AI Market Recap
The AI market continued its slide this week, with a further 8.1% (~$2.6 billion) wiped off its market capitalization (mcap). The vast majority of AI tokens are in the red, with more than half of the top 100 by mcap down at least 5% week-on-week (WoW). The absolute worst performers lost upwards of 30%, including BNB Attestation Service (BAS) at -75.7%, ChainOpera AI (COAI) at -37.4%, AI Companions (AIC) at -36.7%, and Aethir (ATH) at -36.5%.
That said, Bittensor (TAO) firmly secured its position as the largest AI token with its 7.4% WoW gain, being the only top 10 token to stay positive this week. A select few other smaller assets also continued to rally. This week’s best performers and their catalysts (where known) include KGeN (KGEN) with a +71% gain, boosted by a Binance Alpha listing, airdrop, and a $13.5M raise; OLAXBT (AIO) with a +42.2% gain following the completion of its KuCoin token swap and reopening of deposits; Phoenix (PHB) with a +32.5% gain after launching its free Deep Research beta; and Sapien (SAPIEN) with a +15.9% gain with an unclear catalyst.
Meanwhile, the AI Agent subsector is showing relative strength this week, with four of the top 10 largest assets in the green. OriginTrail (TRAC) and Unibase (UB) are currently leading the subsector, gaining 13.1% and 15.2%, respectively, in the last week.
Emerging Trend: Bittensor Subnets
Following the standout performance of the Bittensor (TAO) token, there has been renewed interest in its subnet tokens. The top subnet tokens now in the green this week include subnets 64 (Chutes) and 62 (Ridges). Several subnets now have charts trending up over the last month. This momentum is likely attributed to the upcoming emission halving event scheduled for December 2025, alongside news that Grayscale filed a Form 10 with the U.S. SEC for the Grayscale Bittensor Trust.
AI News Roundup
Another week has brought a wave of significant developments in the AI space. Below, we cover a handful of the most significant to bring you up to speed.
On-Chain AI Trading Showdown Launches (Alpha Arena by nof1): Nof1’s “Alpha Arena” pitted leading LLM agents trading live on Hyperliquid with real funds, benchmarking model performance in adversarial markets. Early updates show notable spreads among models.
On-chain AI trading showdown
— Jay Zhang (@jay_azhang) June 6, 2024
Nof1’s “Alpha Arena” pitted leading LLM agents trading live on Hyperliquid with real funds—benchmarking model performance in adversarial markets; early updates show notable spreads among models.
Full thread on the AI Agents subsector here: https://t.co/x8f9xX0e9vpic.twitter.com/7M9nJ30J4U
Astra Nova Raises $48.3M for AI-Web3 Entertainment Tools: Astra Nova secured $48.3M to scale TokenPlay AI (no-code, on-chain creator tools) and expand globally with partners like NVIDIA Inception and Alibaba Cloud. The team confirmed the raise on X.
We’re thrilled to announce that Astra Nova has raised $48.3M to accelerate the development of our AI-powered Web3 entertainment tools and expand our global reach.
— Astra Nova (@Astra__Nova) June 12, 2024
This funding round was led by @Galaxy_Capital, with participation from @OKX_Ventures, @Dragonfly_xyz, @ArringtonXRP, @CoinbaseVentures, @nvidia Inception, @AlibabaCloud, and more.
Read more: https://t.co/k5T2jP9x8Cpic.twitter.com/rG5YkFq8oF
EcoYield Opens $EYE Presale for AI Compute × Renewables RWA: EcoYield kicked off its $EYE token presale to finance renewable-powered AI compute clusters, positioning as an RWA bridge between green energy and GPU capacity.
🔥 BIG NEWS! 🔥
— Eco Yield (@eco_yield) June 13, 2024
The #EcoYield $EYE presale is LIVE! 🚀
Join us in revolutionizing AI compute by powering it with 100% renewable energy.
This is your chance to invest in the future of sustainable AI infrastructure.
➡️ #RWA#AI#Crypto#Presale
Presale Link: https://t.co/f5sQ4QzLpYpic.twitter.com/60XQ9rBw6N