Published
1 week ago on
June 11, 2024
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AI coins are witnessing a broad-based correction, primarily due to the massive ongoing derisking before the upcoming CPI and FOMC.
Even Apple’s landmark partnership with OpenAI failed to inject strength into the AI sector, with Worldcoin - a brainchild of OpenAI CEO Sam Altman - down 12% over the past 24 hours.
Meanwhile, new crypto presales are in high demand, primarily because they remain unaffected by the broader market sentiment. For instance, WienerAI - a new AI-powered meme coin - has already raised close to $5.5 million in its ongoing presale.
AI Cryptos Crash Pre-FOMC - Buy The Dip?
Data from CoinMarketCap reveals that the AI crypto market capitalization is down by 7% over the past 24 hours.
Most top tokens, including Near Protocol and Injective, are down by 10%, while Render (RNDR) has corrected by close to 15%.
Fetch.ai, SingularityNET and Ocean Protocol prices have also dipped by over 10%. More importantly, these three tokens are down by 4% in the past hour, after the ASI merger has been postponed by over a month.
ASI - or the Artificial Superintelligence Alliance - is a new AI coin, set to be created by the merger of FET, AGIX and OCEAN tokens. Initially, the merger was set to start today on June 11th and conclude by June 13th. However, the project’s X account announced a postponement due to logistical issues.
— Artificial Superintelligence Alliance (@ASI_Alliance) June 11, 2024
However, the weakness in the AI sector cannot be solely attributed to fundamental issues. The broader crypto market, including Bitcoin and Ethereum, has crashed by 5% today.
Experts believe that investors are derisking right before the key macroeconomic events set to take place tomorrow on Wednesday. The Consumer Price Index for May will be released at 8:30 AM Eastern Time.
Following it is the FOMC meeting, which is set to give its next interest rate decision at 2:00 PM. Perhaps the most important event is Fed Chair Jerome Powell’s speech at 2:30 PM.
Powell’s dovish post-FOMC speeches have created a local bottom for 4 straight times, followed by a massive 20% rally in Bitcoin. Crypto investors would hope that the Fed Chair adopts a dovish stance again, considering that a hawkish stance could result in a much steeper downside move.
Powell's press conferences have been good for the market recently 👀
— Jelle (@CryptoJelleNL) June 11, 2024
In fact, the past 4 FOMC events have all coincided with local bottoms and >20% rallies for #Bitcoin.
With the next presser taking place on Thursday, a bounce could be closer than most people think 👀 pic.twitter.com/uyXySWRkBH
Is WienerAI The Best Altcoin To Buy Now?
WienerAI ($WAI) is a new AI-powered meme coin that has caught the attention of retailers as well as smart money traders.
WAI has already raised close to $5.5 million in its presale in the first few weeks. The strong demand for the new token has led to popular crypto influencers being bullish on its upside potential.
🚀🎉 $5M Milestone Achieved! 🎉🚀
— WienerAI (@WienerDogAI) June 8, 2024
WienerDogAI is just getting started!! 🌭🤖 pic.twitter.com/x7G1kFx729
While YouTuber ClayBro - who has over 130k subscribers on X - is backing WienerAI to deliver 10x returns, another trader Jacob Bury is even hinting at the possibility of 100x returns.
WienerAI is more than just a meme coin with a hilarious mascot. Instead, it is launching its next-gen AI trading bot, which could significant dividends during a bull market.
Token holders can take advantage of the bot’s AI-enhanced predictive trading and receive comprehensive answers to all their investment-related queries. Additionally, they can benefit from seamless swaps and MEV protection, at no additional cost.
WienerAI has its own staking protocol, which could be an excellent passive income source for retail investors. According to its staking dashboard, stakers are currently receiving rewards at an APY of over 200%.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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