Market Metrics

Total Crypto Market Cap: up 2.8% to $2.45T
Total AI Sector Market Cap: up 11.1% to $27.9B

Top Movers (7 days):

📈 Arbius (AIUS): up 57.1% to $160.23
📈 EnqAI (ENQAI): up 41.1% to $0.05544
📈 Kizuna (KIZUNA): up 30.1% to $0.0₇107

Daily News

🟠 Arbius’ first DAO funding proposal to fund the development and maintenance of the Arbius Data website, has passed. This is the project’s first step towards full decentralization.

🟠 Giza has partnered with Starknet to enable Giza Agents to autonomously execute onchain strategies on various protocols.

🟠 Sam Altman from OpenAI introduced the ‘Model Spec,’ allowing the community to influence how their models behave.

🟠 Eternal AI has partnered with AIOZ Network’s W3S, enabling the protocol to access and store AI models using W3S.

🟠 Spheron Network, a decentralized computing platform, released its whitepaper.

🟠 0G Labs has partnered with Bagel Network, enabling Bagel’s developer base to use 0G as its onchain data storage provider.

🟠 NeuralAI showcased how it is leveraging NVIDIA GPUs accessible through Akash.

🟠 EigenLayer claims open today at 10am PST. Make sure you go through the official site as there will be plenty of scams floating around!

Highlights of the Week

💪 AI x Crypto Dominates Investor Attention

Despite representing only 1% of the total crypto market cap, the AI sector has garnered a disproportionate amount of attention. As sentiment improves, many prominent investors are becoming increasingly bullish on the sector as a whole and building conviction in select protocols. David Cheung from Syncracy highlighted the discrepancy in the DeFi sector's percentage of total market cap in the previous cycle of 2021, suggesting that the AI sector is well-positioned for a similar run-up as the dominant investment narrative for this cycle.

Additionally, McKenna shared his bullish thesis on VIRTUALS Protocol, emphasizing its potential to create a thriving DApp ecosystem and attract a large developer base for the co-creation of digital AI Agents. It is becoming evident that investors should consider investing in AI before a potentially significant market surge.

❗️ Arbius Catches A Bid Amid Bittensor FUD

Ronin sparked some debate around Bittensor over the past 24hrs when he publicly expressed concerns about the current state of the project’s direction. In an X post, he highlighted the noble vision behind the project but also pointed out widespread issues with certain contributors milking the system and highlighting that, to him, the current risk-to-reward ratio is not as appealing as other projects. The main concern revolves around the lack of measurable and meaningful value being produced by the network, with some developers allegedly content with gaming the system and celebrating investor subsidies as “revenue”. As a result, @roninmma_ has decided to unload most of his position in $TAO, despite having been a high-conviction investor since the token was trading around $40.

Amidst the uncertainty surrounding TAO, Arbius ($AIUS), another AI-focused project, has caught the attention of the market. While $TAO traded flat despite a green day across the board for AI tokens, $AIUS surged by over 50% in a single day. This divergence in performance highlights the shifting sentiment in the AI crypto space, as investors seek out “the new shiny thing”.

Meme of the Day

🫡 Growing up is just accepting that you will miss generational wealth every single day.

Exclusive Report: Top 5 AI Cryptocurrencies to Watch 2024

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