned the right to dine with the traditionals.

The only thing to warn about is to be careful of scammers and ad websites - apart from that enjoy the show.

IS THIS THE NEXT AI GEM TO MOON?

FTX Reserves Rise - A small positive for the creditors.

At a glance 🔎
  • FTX cash reserves have risen to $4.4bn following the unloading of crypto stash.

  • The estate has doubled its reserves over two months.

  • There is a planned repayment to creditors.

  • In a downside for creditors, the value of customer funds is pegged to the value of assets at the time of FTX filing for bankruptcy. The price of Bitcoin is up 150% since that date.

🕵️ Scoops take: 

Creditors are still far from the end of the tunnel, but there is now light.

Despite the claims that investors would not be repaid in full, many had accepted that their money was gone forever.

Naturally, the doubt is still maintained as to how much creditors will get back but the rate of the pot rising is a positive.

Good luck to the good guys!

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Stolen Crypto Recoveries - A positive number but still not enough.

At a glance 🔎
  • There were over 674 large-scale hacks in 2023.

  • Excluding multichain losses, $2.61bn was lost to hacks and scams.

  • Over the year, $674m was recovered, equating to roughly 25% of the stolen sums.

    🕵️ Scoops take:

It is hard to put a positive spin on this but we are about to do our best!

75% not being recovered is not good however, the total stolen funds for the year is $1bn less than the year before!

As we get more mainstream and users get more used to the Dos and Dont’s there should be far fewer hacks occurring, be streetsmart, please.

Also, with the mainstream train in full steam, more and more “protection” utilities should be heading our way.

Let the safety commence.

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🏆 WEEKLY WINNER🏆

Phantom

Solana is throwing its weight about, they are on a serious upward trajectory.

The latest development has intensified the upward trajectory and shows that they are about to cement their place in the latest cycle.

It has been revealed that Phantom has flipped Coinbase in app store downloads.

If you weren’t bullish on Solana, you have to be now.

😡 THE REKT SECTION 😡

Sam Lee

The US Justice Department has revealed charges against Sam Lee over his alleged role in a $1.89bn Crypto fraud scheme.

The allegations relate to co-founding HyperTech, also known as HyperCapital, HyperVerse and HyperNaytion.

He is charged with defrauding investors for allegedly falsely representing that investors would receive substantial returns from crypto mining operations which did not exist.

If found guilty, he faces a maximum of 5 years in prison.

IS THIS THE NEXT AI GEM TO MOON?

Feast your eyes on the delights, surprises & Alpha below.

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Marketcap - Sub $10M

Narrative - AI

Potential - 20-30X

Trade idea: A risky low cap with big potential. Considering it as part of a portfolio means careful risk management. Ensure low caps like this only make up a small fraction of your portfolio.

Scoop’s Take

if one thing is apparent, it’s that with the rise of AI, software deployment & development are getting easier at an alarming rate. Are dev’s days numbered?

Welcome to GraphLinq, a fairly new project to the scene that opens the door to deploying web3 decentralized applications (dApps). Offering a complete No Code Blockchain for dApps and Automation. GraphLinq is said to make deploying Web3 apps a breeze offering a user-friendly platform equipped with pre-made automation templates. Remember Lego? In simple terms Graphlinq allows users to connect automation templates and nodes (Self-contained pieces of functionality) to create ‘Graphs’ that are essentially like mini AI agents that can help you with important personal or business tasks. The ecosystem comprises the GraphLinq Chain and Protocol, Key features empower users to mint tokens, track wallets, set alerts, send emails, set trade orders + more, which are triggered to act by events happening on the blockchain.

The native $GLQ token serves a vital role, powering graphs, and covering fees, It also adopts a deflationary model which is good for holders bags, reduction in supply, price per token goes up. What sets GraphLinq apart is the integration of AI with blockchain, allowing for automation through AI conversations.

GraphLinq's revolutionary approach mirrors AI's impact on programming, transforming non-programmers into blockchain development enthusiasts. For potential investors, holding $GLQ offers promise with a current market cap of just $8 million, upside is big. Outside tech & narrative alone, It is important to always bet on builders, the transparency & professionalism that the GraphLinq team shows distinguishes them as true builders in a sea of noise.

In conclusion, GraphLinq and $GLQ represent a combo of logic, AI, and blockchain, should they succeed, they can expect to pioneer a new era of tech development in WEB3.

As we have said before, crypto is an attention-based game. There is no doubt some of the best are now taking note of the $GLQ token and recognising it’s potential.

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