TWIC: LARGEST DECENTRALIZED AI NETWORK ABOUT TO MERGE

This week in crypto has been a whirlwind of events, from celebrity memecoin controversies and major exchange moves to significant advancements in decentralized AI networks, let’s dive into it:

1. Hulk Hogan Denies Involvement in Memecoin Promotions on X
2. Kraken Preparing for $100M Funding Round Ahead of Potential IPO
3. SingularityNET Announces Major AI Token Merger: FET, AGIX, and OCEAN to Unite Under ASI
4. BNB Surges Past $700 Hitting a New All-Time-High

Hulk Hogan Denies Involvement in Memecoin Promotions on X

Retired pro wrestler Hulk Hogan has denied any involvement in promoting the Solana memecoin HULKAMANIA (HULK) on his X account. Hogan, whose real name is Terry Gene Bollea, addressed the issue in a June 5 Instagram post, stating, “Please do not take notice of any posts posted today. They are not from me and will be promptly removed.” This clarification came after several now-deleted posts on his X account promoted the HULK token, which experienced a rapid pump and subsequent dump within hours of its launch.

Cached versions of Hogan’s X posts, retrieved through Google Search, show several promotional messages for the HULK token. One such post read, “No one can compete with $HULK not even your mother!” — a jab seemingly directed at rapper Iggy Azalea’s Mother Iggy (MOTHER) memecoin. Another post included a link to the token on DEX Screener.

Mashable reporter Matt Binder shared additional posts, including a video purportedly showing Hogan promoting the token, which Binder clarified was an old video repurposed from a December karaoke night.

HULK’s market cap peaked at $18.8 million on June 6, shortly after its launch, but it plummeted to $2 million within 20 minutes, where it has remained. Crypto analytics firm Bubblemaps reported that five wallets bought 15% of the HULK supply before the posts appeared on Hogan’s X account, selling $200,000 worth of tokens from $1.5 million in unrealized gains.

Hogan’s team has not clarified whether his account was hacked or how the situation occurred. This alleged hack is part of a broader trend involving B-list celebrities launching and endorsing various crypto tokens. Caitlyn Jenner, Iggy Azalea, and Rich the Kid have also launched Solana-based tokens, with most experiencing significant declines, except for Azalea’s MOTHER, which has reached new highs as she commits to supporting the token’s ecosystem.

Kraken Preparing for $100M Funding Round Ahead of Potential IPO

U.S.-based cryptocurrency exchange Kraken is reportedly planning to raise over $100 million in a funding round ahead of a potential initial public offering (IPO). According to a Bloomberg report on June 6, sources familiar with the matter indicated that Kraken aims to secure the funding by 2025. Kraken has not specifically confirmed an IPO but mentioned exploring strategic paths for global crypto adoption.

Kraken is currently facing a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in November 2023, accusing the exchange of operating as an unregistered entity and violating U.S. securities laws. Despite these challenges, Kraken is moving forward with its plans, following in the footsteps of Coinbase, which became the first U.S. crypto exchange to go public in 2021 via a direct listing.

In related news, stock trading app Robinhood has announced plans to acquire crypto exchange Bitstamp for $200 million, pending regulatory approval, with a deal expected to close in the first half of 2025.

SingularityNET Announces Major AI Token Merger: FET, AGIX, and OCEAN to Unite Under ASI

SingularityNET has set the dates for the highly anticipated merger of the FET, AGIX, and Ocean Protocol (OCEAN) tokens into the new ASI token, forming a unified decentralized AI network. This merger, known as the Artificial Superintelligence Alliance (ASI), is scheduled to begin on June 11 and conclude on June 13.

Uniting AI Communities

This merger aims to create the largest open-source decentralized AI network, potentially benefiting over 200,000 token holders. The ASI token will enhance collaboration and innovation across the Fetch.ai, AGIX, and Ocean Protocol platforms, leveraging their combined strengths in machine learning, AI algorithms, and data sharing.

Dr. Ben Goertzel, CEO of SingularityNET, stated, “By uniting FET, AGIX, and OCEAN under the ASI token, we’re creating a powerful network to drive significant advancements in AI technology.”

Future Implications

The ASI merger is set to offer increased utility and value for token holders, providing access to a broader ecosystem of AI services and applications. This unified network is expected to spur innovation and collaboration, benefiting developers, businesses, and end-users alike.

SingularityNET’s merger marks a pivotal step in advancing decentralized AI, positioning itself at the forefront of the industry’s evolution. This move promises to create a versatile and powerful network, driving new breakthroughs and applications in AI technology.

BNB Surges Past $700 Hitting a New All-Time-High

BNB, the native token of BNB Chain, achieved an all-time high of $723 on June 6 before correcting to $705. Despite this correction, BNB has gained 19% in the first six days of June, outpacing the broader crypto market’s 4.2% gain during the same period. This rally is notable given the incarceration of Binance’s founder, Changpeng “CZ” Zhao, on money laundering charges.

BNB’s current market cap of $108 billion represents a significant premium over Solana’s $79 billion. The valuation reflects BNB Chain’s robust ecosystem and unique offerings like Binance Launchpad. However, the sustainability of this rally is under scrutiny due to the uncertain future of Binance’s leadership.

BNB futures open interest exceeded $1 billion for the first time on June 6, indicating strong trading activity. However, the funding rates suggest that excessive leverage has not been a major factor in the recent price surge. BNB Chain remains a top contender in DApps activity, with a 23% volume surge over the past week, although its active user base has remained relatively stable.

Overall, while BNB’s on-chain and derivatives data show positive trends, the uncertainty surrounding Binance’s future leadership continues to pose risks to the token’s long-term growth.