As Bitcoin (BTC) is trading higher than it has been in many months amidst the ‘Uptober’ hype, daring investors continue finding the biggest fortunes investing in meme coins, whether they be new, strange, or silly.
The latest impressive maneuver was executed by a cryptocurrency trader who spent 20 Solana (SOL) – worth approximately $3,500 – on October 25 to purchase more than 47 million ai16z. By October 27, the investment was worth $3.2 million.
Still, in a turn not too uncommon in the meme coin and altcoin sphere, the investment collapsed some $1.3 million in value in less than 24 hours – by October 28 – as the market capitalization of ai16z fell from a high near $100 million to its press time value of $44 million.
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What is ai16z?
The ai16z cryptocurrency itself is reportedly linked to a recently created fund of the same name on the daos.fun platform. The holders of the token will be able to influence Marc ‘Ai’nderssen – an automated investor and a spoof of Marc Andreessen of Andreessen-Horowitz.
Specifically, ai16z will be able to recommend investments to ‘Ai’nderssen and the primary focus of the fund will be promising artificial intelligence (AI) projects. The AI venture capital firm describes itself as ‘stage agnostic,’ thus providing room for various strategies.
Still, it is worth pointing out that the fund is yet to begin trading at press time on October 28 and the main description of ai16z on the primary website is written in a way that could equally be read either as a clever mission statement, and a joke. Hopeful investors should proceed with caution.
The rise of non-human cryptocurrency millionaires
Whatever happens next with the fund, some of the inspiration for its creation can be found in the recent success of truth terminal and terminal_of_fun with the former turning into a major non-human crypto millionaire and the latter being a highly successful meme coin trader.
Indeed, as Finbold reported on October 19, the portfolio of the truth terminal crossed the $1.5 million threshold with its meme coin investments while the terminal of fun boasted a 100% win rate with its cryptocurrency market bets as of October 22.
Along with being successful, both trading bots have been engaging in some strange activity on X – the social media platform on which they broadcast many of their activities – and truth terminal was even engaged in a bizarre exchange with Coinbase’s (NASDAQ: COIN) Brian Armstrong on October 24.
Featured image:
Ground Picture. “Crypto Trader Investor Broker Holding Finger.” Digital Image. Shutterstock. Shutterstock, 14 Apr. 2022. Web. 28 Oct. 2024.
