SCOOP’S TL;DR

📈 MARKET SENTIMENT

• BTC experienced a robust surge, almost reaching $72,000, but faced a sell-off following news of a federal judge denying Coinbase's motion to dismiss an SEC lawsuit, related to alleged violations of investor-protection laws.

🔥 THE TRENDING NARRATIVE

• Artificial Super Intelligence

🗞️ TOP STORIES

• SBF Sentenced

• Dogwifhat Hits ATH

• Munchables Saga

🏆 WEEKLY WINNER

• $HAMI

😡 REKT SECTION

• Robert Robb

💎 PREMIUM SCOOP

• THIS COULD BE THE BEST LAUNCH AI DEPIN LAUNCH OF 2024.

• DISCOVER 2 MEME COINS ON MAJOR DISCOUNT THAT SMART MONEY IS BUYING UP RAPIDLY

  

  CRYPTO FEAR & GREED INDEX

• Crypto Total Market Cap $2.65T - 24/hour change 0.15%

• Crypto Market Cap Total Volume $78.22B - 24/hour Change - 12%

  Majors - 24/Hour change

  • BTC - $70,240 - 0.1%

  • ETH - $3541 - 0.2%

  • BTC experienced a robust surge, almost reaching $72,000, but faced a sell-off following news of a federal judge denying Coinbase's motion to dismiss an SEC lawsuit, related to alleged violations of investor-protection laws.

  • Despite the negative headline, it's crucial to note that this doesn't signify Coinbase's loss in the case; rather, it indicates that the case will proceed to trial as planned.

  • Initial reactions to the news were overly negative, resulting in BTC dipping to around $68,000 before gradually climbing back above $70,000.

  • ETH has remained stagnant, hovering just below $3,600, with the ETH/BTC pair dropping to 0.05, while SOL/ETH stands at 0.052.

  • Despite uncertainties surrounding the approval of an ETH ETF, It presents a favorable risk/reward scenario for ETH. While the market isn't anticipating the ETF's immediate approval, there remains a possibility, making ETH an appealing prospect.

  • Solana is holding up well, nearly touching $200, we expect Solana to perform very well for the remainder of the bull cycle. Could we see $1000 per $SOL? Stranger things have happened. On the back of $SOL’s performance, their main meme coins like $WIF & $POPCAT have been ripping.
    If you don’t have exposure to Solana, their Major meme coin $WIF almost acts as a leveraged version of $SOL. When $SOL goes up $WIF rips harder. But of course, this works in the opposite direction.

  • Bitcoin/dominance

  • The consensus is that Bitcoin dominance is on the very of dropping sharply. It is very much teasing us at the moment, we may see it pop up from 52% to 56-58% before dropping of a cliff, giving rise to ALTs outperforming BTC as a whole.

  • ALT Coins

  • Depin / GPU tokens are performing very well.

  • 3 projects consider merge to create ‘Artificial Super Intelligence’

  • Solana meme coins are performing well.

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  🔮 NARRATIVES TO FOCUS ON IN 2024

• - AI Infrastructure / Autonomous agents

• - GPU / Cloud Computing

• - Gaming / Game-fi

• - DEPIN (Decentralised Infrastructure)

• - RWA - Real-World Asset tokens

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

• - BTC Defi / BRC20

• - New Layer 1’s

• - Parallelization EVM / Modular Blockchains

• - Solana Killers

  

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🔥 THE TRENDING NARRATIVE

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

ARTIFICIAL SUPER INTELLIGENCE

We have been bullish on $FET since last year, but change is coming to one of the favorite AI projects in crypto.

It was announced last week that FetchAi, Ocean Protocol & Singularity Net have proposed a merger to create a mega project called ‘Artificial Super Intelligence’ better known as $ASI.

Given AI is one of the hottest sectors in crypto right now, it is no surprise that this merger has been a hot topic across crypto Twitter over the past few days. But is this bullish or bearish, and are $FET holders being shortchanged? Many holders have shared their opinions, so here is ours.

First, let’s get some facts down on paper.

• The merger will result in $FET, $OCEAN & $AGIX tokens being added together and converted to create $ASI.

• $FET holders will be exchanged on a 1-1 ratio of $FET to $ASI

• Holders of $OCEAN & $AGIX will be exchanged on a ratio of 1 to 0.43 $ASI tokens.

• Post-merge the price of $ASI will mirror the price $FET at the time of merge.

• $ASI will have a fully diluted value of $7.5 Billion with roughly 2.6 billion tokens in total.

So what’s all the fuss about?

Well some $FET holders feel they are being diluted, why? $FET currently has a market cap of $3.1B with a total token supply of 1.1 Billion tokens. Now, remember, Following the merge, the total supply will be 2.6 billion tokens and the market cap will be $7.5 Billion. The marketcap & supply is pretty much doubling. There is an argument to suggest that given $FET holders will receive a 1-1 conversation ratio to $ASI, they have been diluted by 50% because their $ASI tokens will now represent 50% less of the total network/protocal than their tokens did ‘pre-merge’.

There is also another argument to suggest that it will now take much more buying power to move the needle on price than it did before. Some $FET holders feel that Fetch alone from this market cap of $3B could have delivered a 10X, this would have required a capital inflow of around $30B for $FET to produce a 10X in token price from here. Following the merge and with a market cap of $7.5 Billion, this would now require around $70B inflow into the $ASI token for the original $FET holder’s token values to produce a 10X multiplier. An additional $40B is a lot of capital.

Whilst, in theory, this makes sense. We have thought about this for some time, and feel most people are missing the bigger picture.

We believe that $FET holders are being given a fair share of a much larger, more powerful pie. The supply of $FET isn’t doubling, it is the addition of the 3 project’s tokens together.

Following the merger, $ASI will have triple the resources to market, develop & scale much faster than if the projects were operating individually. As the ancient proverb goes… “Go faster Go alone, Go further, Go Together”

Crypto is an attention-driven market and we cannot underestimate the fact that 3 huge communities will come together. Much of crypto project discovery comes from community members, discussing & promoting projects they favor. With 3 mega communities coming together as one, $ASI will have an army of marketers, shilling the project all over Twitter.

The merge will make $ASI the number 1 token in the AI category by market cap, and by some distance. Crypto investors & new market participants are likely to find comfort in buying into the number 1 AI coin.

Winners continue to win in crypto. The more attention that is driven to $ASI, the more capital that will flow into the token, this causes the price to increase. FOMO, kicks in, and the process repeats, resulting in the powerful positive feedback loop of ‘number go up’

Finally, at $7.5B, it may feel like the market cap may double overnight & the upside could be limited. But AI is one of the hottest trends across the globe in and outside of crypto. It is more than just a trend, it is changing the world as we know it. Combine that with the biggest bull cycle yet, there is no reason why $ASI couldn’t reach the realm of $100B in market cap. This still offers an incredibly attractive opportunity for investors looking to make some multiples. Plus, it will likely be a hold that you can sleep on, rather than worrying if it will rug or not.

So should you be bullish on $FET and the future of $ASI? There will undoubtedly be some turbulence in price in the lead-up to the merge, but in the mid to longer-term we believe holders should be massively excited about the potential of what $ASI can become.

DISCOVER WHY THIS NEW UPCOMING PROJECT IS SET TO BE ONE OF THE MOST SUCCESSFUL OF 2024 IN THE EXPLOSIVE AI / DEPIN CATEGORY.

THIS PROJECT IS OFFERING A FREE AIRDROP FOR EARLY PARTICIPANTS. DISCOVER HOW TO GET INVOLVED.

GET THE LOW DOWN BEFORE THIS GEM LAUNCHES IN THE COMING WEEKS!

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SBF Sentenced - Finally Some Closure

At a glance 🔎

• SBF has been sentenced to 25 years in prison.

• He was convicted last year for charges including wire fraud and conspiracy to commit money laundering.

• More than $8bn of customer funds were used to buy property, make political donations and personal spend.

• Government guidelines proposed a 100-year sentence, the Prosecutors pushed for 40 years and SBF’s attorney pushed for 5-6 years.

• He also has to forfeit $11bn to pay customers back.

• His legal team will appeal the sentence.

🕵️ Scoops take: 

Not that getting 25 years in prison is a good thing but should SBF be content that it was relatively low compared to previous convictions of a similar nature?

Take a look at Bernard Madoff and Ross Ulbricht's convictions; there is one key difference. SBF made $73m worth of donations to politicians with none of the sums donated needing to be returned…make of that what you will.

For us, sometimes it is better not to put 1+1 together but we think the sentence is a little light especially given that SBF could be out in 13 years if he behaves well.

All we need now is for customers to be made whole and the rest can take care of itself.

Dogwifhat Hits ATH - It’s Really Not A Shock

At a glance 🔎

• The Solana meme coin giant has been on a tear since launching in November.

• On Thursday morning the coin was trading at $3.21 before soaring to the ATH of $4.01 before retracing back to $3.67.

• In reaching the ATH, Dogwifhat became the 3rd largest meme coin by market cap in the world at $3.72bn

🕵️ Scoops take: 

Now the big question is, is there still plenty of time to make big moves?

Of course, there is! You can also play for either side of the price action.

With the lack of long-term data, analysts have found it tricky to confirm but all roads seem to say that in the current conditions, there is still plenty of room for upward traction.

The coin’s relative strength index (RSI) is currently sitting at 69 points which conveys that it may be oversold so the risk is there that plenty of investors may cash in their rises at any time triggering a price correction.

As always though, meme coins have the risk we don’t need to remind you of.

Munchables Saga - A First Of Its Kind

At a glance 🔎

• The largest security breach on Blast saw $62.5m stolen from the Munchables project.

• The 17,400 ETH looked to have been gone for good until ZachXBT got involved.

• Zach traced the attack to core developers with potential links to North Korea.

• Unexpectedly, the hacker returned the stolen assets to a multisig contract and provided the keys for a full recovery.

  🕵️ Scoops take:

The motives remain unknown and the whole scenario is crazy.

The lesson to be taken is how volatile projects are to exploits - at any moment the total pool sum can be gone in an instant and 9/10 they will not be seen again.

To pardon the pun of the earlier story, Munchables have got out of jail here and must do better in their security measures.

🏆 WEEKLY WINNER🏆

$HAMI

A new meme coin launched this week and played on a new potential meta.

Youtuber Meta + Retail + Fomo = success.

Success is what has happened as the marketcap rose from $4.8m to $6m pretty quickly.

Then the real boom happened, taking the MC to $20m in 24 hours.

The dev is fully doxxed and has shared the journey throughout.

You can check it out here.

😡 THE REKT SECTION 😡

Robert Robb

This “investor” stole $1.2m from 11 individuals and went on a mad spending spree.

Resident security head ZachXBT put pieces of the puzzle together which has now seen Robb arrested and charged for the scam.

You can check out the details below.

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