OVERVIEW

Crypto's AI Superintelligence Alliance 🤖

It's another red day for price action, but price action is the only thing that’s bearish. Adoption, interest, and use continue to rise, and that’s uber bullish. 🟥

In today’s Litepaper: a new heatmap of the entire crypto market and one for the memecoin market, a crazy crypto AI combo, and on-chain analysis of Bitcoin’s supply. Also on deck is Solana v. Ethereum. Who’s winning?

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

STOCKTWITS CRYPTO TRENDS
Trending Tickers 📊

Here’s a collection of what crypto assets are trending on Stocktwits:

Brett ($BRETT), Ocean Protocol ($OCEAN), Internet Computer Protocol ($ICP), Fetchai ($FET), LCX ($LCX), Vaiot ($VAIOT), Celo ($CGLD), Travala ($AVA), Dogecoin ($DOGE), Kryll ($KRL), Shiba Inu ($SHIB), and Aerodrome Finance ($AERO).

It's the same thing as yesterday: lots of memecoins are making the trending tickers list. Some of the AI cryptocurrencies are up there, like Ocean Protocol and Fetchai—our next story discusses why.

COMPANY NEWS
A Trifecta Of Awesomeness 💪

Fetchai ($FET), Ocean Protocol ($OCEAN), and SingularityNET ($AGIX) have merged into the Artificial Superintelligence Alliance, boasting a $7.6 billion market cap. Central to their strategy is the fusion of their tokens into the ASI token, a unified currency set to revolutionize the AI economy.

Each entity retains its identity despite merging, promoting synergy without sacrificing uniqueness. The merger's success hinges on community approval, embodying the alliance's commitment to decentralized decision-making. 🦾

HEATMAP
Total Crypto Market 🌡️

3 biggest gainers from today: SingularityNET ($AGIX), Bitcoin Cash ($BCH), Sui ($SUI)

3 biggest losers from today: KuCoin Token ($KCS), Near Protocol ($NEAR), Floki Inu ($FLOKI)

Memecoin Market 🤑

3 biggest gainers from today: Wen ($WEN), Brett ($BRETT), SLERF ($SLERF)

3 biggest losers from today: Milady Meme Coin ($LADYS), MOG Coin ($MOG), MAGA ($TRUMP)

ON-CHAIN ANALYTICS
Your OMG WTF Chart Of The Day 😱

Are there millions upon millions of $BTC on exchanges? Wrong. 🎯

Now look at the amount of BTC leaving exchanges (out-flows), don’t worry about the number; observe the line chart:

Compared to BTC entering exchanges (in-flows):

So, are more BTC leaving exchanges (bullish) or entering exchanges (bearish)?

The Exchange Flow Balance is negative and has been negative for almost all of 2024 - which means more Bitcoin is leaving exchanges and being held in wallets than Bitcoin going to an exchange to sell. 🐂

TECHNICAL ANALYSIS
SOL VS. ETH 🥊

Social media has been flush with $SOL army vs. $ETH army. 🪖

Will Solana flip Ethereum? Maybe. Maybe not? No one knows. But one thing that can’t be argued is Solana is kicking Ethereum’s ass when it comes to price action.

The chart below is the weekly chart for SOL/ETH. You can think of it as a visual representation of how SOL performs against ETH. If SOL/ETH moves lower, Ethereum is winning. If SOL/ETH moves higher, SOL is winning.

YTD, SOL/ETH is up +30.53%. But from the week of June 19, 2023?

SOL/ETH is up nearly +500%. 😱

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RECAP
News In Three Sentences 📰

💸 Nice, but still bad: Facing over $1 billion in outflows and legal challenges from the US DOJ, KuCoin announced a $10 million airdrop in $BTC and its native token to users affected by withdrawal delays. CEO Johnny Lyu confirmed the airdrop on X, aiming to reward loyal users during the exchange's turbulent times. CoinGecko has more.

📈 Oh look, another BTC ETF: The US welcomes its eleventh spot Bitcoin ETF, Hashdex's Bitcoin Futures ETF, now converted to a spot Bitcoin fund and trading under the new Hashdex Bitcoin ETF name. Unique to this ETF, up to 5% of the fund's assets can be in BTC futures contracts, aiming for more accurate BTC price tracking and fund operations. More at BitcoinSistemi.

⚠️ UK going for influencers: The UK's Financial Conduct Authority (FCA) warns social media influencers promoting financial products without authorization could face prison time. The FCA emphasizes the need for adverts to be fair, clear, and not misleading, having removed over 10,000 misleading ads in the past year. From BeInCrypto.

💼 14-year old BTC moved: An anonymous entity consolidated 2,000 BTC, mined in 2010 and valued at $140 million, into a single wallet, sparking speculation about the move's implications. The consolidation, noted for its significant increase in value from the original mining reward, might indicate a strategic sale through an OTC desk. CryptoPotato has more.

Links That Don’t Suck 🔗

🏹 Robinhood Co-Founder and CEO unveils their innovative new credit card’s features and benefits

🐶 Meme stocks are back, and these three are making the most noise

📱 Samsung is beating Apple in the race to bring AI to smartphones

🖌️ SUI token brushes $2 peg in rally near all-time high

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