On October 31, MEXC's Chief Strategy Officer (CSO) publicly apologized to a user known as White Whale, approximately three months after the user's funds were frozen due to the exchange's risk control rules. The frozen assets amounted to around $3 million. The MEXC representative announced the release of these funds following a significant social media campaign initiated by the affected user. Despite this resolution, the user clarified that this incident was indicative of a larger, ongoing issue, and while many users praised MEXC's transparency in addressing the situation, criticism of the company's past actions persisted.
Concurrently, the market capitalization of the AI crypto sector experienced an increase of approximately 4%, signaling a recovery. This upturn has led many traders to explore investment opportunities in promising AI crypto coins as the sector continues its expansion.
MEXC's Asset Freeze Controversy
On October 31, Cecilia Hsueh, MEXC CSO, issued a public apology concerning the freezing of $3 million in assets belonging to a user identified as White Whale, which occurred in July. Hsueh acknowledged that MEXC's handling of the situation following the asset freeze, which was initiated due to risk control rules, was inadequate. MEXC has since released the funds and invited White Whale to claim them at their convenience.
The CSO further stated that her emotional responses during communication with the user were a contributing factor, and she accepted full accountability for the exchange's actions.
Following the freezing of its assets, White Whale launched an extensive media campaign against MEXC, revealing that the exchange had requested an in-person meeting in Malaysia. White Whale reportedly invested $2.5 million in this campaign.
In response to the apology, the trader shared their perspective, noting that the apology did not explicitly state the specific reasons for MEXC's actions. White Whale also claimed that numerous similar cases exist and announced plans to distribute the released assets to supporters of their media campaign.
The cryptocurrency community generally welcomed the apology but continued to express criticism regarding MEXC's practices, which coincided with a 3.5% drop in the MX token's price shortly after the apology was posted.
Amidst this unfolding situation, the AI crypto sector saw a 4% recovery, prompting traders to refocus on top artificial intelligence cryptocurrencies for potential investment opportunities in the fourth quarter, aiming to capitalize on the sector's growth.
Trending AI Tokens This Week
DeepSnitch AI: A Trader-Centric Solution with 100x Potential?
Despite being in its early presale stages, DeepSnitch AI has rapidly gained recognition within the AI community for its innovative approach to AI technology. A key differentiator is its exclusive focus on providing traders with an AI-powered daily trading suite. The organic interest generated by its utility enabled DeepSnitch AI to raise $488,000 during its second presale stage.
Core Technology Explained
In essence, DeepSnitch AI utilizes five AI agents trained to convert raw blockchain and off-chain data into actionable trading analytics. These insights are accessible via an AI-powered dashboard, complete with sophisticated alerts designed to help traders refine their daily trading strategies.
Key AI Agents
The first two agents are particularly noteworthy. SnitchFeed continuously monitors various crypto threads and alpha groups, enabling it to predict market sentiment shifts with considerable accuracy. This agent also tracks whale movements and identifies potential FUD (Fear, Uncertainty, Doubt) storms. In parallel, SnitchScan analyzes tokens, forecasts their upside potential, and can detect rug pulls.
This technological framework appeals to AI enthusiasts, but DeepSnitch AI's broader market potential suggests it could achieve mass adoption. This development could significantly boost the AI market and lead to substantial upside, with early supporters predicting the DSNT token could achieve 100x gains post-launch.
With the DSNT token currently priced at $0.02114, a 100x increase would mean a $1,000 investment could yield up to $100,000. DeepSnitch AI's price is expected to rise with increasing demand, leading many investors to participate in Stage 2 to maximize their returns. Others are prioritizing early access to SnitchFeed and SnitchScan, which are scheduled for initial release.
Render: Will RENDER Break Out in November?
Render is recognized as a leading coin in the AI sector. However, according to CoinMarketCap, RENDER has faced challenges in recovering from the mid-October crash, trading around the $2.20 mark on October 31.
The key resistance level for RENDER is situated above $3, a level the coin has struggled to surpass since October 14. Despite indicators of significant selling pressure on the daily chart and consolidation near lower support levels, technical analysts suggest that macroeconomic factors could potentially drive the coin to reach $3.30 in November.
Furthermore, the launch of the first Bittensor ETP on October 29 is seen as a positive development for Render, indicating growing institutional interest in AI coins.
While Render's GPU utility positions it for long-term growth, its current price action might limit the possibility of explosive gains compared to projects like DeepSnitch AI, which is currently considered a top emerging AI crypto project.
Bittensor: Does TAO's Price Limit the Upside?
CoinMarketCap reports that TAO experienced a significant rally, pushing its price above the $500 resistance level on October 31. The primary catalyst for this surge appears to be institutional investment, following the launch of the first TAO ETP the previous day, which stimulated trading activity.
Technical analysis indicates strong upward momentum. Although the Relative Strength Index (RSI) may approach overbought levels, if the current trend persists, TAO could potentially close above $540, leading to further price increases in the short term. A pullback is also possible, during which TAO might retest the $460 support level.
Bittensor is recognized as the largest AI project with a robust long-term outlook. However, similar to RENDER, the potential for significant upside on smaller investments may be constrained.
Conclusion: A Parabolic AI Market
If the current trajectory continues and TAO's price keeps climbing, the resulting hype is likely to extend to other assets within the crypto AI sector. While Render and Bittensor are established AI crypto coins, new entrants into the AI category might achieve substantial gains by investing in presale projects with lower entry points.
DeepSnitch AI's utility has the potential to rival that of established AI coins, and the project could achieve widespread appeal, suggesting that 100x returns are a possibility for those investing in the project during its second stage.
To position yourself for success in the rapidly growing AI market, consider exploring the DeepSnitch AI presale promptly.
FAQs
1. What are the best AI crypto coins to buy right now?
The leading AI crypto coins currently include DeepSnitch AI, Render, and Bittensor. While Render and TAO are established projects with solid fundamentals, DeepSnitch AI's early presale stage offers a low entry point and significant growth potential.
2. How did MEXC's $3M asset freeze impact the market?
The MEXC controversy initially created negative sentiment, leading to a 2% drop in MX token prices and impacting investor confidence.
3. Can AI crypto presales like DeepSnitch AI outperform established AI coins?
Early-stage presales like DeepSnitch AI present a higher potential for upside. While Render and Bittensor offer strong fundamentals and long-term growth prospects, DeepSnitch's specialization in trader-focused AI agents may provide it with the opportunity for significant price appreciation.