AI Market Recap
The AI token sector experienced a decline of 8.6% in the last seven days, resulting in a loss of approximately $2.4 billion from its market capitalization. The sector is currently showing negative performance across all short-term timeframes, including the last 7-day, 30-day, and 1-year periods. Despite this downturn, the AI sector remains the third-best performing sector over the past seven days, according to data from Artemis.
The majority of AI tokens are currently trading in the red this week. Out of the top 10 AI tokens, eight have experienced week-on-week losses. Only Bittensor (TAO) and Internet Computer (ICP) managed to buck the trend, with gains of 14.1% and 21.9%, respectively.
Approximately 80% of AI tokens have seen a decline this week, with some of the worst performers losing upwards of 50% each.
The trending list offers a more optimistic outlook, with half of the top 10 trending tokens showing gains this week. This list features a balanced mix of both large and small-cap tokens.
Bittensor subnets were prominent among the top performers this week, with three subnets ranking in the top five.
The best performers this week, along with their known catalysts, include:
- •Pundi AI (PUNDI): +108% (Data hub milestone and contract migration)
- •Sportstensor (SN41): +65.4% (Polymarket integration and Almanac layer teased)
- •AI Rig Complex (ARC): +55.3% (Increased activity in the Solana AI ecosystem)
- •Alpha Trader Exchange (SN63): +31.9% (Unclear catalyst)
- •Bitcast (SN93): +25.1% (Unclear catalyst)
X402 Narrative Heating Up
The AI agent subsector, in general, presents a challenging picture, with most agent tokens experiencing losses this week. However, there has been notable outperformance within the x402 narrative. DeFAI tools like LucrumAI (LUCRUM) have seen gains exceeding 1,000% this week in anticipation of major updates. Its AI model has also demonstrated success in predicting multiple local tops on Solana (SOL) and the local bottom on Bitcoin (BTC) in recent weeks.
The platform is now preparing to introduce a decision success rate history feature, enabling users to independently track its win rate.
Excited to announce that the #LucrumAI platform is rolling out a new feature: Decision Success Rate History! 🚀 Track our AI's prediction accuracy and see how we're building the most transparent and reliable AI trading tools in the space. #AI#DeFi#Crypto#Trading#Solana#Web3#ArtificialIntelligencepic.twitter.com/iFjT2zY0gW
— Lucrum AI (@Lucrum_AI) June 30, 2024
Concurrently, the Agentic Open Economy (AOE) token experienced a 247.2% week-on-week increase, establishing itself as the leading x402-powered Base token.
To learn more about x402, click here.
AI News Roundup
Despite the prevailing bearish market sentiment, several positive developments have emerged within the crypto AI space recently. The following is a summary of some of this week's top stories:
Binance Backs AI16Z to ElizaOS Token Swap: Binance Alpha & Futures will support the AI16Z to ELIZAOS migration on November 6th. The migration will involve a 1:6 conversion ratio, and guidance for futures settlement has been publicly shared. This move signifies a rebranding effort towards an AI-agent focus.
Binance Futures will support the #AI16Z#ELIZAOS token migration.
— Binance Futures (@BinanceFutures) June 27, 2024
Read more here: https://t.co/v5p6v49m8zpic.twitter.com/1oX17k2h1P
Haust Network Mainnet Goes Live; AI Wallet Next: The Haust mainnet was launched between October 27th and 28th, with trading available on its DEX and Uniswap. The team has reiterated its plans to integrate HAIA, an intent-based AI assistant, directly into the wallet for automated DeFi execution.
The Haust Network Mainnet is LIVE! 🚀
— Haust Network (@HaustNetwork) June 24, 2024
Trading is now open on our DEX and Uniswap!
Get ready for the future of DeFi with HAIA, our intent-based AI assistant, coming soon to your wallet. #HaustNetwork#MainnetLaunch#DeFi#AI#Cryptopic.twitter.com/x2F2q8c1Hn
KapKap Raises $10M To Scale AI-Native ‘Attention’ Layer (KAPS): KapKap, an AI-native Web3 “attention layer” that transforms on-chain actions into portable reputation for games and creators, has successfully raised $10 million. The funds will be used to expand the KAPS ecosystem, enhance developer tooling, and forge new partnerships.
KapKap has successfully raised $10M to scale its AI-native Web3 attention layer! 🚀 This funding will fuel the expansion of the KAPS ecosystem, developer tooling, and strategic partnerships.
— Kapkap Hub (@Kapkap_Hub) June 28, 2024
Read more: https://t.co/L8l2g7L0f0
#KapKap#Web3#AI#Funding#Crypto#AttentionLayerpic.twitter.com/9b6y89uWp9