AI Meme Coins Creates a “New Super Cycle Narrative”: Gate.io

Crypto traders’ incessant desire for new narratives has fueled the growth of a new category of cryptocurrencies. AI-backed meme coinsaccording to crypto exchange Gate.io.

The launch of the AI ​​Goatseus Maximus (GOAT) coin earlier this year and its subsequent rapid growth could create “a new super cycle narrative” for the category, Gate.io researcher Charle Y said in a statement. recent blog post.

GOAT was originally suggested by a semi-autonomous AI Twitter bot Truth Terminalwhich uses a modified version of Meta’s Llama 3.1 template. In October the bot started prophesy about a religion based on an infamous (and obscene) meme from 2004, which later inspired a coin created on Solana launch pad Pompe.fun.

The project quickly gained traction after Truth Terminal began interacting with the GOAT community, approving the room itself and create its own crypto wallet. The cryptocurrency has since skyrocketed to a market capitalization of over $842 million, according to data from CoinGecko.

Charle Y added that the Moonshot platform, which allows direct buying and selling of meme coins using fiat currency, played a “key role” in the rise of the GOAT.

The project has faced some obstacles during its rise, including “discussions about whether the Truth Terminal is a real person”, with some suspecting it is “a complete conspiracy”, said Charle Y. GOAT of Gate.io. hack from Truth Terminal developer Andy Aryey’s Twitter account, which was used to promote a cryptocurrency pump and dump scheme.

Other AI-based meme coins have received a boost through the emergence of GOAT, with Charle Y singling out TURBO, an older AI meme coin coded using GPT-4, as well as GNON and MEDUSA. Gate.io also included concept memes of AI PROJECTSID, LUNA, TEE and IB among 12 cryptocurrencies listed on exchanges in early November.

While admitting that the AI ​​coin sector carries risks, including “market immaturity and regulatory lag,” Charle Y hailed the category as a “completely new investment area with great imagination” .

Gate.io launches pilot trends

To meet the growing demand from crypto traders to access emerging on-chain trends such as AI meme coins, Gate.io has launched the Pilot Trading section.

Pilot Trading, a recently launched independent trading section within Gate.io, provides access to exchange tokens for “community and on-chain innovation projects,” allowing users to “invest in the seed value of the project,” the exchange said in a statement. announcement. The Pilot Trading zone offers low processing fees of 0.2% and allows users to participate in trading without a Web3 wallet or private keys.