A widely respected cryptocurrency trader has issued a warning about two artificial intelligence (AI)-based altcoins, saying history suggests a 50% decline would be the best-case scenario.
In a new thread on social media platform X, anonymous cryptocurrency analyst Altcoin Sherpa told his 237,500 followers on social media platform On News Event.
According to Sherpa, recent history shows that when an asset is listed on Binance Futures, its price tends to fall sharply. Traders cited memecoins like Fartcoin (FARTCOIN), Just a chill guy (CHILLGUY), Moo Deng (MOODENG), Goatseus Maximus (GOAT), and Peanut the Squirrel (PNUT) as examples.
“I own both ai16z and Zerebro and they will be listed on Binance Futures. Recent history shows that this is not a bullish event and you can generally expect anywhere from a -50% retracement (FARTCOIN) to a best-case scenario or a much worse scenario (GOAT, Chillguy, Pnut, Moodeng).”
According to traders’ charts, Fartcoin has seen a 48% decline in the Solana pair (FARTCOIN/SOL) since it was listed on Binance Futures. However, the chart also shows that the asset rebounded and subsequently hit a new all-time high.
Earlier this week, Binance announced that it would be expanding its futures suite to include products for Zerebro and AI16z.
ZEREBRO and AI16z are trading at $0.607 and $2.10 respectively at the time of this writing. On November 3, it was only $0.0058 and $0.109, representing increases of more than 10,000% and 19,000%.
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