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By Omkar Godbole (All times ET unless indicated otherwise)
While bitcoin BTC$63,250.48 and other major tokens remain under pressure, an AI-generated memecoin on the Solana blockchain is shining.
Pippin (PIPPIN), which started as a ChatGPT-generated unicorn image and evolved into an autonomous AI agent that interacts on social media platforms, has surged 135% over the past four weeks, rising 10% in 24 hours alone.
The rally in the token created by Yohei Nakajima, an innovator and thought leader in AI venture capital, appears to be driven by speculation, according to market intelligence platform LunarCrush.
“Pippin’s price action is currently driven by strong speculative interest and rapid market cap growth, but concerns about manipulation and ‘crime’ suggest that the current price may be influenced by artificial pumps rather than organic demand, creating a volatile environment,” it said.
Several social media accounts have alleged that the rally involves money laundering, raising reputational risk for the digital asset ecosystem.
Whatever the case, PIPPIN’s performance is evidence of lingering speculative froth in the market despite bitcoin dropping almost 50% since October. This suggests potential for more pain ahead.
As Bloomberg’s Mike McGlone said, “A Bitcoin bottom may require a further cleansing of millions of cryptos tracking nothing and a recovery in stock market volatility.”
Bitcoin dipped below $63,000 during Asian hours and has since stabilized near $63,200. Still, it’s down about 4% over 24 hours with ether (ETH), solana (SOL), XRP and the CoinDesk 20 Index falling at least as much.
U.S. tariffs and fears of AI-driven disruptions to global growth and jobs are keeping risk assets under pressure.
According to CryptoQuant, steady institutional demand is lacking, as evidenced by the persistently negative Coinbase Premium Index, which measures the bitcoin price premium on Coinbase relative to Binance.
Observers continue to highlight $60,000 as the key level.
“If we lose $60k, violent cascading liquidations ensue and you can kiss any recovery goodbye, at least until the next halving approaches. You’ll probably see a bunch of treasury companies for both BTC and ETH blow up, along with MSTR dropping below $100 if we lose $60k,” Vinny Lingham, serial entrepreneur and technology investor, said.
“I expect a 2022-type blowup if we do lose $60k,” Lingham said.
In traditional markets, the yen weakened 1% against the U.S. dollar on reports the Japanese prime minister is taking a tough stance against the Bank of Japan’s plans to increase interest rates. The yen and bitcoin have developed an uncanny positive relationship in recent months. Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
