New AI Supertoken -$FETCH, $OCEAN and $AGIX to Merge

Gm frogs,

State of the Market: Bitcoin gets the choppy mood 🪓

Despite a whopping $2 billion in spot ETF inflows, Bitcoin’s price isn’t budging. Why? Blame it on coin movements from the Mt. Gox collapse, regulatory smackdowns on crypto platforms, and the U.S. Senate’s anti-crypto vibes. All this drama is keeping Bitcoin’s growth on a tight leash. 😬📉 Let's see the details: 

Bitcoin stayed flat as U.S. Personal Consumption Expenditures (PCE) inflation held steady at 2.7% year-over-year in April. This inflation data sparked hopes that the era of sky-high interest rates might be ending, boosting equity indices in pre-market trading. But Bitcoin? Still no major moves. 📊😴

Exchange balances for Bitcoin have plummeted to a five-year low, with major outflows from Binance and Coinbase. This trend shows that investors are shifting towards long-term holding, moving their assets to cold storage. It’s a sign of increased confidence in Bitcoin’s future value. 🥶🔒

Bitcoin’s looking strong, but watch out – rising government bond yields could pose a threat. Higher yields might tempt investors away from riskier assets like Bitcoin. This macroeconomic factor is crucial, affecting market sentiment and investor behavior. 🏦📈

Despite a 3% dip at the end of May, Bitcoin had its best May since 2019. The dip was due to market moves just before the monthly close, preventing Bitcoin bulls from hitting a key resistance level. Still, the overall performance was solid, reflecting positive market sentiment. 🚀🌕

The market is currently a mixed bag, with traders uncertain about the next move. Factors like macroeconomic data, inflation, and potential regulatory changes are creating a choppy environment. Predicting short-term trends is like trying to catch smoke. 🌪️🔮

But wait – there’s hope! Bitcoin is flashing strong bullish signals, with a bull flag pattern and a positive MACD indicator suggesting a potential breakout to new all-time highs. Despite months of consolidation, on-chain data supports a bullish outlook. Buckle up! 🏁📈

Chart of the Day: 

Post-halving, Bitcoin transaction fees have surged, indicating a shift in revenue dynamics for miners. With block rewards halved, miners are leaning more toward transaction fees. This trend highlights the long-term importance of transaction fees in Bitcoin mining as the network adapts to lower block subsidies. ⛏️💸

Thanks to the new Runes protocol, bitcoin transaction fees soared in early 2024, particularly after the April halving event. Fees peaked at 1,257.71 BTC on April 20, making up over 75% of miner revenue that day. This surge led to decreased network activity due to higher costs. While fees have since dropped, any resurgence in protocols like Inscriptions could spike them again. 📊💰

Top News of the Day:

Regulatory and Political Developments: President Biden just dropped the veto hammer on a resolution to overturn the SEC's controversial SAB 121. He says it would’ve tied the SEC's hands on setting guardrails and tackling issues. But the American Bankers Association is throwing a fit, claiming it’ll harm investors, customers, and the whole financial system. 🏦🤯

Bitcoin Market Movements: Kraken just had its biggest Bitcoin outflow ever, totaling a cool $1.6 billion, right after Bitcoin’s price spiked to $69,500. Talk about a power move! 💸📉

Ethereum and Other Crypto ETFs: Franklin Templeton, VanEck, and Invesco Galaxy filed amended S-1 forms for their spot Ethereum ETF applications, with Franklin Templeton planning to charge a 0.19% sponsor fee. Meanwhile, Cathie Wood’s ARK Invest pulled out of their partnership with 21Shares for a proposed Ethereum fund. Ether ETF race just got spicier! ❌🔥

Market Dynamics and Token Unlocks: The crypto market is gearing up for a whopping $875 million in token unlocks this June from projects like Aptos, Arbitrum, Starknet, and Sui as vesting periods end. 💣💰 Meanwhile, the USDe stablecoin from Ethena Labs hit a $3 billion supply in just four months! Talk about rapid growth in the stablecoin market. 🚀📈

Global Adoption and Use Cases: Russian commodities firms are jumping on the stablecoin train for cross-border transactions with Chinese counterparts, showing the growing momentum in the stablecoin sector. 🌐💸

Big news in the AI and crypto world, folks! Fetch AI, SingularityNET, and Ocean Protocol are merging their tokens under the AI-focused Web3 platform Fetch.ai, which will be rebranded as ASI. 🚀

AI has been the hot topic for the last year and a half, with everyone worried that tech giants like Microsoft, Alphabet, and Meta will take over the sector. This merger aims to push back and create a decentralized powerhouse in the AI space. 💪🌐

Let’s dive into one of these AI projects 🤖

Our Daily Pick: Fetch AI, the AI-Powered Superhero of the Blockchain World! 🦸‍♂️🤖

What is Fetch AI? Fetch AI is like the lovechild of blockchain and artificial intelligence. This decentralized platform creates autonomous software agents that handle economic tasks, making transport, energy, and finance systems run smoother than butter. 🧈💸

What’s it used for? Fetch AI is a jack-of-all-trades for smart cities, supply chains, energy grids, and financial services. It uses autonomous agents to conduct data transactions and other tasks, making everything more efficient. 🚀🏙️💡

Who’s behind the magic? This brainchild was founded by Humayun Sheikh, Toby Simpson, and Thomas Hain. 🧠🔧

Who’s backing it up? Fetch AI has got some serious backing from big names like Outlier Ventures, Blockwall Management, and Binance. 💰📈

Funding and Valuation: Fetch AI has raked in $15 million in seed funding, $6 million through an IEO on Binance, and another $5 million in 2021. Its market cap is sitting pretty at around $1.76 billion. 💵🚀

Tokenomics: Fetch AI’s native token, FET, is the lifeblood of the network, used for staking, transactions, and accessing services. There’s a max supply cap of 3,458,992,725 FET tokens. 🪙📊

Circulating Supply: Currently, there are about 848,193,896 FET tokens in circulation. 🔄

Market Cap Position: Fetch AI is cruising as the #61 cryptocurrency by market cap. 🌟

Fetch AI’s Superpowers:

• Autonomous Economic Agents (AEAs): Digital entities that do tasks all on their own.

• Scalable Ledger Technology: Handles high transaction volumes and smart data processing.

• AI + Blockchain Integration: The dynamic duo creating a self-organizing digital economy. 🧠💻

Problems Solved: Fetch AI tackles the inefficiencies of centralized systems by optimizing resource use, cutting transaction costs, and enabling real-time data sharing. 💡⚡

Core Concepts:

• Autonomous Economic Agents (AEAs): Digital doers of tasks.

• Open Economic Framework (OEF): A digital playground for AEAs and decentralized interactions.

• Scalable Ledger Technology: Super smooth transaction and data processing. 🔄📈

Use Cases:

• Smart Cities: Boosting urban infrastructure.

• Supply Chain: Streamlining logistics.

• Energy Grids: Making energy distribution efficient.

• Finance: Powering DeFi applications. 🏙️🚚🔌💵

Launch Timeline: Fetch AI launched its mainnet in March 2021 and continuously grew its ecosystem. 🌱🚀

Final Thoughts: Fetch AI is blending AI, blockchain, and autonomous agents to shake up various industries by boosting efficiency and enabling decentralized decision-making. The key to its success will be overcoming tech and regulatory challenges and getting widespread adoption. 🚀✨

Cherish your tadpoles today.

-Pep