Welcome to TonyGASM #1
Welcome legends to my first newsletter publication where the idea for me is to share all things Crypto, whether it's news, Technical Analysis etc in one cosy place
Welcome legends to my first newsletter publication where the idea for me is to share all things Crypto, whether it's news, Technical Analysis etc in one cosy place
So sit back, grab your coffee and enjoy the remainder of this Newsletter and please don’t forget to subscribe to ensure you receive future issues
News of the week
Solana Fails, Binance Loses Trust, STX Surges 220%
Solana Blockchain failed: Solana (SOL), the supposed "Ethereum killer," suffered a 99% drop in transaction throughput, leaving developers and validators scrambling to investigate the cause. The community eagerly awaits updates on what could be a crucial turning point for Solana and the wider crypto world
Binance traders in losses: Binance lost investors' trust after its recent classification error led to the forced closure of derivative positions for hundreds of Australian traders. While full compensation has been promised, concerns about future errors remain. Will Binance step up and take responsibility to prevent such incidents in the future?
US inflation: Bitcoin and Ethereum continue to face headwinds from concerns about inflation and hawkish monetary policies. After the US Commerce Department reported a robust 5.4% increase in the PCE price index, both cryptocurrencies declined by 6% in the past week.
Bitcoin Bear > Bull?: The Bloomberg analyst warns that $25,000 may be significant resistance for Bitcoin, while retail traders remain optimistic that $30,000 is still within reach. Is Bitcoin in a transition phase from bear to bull? And what are the headwinds and tailwinds that could impact the world's most popular cryptocurrency?
STX Stealing the Stoplight: Bitcoin may be flatlining, but altcoins like STX are stealing the show with over 200% gain in the past 2 weeks. With its recent surge fueled by the hype around NFTs on the Bitcoin network, could STX become the next multi-billion dollar token?
NFT whale shocker: What's the motive behind Machi Big Brother's massive NFT dump of over 1,000 tokens worth $18 million in one day? Analysts are speculating that it could be a move to manipulate the market, get more airdrops, or just booking profits. Whatever it is, the impact has been felt, with 21 of the top-tier NFT collections experiencing a decline in floor prices.
Project Dive - Fetch AI
Innovative Idea and Introduction
Have you heard of Fetch.ai (FET)? It's a pretty cool project that's all about using artificial intelligence (AI) to create a decentralized network that anyone can access. The project was developed in 2017 and launched on Binance via IEO in March 2019.
So, what's the big idea behind Fetch.AI? Well, the team behind the project believes that AI can optimize all sorts of complex digital systems, from transportation networks to smart energy grids. By building a permissionless network that's open to everyone, Fetch.ai aims to make it easier for people to access the power of AI and use it to tackle real-world problems.
Since the advent of ChatGPT, the market for decentralized platforms that use AI has grown rapidly, and it's still relatively new. However, Fetch.ai faces competition from other similar projects, such as SingularityNET and the Ocean Protocol. Despite the competition, the potential for growth in the market is significant, and the innovative technology used by Fetch.ai sets it apart from the competition
The Team Behind Fetch.ai
The team behind Fetch.ai was founded by Humayun Sheikh and Toby Simpson, who has extensive experience in AI, machine learning, and blockchain technology. The team also includes experts in software development, cryptography, and finance. Fetch.ai has received funding from major investors, including Outlier Ventures and Digital Currency Group, demonstrating the industry's confidence in the team.
The community
Fetch.ai has a growing community of developers and supporters who are passionate about the technology and the potential it holds. They're active on Twitter with over 127k followers, as well as on Reddit. The team has actively engaged with the community through various social media channels, events, and forums. The community has been actively involved in contributing to the platform's development, which is a positive sign for the project's long-term sustainability.
Tokenomics
Fetch.ai's native token, FET, is used to power the platform and incentivize users to contribute to the network. FET tokens can be used to pay for services and access data within the Fetch.ai ecosystem. The total supply of FET is 1.152 billion tokens, with a current circulating supply of approximately 819 million tokens which means 71.18% is already in the market.
The reassuring part is that the biggest holder has less than 11% of the total coin supply, unlike other tokens like Shiba, where a single holder has over 40% of the entire coin supply. That means it is difficult for a single investor to manipulate the market, unlike the Shiba token. Another thing I love about the token is that it is listed on several major cryptocurrency exchanges, including Binance, Huobi, and BitMax. This allows for easy buying and selling on the market.
Liquidity
Fetch.ai's FET token has good liquidity, with a daily trading volume of over $63 million. This indicates that the token is actively traded, and there is significant market interest in the project. The token bottomed out around the second week of November 2022 at $0.0562, according to Binance, and has rapidly gained over 600% since the start of this year, 2023, after a 6-month-long consolidation (Jun-Dec 2022). It currently ranks 5th in the AI & Big Data category and 117th in total market capitalization, according to CoinMarketCap.
Exchanges
Fetch.ai's FET token is listed on several major cryptocurrency exchanges, including Binance, Huobi, and BitMax. This provides easy access for users to trade and exchange FET tokens for other cryptocurrencies or fiat currencies. The fact that the token is listed on reputable exchanges is a positive sign of the credibility and long-term potential of the project
Final Thoughts on Fetch AI
So there you have it, Legends! Fetch.ai is a fascinating project that combines AI and blockchain technology to optimize digital systems. With a talented team and a growing community, it's definitely worth checking out. Plus, the FET token has high liquidity, and it's listed on major exchanges, making it easy to buy and trade. And let's not forget that the token has already gained over 600% this year, which shows its potential for growth.
The market for decentralized AI platforms is still in its early stages. With companies like Bing and Google pumping billions into optimizing their chatbots, the market is expected to grow further in the future. If you're looking for an exciting and promising project to add to your portfolio, Fetch.ai might be the one for you
Tony, 👍🏻
After reading this, I genuinely feel more up-to-speed on what's going on in crypto, thanks a lot Tony! Can't wait for the next one!