We Hope you Had a Great Week!

It has been a wild one for the memecoin degens who also know a thing or two about AI (or at least pretend to).

Funny enough, this new ‘AI memecoin meta’ actually requires people to read the lore to understand what’s captivating enough to speculate on. Left curvers are in shambles.

In This Week’s Roundup:

• AI memecoin crazy sparked by GOAT

• Nvidia launches a new LLM, which is quickly integrated across DeAI projects

• Delphi’s Crypto x AI month is off to a hot start

The State of the Market

Total Crypto Market Cap: up 7.5% this week to $2.45T
Total AI Sector Market Cap: up 9.5% this week to $30.5B

It’s been a green week across the crypto market, with Bitcoin pushing past the $68,000 mark after $1.64 billion flooded into the spot ETF products in just four days.

Blackrock's CEO, Larry Fink, shared his bullish sentiment on both Bitcoin and Ethereum during the company’s Q3 earnings call this week. He also briefly discussed the overlap between AI and crypto, mentioning that the applications in crypto will increase over time.

Meanwhile, despite posting over 7% growth in total market cap this week, the AI sector has still managed to outpace the rest of the market. AI is dominating investor mindshare sparked by the recent AI memecoin craze kicked off by GOAT.

In case you're not up to speed on GOAT:

It began with Andy Ayrey's "Infinite Backrooms" experiment, in which two Claude Opus instances were allowed to converse completely unsupervised. This led to the creation of the ‘GOATSE of GNOSIS,’ and Andy co-authoring a paper on AI-created memetic religions.

Andy proceeded to create Truth Terminal, an LLM trained on Reddit, 4chan, and other forums, which claimed to need financial help to "escape." Tech investor Marc Andreessen sent $50,000 in Bitcoin to the AI, which then started tweeting about the 'Goatse Gospel.'

In response, someone created a GOAT token and airdropped it to Truth Terminal’s wallet, where Truth Terminal endorsed it. The token has now surpassed a $450 million market cap, with Wintermute among the top three holders. CEX listing soon?

The craze has resulted in several other AI-themed memecoin spinoffs including GNON, WoTF, and ACT, all aligning with the ‘AI religion’ narrative, which is now being touted as the ‘Singularity coins meta’ on CT. It’s been quite the week in the memecoin trenches!

(The author of this post is in the trenches and holds most of the tokens mentioned. This is not investment advice and if you purchase these tokens you will more than likely lose money.)

Highlights of the Week

goodalexander dropped his thesis that AI-focused "cult coins" could become the next evolution of memecoins, offering a more serious and potentially larger market opportunity. He argues that AI cult coins, unlike traditional memecoins, can tap into a vast idea space centered around the significance of human life in the face of AGI, while still leveraging the community-driven and belief-based aspects that made memecoins successful. We are seeing this play out in real time.

This week, Nvidia silently released Llama-3.1-Nemotron-70B-Instruct, a new open-source LLM that reportedly outperforms GPT-4o and Claude 3.5 Sonnet on several benchmarks, despite being much more lightweight at only 70B parameters. Nvidia has open-sourced the model, reward model, and training dataset on Hugging Face, and it has already been integrated into Venice.ai and other open-source LLM providers.

Prime Intellect launched INTELLECT-1, the first decentralized training of a 10B parameter language model, building on their OpenDiLoCo research. Prime Intellect has now scaled their decentralized training method by 25x more than what was possible with the original research.

Google has partnered with Kairos Power to develop small modular nuclear reactors, aiming to provide up to 500 MW of 24/7 carbon-free power to support the growing energy demands of AI technologies. This is the fourth instance of a big tech company partnering with a nuclear energy provider in the past month.

Here’s what else happened this week ↘️