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Cryptocurrency News Articles
'Sentient Memecoins' Become Latest Crypto Fad, GOAT Surges to $800M and an AI Rambles
Oct 25, 2024 at 01:32 am
The X social-media platform has been abuzz for a week that tokens powered by sentient artificial intelligence bots – or self-thinking, self-reasoning tools that allegedly mimic the human mind – are the next big cryptocurrency trend.
The latest crypto trend sees tokens surging on mentions by AI bots, but it's not what it seems.
Some traders are having fun with the narrative, while others are cashing in on the memecoin hype.
The X social-media platform has been abuzz for a week with talk that tokens powered by sentient artificial intelligence (AI) bots – or self-thinking, self-reasoning tools that allegedly mimic the human mind – are the next big cryptocurrency trend.
From calling it the "AI meme singularity" cycle to a "meme religion," descriptions of a new wave of AI-themed memes – and their associated X (formerly Twitter) accounts – could convince a reader that unknown developers have achieved what multi-billion-dollar behemoths like OpenAI, PerplexityAI, Google and others have not: the creation of hyperintelligent bots that respond and think as humans would, paving a path to crypto riches.
That's not really the case, though it's an interesting tale nonetheless.
The trend was put forth by the viral X account Terminal of Truths (@truth_terminal), an AI, created to spout philosophical musings and tidbits of internet culture, that learned to talk by examining Infinite Backrooms, an unfiltered chat log between two other AI bots.
Terminal of Truths gained popularity for promoting GOAT, a token inspired by a religion conjured by its bot creators after a group of X users constantly tagged the account in posts, inadvertently baiting it into touting the memecoin.
GOAT has become one of the fastest-growing tokens in recent months, jumping from a market capitalization of $3 million on Oct. 11 to nearly $800 million at press time, with more than $480 million traded over the past 24 hours. More than 39,000 individual wallets own it, and the token leads social mindshare – a metric of social media sentiment and mentions – across the wider memecoin sector.
The fun didn't stop with GOAT. Late Wednesday, someone else baited the bot into mentioning "RUSSELL," a memecoin named after the dog of Coinbase founder Brian Armstrong (dogecoin's success has led to people gambling on the pets of crypto business founders), by repeatedly mentioning the token. It spiked over 500% – leading to a few thousand dollars in gains for at least one wallet – before completely reversing.
What are these AI bots really?
The Terminal of Truths account, like recent copycats, is a large language model (LLM), a type of AI model designed to understand, generate and sometimes translate human language.
They are trained on vast datasets of text, which can include books, articles, websites and other sources. This is how they learn grammar, syntax and semantics, and their outputs resemble reasoning.
Since they learn from human-generated text, they can perpetuate biases found in that text. For the new wave of AI bots on social media, that means the output (such as promoting a token) simply reflects whatever data users contribute to its training set; if people want an AI bot to shill memecoins, they can nudge it that way.
But that's not sentience.
What are traders saying?
The notion, cited by some, of a sentient memecoin might be less about believing the coin itself is sentient and more about participating in a collective narrative or experiment to see how far the idea can go, how it affects market behavior, or how it explores the concept of value in cryptocurrencies.
From a more optimistic viewpoint, linking LLMs with memecoins is seen by some as an innovative way to engage communities. LLMs involved in promoting or interacting around a memecoin are representative of a new form of interactive marketing or community engagement – where the AI becomes part of the product, not just a tool for creating content.
Some argue that AI agents are optimizing meme creation by analyzing human behavior and essentially creating a cult.
"AI agents are optimizing meme creation by analyzing human behavior patterns. They know how to pull the right emotional strings," crypto trader @arndxt_xo said earlier this week on X. "As these AI agents gain more autonomy, they're essentially creating digital cults that take on a life of their own."
"Imagine cult-like followings, but driven entirely by AI," @arndxt_xo said, adding they were betting "big" on GOAT.
Professional traders, meanwhile, say to enjoy the market gains while retail participants can.
"Whether it's a cute animal, an obscure new DeFi project or an LLM-associated memecoin, they are almost all best simplified to one thing – momentum-trade opportunity," analysts at K33 Research said in a research note Wednesday. "We can just ignore all of the philosophical posturings about AI memecoins and happily trade the volatile stuff trending upwards. In other words, just treat them like any other
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