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AI Coin is witnessing a widespread correction, mainly due to the massive de-risking underway ahead of the upcoming CPI and FOMC.
Even Apple’s groundbreaking partnership with OpenAI failed to give the AI sector a boost. Worldcoin, the brainchild of OpenAI CEO Sam Altman, is down 12% in the last 24 hours.
Meanwhile, new cryptocurrency presales are in high demand. This is mainly because it is not influenced by broad market sentiment. For example, WienerAI, a new AI-based meme coin, has already raised close to $5.5 million in its ongoing presale.
AI Cryptos Crash Pre-FOMC – Buy the Dip?
According to data from CoinMarketCap, the AI cryptocurrency market capitalization has decreased by 7% in the last 24 hours.
Most top tokens, including Near Protocol and Injective, are down 10%, while Render (RNDR) has corrected close to 15%.
Fetch.ai, SingularityNET, and Ocean Protocol prices also fell by more than 10%. More importantly, these three tokens are down 4% in the last hour after the ASI merger was delayed for over a month.
ASI (Artificial Superintelligence Alliance) is a new AI coin that will be created by the merger of FET, AGIX, and OCEAN tokens. The merger was originally scheduled to begin today, June 11, and be completed by June 13. However, the project’s X account announced a postponement due to logistical issues.
https://t.co/jf83tXYS2P
— Alliance for Artificial Superintelligence (@ASI_Alliance) June 11, 2024
However, vulnerabilities in the AI sector cannot be limited to fundamental issues. The broader cryptocurrency market, including Bitcoin and Ethereum, fell 5% today.
Experts believe investors are taking risks ahead of a major macroeconomic event tomorrow, Wednesday. The consumer price index for May will be released at 8:30 a.m. Eastern Time.
Then there’s the FOMC meeting, which is scheduled to make its next interest rate decision at 2 p.m. Perhaps the most important event was Federal Reserve Chairman Jerome Powell’s speech at 2:30 p.m.
Powell’s dovish post-FOMC speech set a fourth straight domestic bottom, followed by a massive 20% rally for Bitcoin. Cryptocurrency investors will be hoping the Federal Reserve Chairman adopts a dovish stance again, considering that a hawkish stance could lead to an even steeper decline.
Powell’s recent press conference was well-received by the markets GW
In fact, the last four FOMC events have all coincided with domestic lows and rallies of 20% or more. #Bitcoin.
The next press conference is on Thursday, so a rebound may be closer than most people think 🙌 pic.twitter.com/uyXySWRkBH
— Jelle (@CryptoJelleNL) June 11, 2024
Is WienerAI the best altcoin to buy right now?
WienerAI ($WAI) is a new AI-based meme coin that has captured the attention of retailers and smart money traders.
WAI has already raised close to $5.5 million in pre-sales in the first few weeks. Strong demand for the new token has left popular cryptocurrency influencers optimistic about its upside potential.
🚀🎉 $5M milestone achieved! 🎉🚀
WienerDogAI has just launched!! 🌭🤖 pic.twitter.com/x7G1kFx729
— WienerAI (@WienerDogAI) June 8, 2024
YouTuber ClayBro, who has over 130,000 subscribers on
WienerAI is more than just a meme coin with a funny mascot. Instead, we are launching the next generation of AI trading bots that can reap significant dividends in bull markets.
Token holders can leverage predictive trading from AI-enhanced bots and receive comprehensive answers to all their investment-related questions. You also benefit from seamless replacement and MEV protection at no additional cost.
WienerAI has its own staking protocol, which can be an excellent source of passive income for individual investors. According to the Staking Dashboard, stakers are currently being rewarded with an APY of over 200%.
Visit WienerAI Presale
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily and is not intended to be used as legal, tax, investment, or financial advice.
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