AI Coins Pump as Elon Musk Launches ChatGPT Competitor – Where Next for RNDR, FET and AGIX?
Cryptocurrencies that boast a strong artificial intelligence (AI)-linked use case, such as Render Network (RNDR), SingularityNET (AGIX) and Fetch.ai (FET) have seen a pump on Wednesday amid positive AI news.
Twitter, Tesla and SpaceX CEO Elon Musk announced on Wednesday that he had launched a new generative AI start-up called xAI.
xAI will allegedly be a direct competitor to OpenAI’s ChatGPT, which became the fastest application in the world to reach 100 million users earlier this year following its launch last November.
Musk’s official re-entry into the AI race (he had formerly been a founding member at OpenAI) brings fresh attention to the fast-evolving technological sector, thus bringing fresh attention to AI cryptocurrencies like those noted above.
RNDR is the cryptocurrency that powers the Render Network, a decentralized GPU-based AI rendering solution.
AGIX is the token that powers SingularityNET’s decentralized AI-focused crypto ecosystem.
FET is the ERC-20 crypto token that powers Fetch.ai’s AI-powered platform for building, deploying and connecting so-called “smart agents” to automate web3 processes.
Where Next for RNDR, FET and AGIX?
While RNDR initially pumped on the Musk news, it has since reversed more than 3% lower on the day.
At current levels in the $1.93 area it is below its 21, 50 and 100-Day Moving Averages (DMAs) and once again threatening a potential breakout below a medium-term pennant structure.
A break below this structure could open the door for a near-term drop towards resistance-turned-support in the $1.60 area.
AGIX, meanwhile, is running into key medium-term resistance in the form of a downtrend from the March highs.
With AGIX also finding resistance at its 21 and 50DMAs, bears may see current levels as attractive to add to short positions.
A retest of June lows near $0.17, over 25% below current price levels in the $0.235 area, is a strong possibility.
The outlook for FET looks similarly challenging, given it is also testing a long-term downtrend.
At current levels just above $0.21 where it is also below its 21 and 50DMAs, FET could easily fall back to yearly lows in the $0.16 area, which would mark a rough 25% decline from current levels.
Meme Coin Alternative to Consider – Mr Hankey Coin
AI coins have been highly volatile this year.
That’s great for investors with a high risk tolerance and appetite for big short-term gains.
An alternative sector of the crypto market that such investors might want to consider getting involved in is the meme coin world.
With so many meme coins out there, analysts at Cryptonews.com spend a lot of time combing through the best projects.
And they really like a new meme coin project called Mr Hankey Coin.
Mr Hankey Coin is a brand-new meme coin themed on South Park’s Mr Hankey, a sentient, jolly piece of feces and the cartoon’s former Christmas deity.
Since launching across socials on Wednesday, the project has been going viral ahead of the launch of a stealth presale that anyone can get involved in on Thursday.
Web3’s hottest new shitcoin is understood to be looking to raise a modest $500,000 via a sale of 40% of its 1 billion token supply, valuing the token at a very modest $1.25 million, which means plenty of room for a potential pump.
Meanwhile, the limited availability of the token in presale means that pent up demand and FOMO will be sustained into its DEX launch.
Additionally, the project has pledged to lock 40% of the token supply into Decentralized Exchange (DEX) liquidity, ensuring smooth trading conditions and removing the possibility of a rug pull.
Finally and most importantly, Mr Hankey Coin appears to be backed by a savvy marketing team, with rumours are already circulating the teams behind $SPONGE and $PEPE might be involved.
Whoever the team is, they appear to be hard at work spreading the word, with Mr Hankey Coin already featuring all over the crypto media on reputable news sites like Beincrypto and here on Cryptonews.com.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.