🐻 Are AI altcoins worth the hype? 🤖

GM friends. The birds are chirping, the sun is shining and the crypto market is back up in the green. It’s a good day to have a good day 🙏. 

Here are the top web3 stories of the week that we're digging into: 

• What’s the hype around AI altcoins?

• The Gemini and DCG battle continues

• Feetpix brings back degen vibes 

What’s the hype around AI altcoins? 

All on board! The artificial intelligence bandwagon is here and it's picking up all the flaky web3 folks. While crypto Twitter remains quiet during recovery, self-proclaimed web3 experts are now hopping on to the next, big exciting thing. Good ol' reliable AI. 

AI isn't a new phenomenon, but the recent release of ChatGPT, the AI writing program, sparked a new bull run on this technology. So much so that AI-related crypto platforms and tokens began pumping as well.

While web3 tries to break into the real world, artificial intelligence is already being used in multiple ways, such as self-driving cars, smart assistants and now writing. With this newfound excitement and energy in AI, crypto investors are taking advantage of the hype by placing bets on AI tokens.

But not everyone is convinced about FOMOing into this hype.

Be careful chasing pumps. 

The Gemini and DCG battle continues

Here we go again. Last round, Gemini struck some heavy hits on DCG by publicly pressuring them to return the $900 million belonging to their Earn customers. It was close, but not enough to KO them.

In this round, Gemini tries to go in for the kill by laying out all their dirty laundry and calling Barry Silbert (CEO of DCG) to step down from his position.

There are some serious accusations made about DCG in the open letter, including:

• Misleading investors and lenders about supporting Genesis’ $1.2 billion hole

• Committing accounting fraud to appear as though Genesis was solvent 

• Scheming with 3AC and Genesis to prop up Grayscale (part of DCG’s great enterprise)

The match is basically over, but opponents will never go down without a little fight. So in response, Barry attempts to take a hit, only to stumble on his own words.

It’s a long response letter, but in short, Barry attempts to separate DCG from Genesis and denies any involvement or knowledge of the commingling of funds that happened. 

Nice try DCG. To end this round, Gemini takes one last punch by officially closing down its Earn service and terminating its working agreement with Genesis. This puts pressure on DCG to pay Genesis the $1.2 million owed so that Genesis can meet their obligations to pay Gemini customers.

But as we saw last week with the Celsius case, money placed in “Earn” type of products no longer belongs to customers. Brace yourself for the blow-up folks.

Can Feetpix revive the market?

Once in a while, we need a good meme to pump up the market and bring back the fun in crypto. Remember the hay days of Dogecoin and Shiba? Times were simpler back then. No utility, no roadmap, just meme and reckless trading. 

On Tuesday, we saw a mini resurgence of degen vibes thanks to a collection of feet pics. Yup, you read that right - the market was riding on people’s foot fetish. 

Launched on Tuesday, the collection of 10,000 pixelated feet quickly climbed the NFT charts and has now done about $1 million in trading volume. 

Sometimes, a good meme is exactly what the market needs to revive itself. #Makecryptofunagain.

In other news

SBF provides a post-mortem on FTX/Alameda with "approximate" numbers he pulled from his head.

Binance continues to prove that it can survive through the FUD. Despite the rumors that their deal to acquire Voyager assets was blocked, Binance fights back and gets cleared to move forward with the purchase.  

The market stays neutral as the US CPI comes in at the expected 6.5%, down from 7.1% last month. WAGMI.

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