AI Bubble Bursting? ($)
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- ❎ The SEC refuses Solana ETFs. The U.S. securities watchdog declined two prospective Solana ETF filings via Cboe BZX, reportedly over the agency's view that SOL is a security.
- 🤔 Mango DAO considers SEC settlement. The community of Solana DeFi platform Mango Markets is voting on an SEC settlement offer that would entail paying fines and destroying its MNGO token holdings.
- 🌽 Corn enters the limelight. Corn, a new Ethereum L2 that plans to use a tokenized version of BTC as its gas token, announced a $6.7 million seed round and its early access and pre-mainnet airdrop plans.
📸 Daily Market Snapshot: The stock market took a breather today after 8 straight days of gains ahead of the Federal Reserve's Jackson Hole Policy Symposium, at which guidance for lower interest rates is expected to be announced. While crypto majors are moderately in the red, with markets selling off after an early morning rally, many mid-cap tokens are holding out green.
| Prices as of 4pm ET | 24hr | 7d |
|
Crypto $2.1t | ↗ 0.9% | ↘ 1.4% |
|
BTC $59,427.61 | ↗ 0.7% | ↘ 2.1% |
|
ETH $2,599.98 | ↘ 0.3% | ↘ 4.0% |
|
CANTO $0.039 | ↗ 3.5% | ↘ 43.0% |
Remember the good old days of late 2023, when AI coins and stocks were the hottest thing? Well, those days are gone – for now. The market has cooled its jets, leaving many investors wondering if the whole AI thing was just a flash in the pan.
It’s easy to get caught up in pessimism. Even the mighty Nvidia stock price has stumbled. But I’m here to tell you that there’s still hope for AI coins.
If we switch to our techno-optimistic glasses for a moment, we’ll see that while investor enthusiasm in AI has cooled, the underlying technology continues to improve and gain adoption.
Let’s take a closer look at the current state of the AI sector 👇
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SOL/ETH is up 300% YoY and ETH/BTC is down 50% over the last 2 years. Why is that? Why is ETH underperforming so badly?
Kyle Samani is the Managing Partner & Cofounder at Multicoin Capital. Kyle and Multicoin have been one of the largest investors and proponents of Solana. They have been spearheading the "integrated blockchain" investment thesis even before the success of Solana redefined that corner of crypto.
This episode is not intended to be a debate like the Anatoly vs. Justin Drake one. Ryan and David are mostly going to sit back and hear Kyle’s perspective and reasoning as to why ETH has been down so bad in this crypto cycle.
Hear all of the analysis 👇