CRYPTO

Beyond NVDA: Unveiling Crypto's AI Powerhouses'

It's kind of a 'meh’ day, except for the AI space in crypto, which is making some dramatic moves. 🟩

That's what we will focus on today: five AI-focused cryptocurrencies - Render Protocol, SingularityNET, Fetch.ai, Akash Network, and Ocean Protocol.

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Here's how the market looked at the end of the trading day: 

CRYPTO
Render (RNDR)

Market Cap: $2.89 billion

YTD: +68.03%

Project Focus: Render Token ($RNDR) is a distributed GPU rendering network built on the Ethereum blockchain. It aims to connect artists and studios needing GPU computing power with mining partners willing to rent out their GPU capabilities. This project facilitates the rendering of complex 3D scenes and virtual reality experiences, making high-quality rendering accessible and more cost-effective for creators and developers.

What Makes It Unique: RNDR is pioneering leveraging blockchain technology to democratize access to high-end rendering capabilities. Using a decentralized network optimizes the rendering process regarding speed and cost. It incentivizes GPU owners with RNDR tokens, creating a win-win ecosystem for creators and GPU miners.

From a price action perspective, Render looks a little top-heavy. This is especially true if you look at the white trendlines. 

The angle of the trendlines has gradually become more extreme, a behavior some analysts and traders believe warns of a parabolic move. Two additional bearish warning signs are the firm rejection against the 261.8% Fibonacci extension and the current candlestick pattern developing: a bearish shooting star. 

Here’s something to digest: parabolic moves are the definition of irrational behavior, and as Warren Buffet once said, markets can remain irrational longer than you can remain solvent. 

In other words, just because the technicals here are screaming this is ‘done’, don’t be surprised if FOMO catches and it keeps going.

Stocktwits Sentiment Data for Render Protocol

CRYPTO
SingularityNET (AGIX)

Market Cap: $941 million

YTD: 135.14%.

Project Focus: SingularityNET ($AGIX) is a decentralized marketplace for AI services, designed to allow anyone to create, share, and monetize AI services at scale. The platform aims to be the core protocol for networking AI and machine learning tools to form a coordinated Artificial General Intelligence (AGI) with capabilities that exceed the sum of its parts. In other words, Skynet. I think.

What Makes It Unique: The uniqueness of SingularityNET lies in its vision to democratize access to AI technology, enabling developers, companies, and individuals to collaborate and access AI services easily. It promotes an open-source and decentralized approach to AI development, fostering innovation and reducing monopolistic control over AI technologies. Also, it’s built on Cardano’s ($ADA) blockchain.

Of the five AI plays we’re looking at in today’s Litepaper, AGIX is by far the best performer YTD. 

From a technical perspective, the conditions are relatively the same as for Render. The only exception is the current daily candlestick, which is not as bearish as Renders, but still ugly for bulls. 

Stocktwits Sentiment Data for SingularityNET

CRYPTO
Fetch.ai (FET)

Market Cap: $892 billion

YTD: +59.22%

Project Focus: Fetch.ai ($FET) is a decentralized machine-learning platform for smart infrastructure, finance, logistics, and more applications. It aims to create an Autonomous Economic Agent (AEA) network where agents can perform tasks autonomously, such as data sharing and decision-making, without human intervention.

What Makes It Unique: Fetch.ai introduces the concept of AEAs that can operate independently or collaboratively to solve complex problems. This approach to decentralizing AI tasks and the economy itself is groundbreaking, as it paves the way for a more efficient and automated future, where tasks are performed by intelligent agents negotiating with each other in a trustless ecosystem.

Stocktwits Sentiment Data for Fetch.ai

CRYPTO
Akash Network (AKT)

Market Cap: $891 billion

YTD: +59.54%

Project Focus: Akash Network ($AKT) brands itself as the world’s first decentralized cloud computing marketplace, providing a fast, efficient, and low-cost alternative to traditional cloud services. It is designed to enable cloud-based applications to run on a decentralized network of computers, utilizing unused computing capacity in data centers and servers around the globe.

What Makes It Unique: Akash’s proposition is unique in that it challenges the status quo of cloud computing by offering a decentralized solution significantly cheaper than conventional cloud providers. Its platform incentivizes the leasing of underutilized computing power, making it accessible for various applications, including AI and machine learning workloads, thus fostering innovation by lowering entry barriers.

Akash Network doesn’t show the same extremes that we saw on RNDR, AGIX, or FET. If bulls are looking for a laggard in the space, this is one of them. 

Fundamentally, it faces a lot of competition inside and outside of crypto. 

Stocktwits Sentiment Data for Akash Network

CRYPTO
Ocean Protocol (OCEAN)

Market Cap: $428 million

TYD: +48.62%

Project Focus: Ocean Protocol ($OCEAN) is a decentralized data exchange protocol that aims to unlock the value of data. It allows individuals and enterprises to share and monetize data in a secure, privacy-preserving manner. The platform facilitates data sharing between parties that do not know or trust each other, using blockchain technology to ensure transparency and security.

What Makes It Unique: Ocean Protocol’s unique contribution to the AI and blockchain space is its focus on data, a critical component of AI development. By creating a secure and transparent environment for data sharing and monetization, Ocean Protocol addresses the issue of data silos. It promotes the creation of AI models that can benefit from a wider variety of data sources, driving innovation in AI research and development. However, the attack on privacy-focused cryptocurrencies and projects has not been kind to those assets’ prices.

Our last AI-focused cryptocurrency today looks very much like all the rest. Despite its rise, if you look at the candlestick wicks, buyers have repeatedly stepped in to support any intraday dips (except for the 19th) over the past six sessions. 

Stocktwits Sentiment Data for Ocean Protocol

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Bullets From The Day

🎤 Former United States President Donald Trump said that Bitcoin (BTC) had taken a life of its own as crypto continues attracting more daily users. He’s on the record with Fox News, doing the verbal tango around China’s digital yuan and Bitcoin’s unruly charm that refuses to bow to any sovereign’s whims. Trump’s pivot from a dollar-diehard to a Bitcoin-agnostic is less about a financial epiphany and more about recognizing the elephant in the room wearing a Bitcoin tee. 

🦄 Uniswap’s UNI Jumps 60% on Proposal to Reward Token Holders in what could only be described as a governance glow-up. If Uniswap were a reality TV show, this episode would have the community clutching their pearls and UNI holders doing a victory dance. Erin Koen, with the title of governance lead and possibly secret governance wizard, dropped a proposal that’s essentially a love letter to UNI holders: Stake, delegate, and let the rewards flow. UNI’s price shot up like it just got a Red Bull sponsorship, marking its territory with a resounding “We’re not just a DEX; we’re a drama worth investing in.” 

⚖️ Former FTX exec Ryan Salame to be sentenced on May 1, marking another chapter in the crypto courtroom drama. Salame didn’t sing at the SBF trial, opting for a plea deal that reads more like a grocery list of concessions than a legal strategy. His storyline intertwines with political contributions, unlicensed money-transmitting, and a dash of personal drama, proving once again that crypto is where finance meets soap opera.

🚨 AVAX sell-off alert: Avalanche’s network hiccup sent AVAX prices on a rollercoaster that nobody had tickets for. The “block finalization stall” had traders hitting refresh with the intensity of a day trader on cocaine. As the network scrambled to fix the issue, the price of AVAX dipped. The outage, alongside a token unlock that feels like someone opened the floodgates, has AVAX holders and speculators playing a game of financial chicken.

Links That Don’t Suck

😲 New freelance marketplace lets you get paid in Bitcoin

🏚️ UK moves to classify cryptocurrencies as property

🤦‍♀️ Wright submits 164,000 pages in an attempt to prove he’s Satoshi

🤔 How the halving could impact bitcoin’s price

🖲️ 2024’s best-selling games in the US so far

Get In Touch

Have feedback on The Litepaper? Email me (Jonathan Morgan) at [email protected]; I’d love to hear from you.

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