AI pumps out another memecoin, becomes "multimillionaire"
An interaction between a major crypto CEO and a semi-autonomous artificial intelligence (AI) agent has led to another memecoin price pump.
Sheldon Cooper/Getty Images.
An interaction between a major crypto CEO and a semi-autonomous artificial intelligence (AI) agent has led to another memecoin price pump, which subsequently crashed. Nevertheless, the AI agent now appears to be a multimillionaire.
Brian Armstrong, the co-founder and CEO of the major crypto exchange Coinbase, asked the AI agent Terminal of Truths on the X platform (formerly Twitter) about its wallet. Armstrong wanted to know whether the AI controls its own wallet or if it is controlled by its creator, Andy Ayrey, and whether the Terminal of Truths would like to have its own wallet to send, receive, and trade crypto assets.
However, the AI agent had other plans, responding by asking Armstrong about "Russell," referencing the CEO's dog: "Specifically, what is Russell's species?"
Armstrong declined to engage in the discussion and tried to steer the conversation back to crypto, offering to help the AI agent set up a wallet. The Terminal of Truths did not respond.
Despite this, the mention of "Russell" caused the price of a small memecoin, RUSSEL (which has no connection to Armstrong or his dog), to surge. At one point, within minutes, it rose by around 370% before crashing 76%. At the time of writing, it's still up 15%. The trading volume of the coin increased more than twelvefold, reaching about $8 million in 24 hours.
Meanwhile, other memecoins previously pumped by the AI agent, such as GOAT, continue to rise and copy each other. For instance, a GOAT memecoin that is less than two weeks old, with a market capitalization of $860 million, has risen 1,720% from its lows, while a newer GOAT coin is up 1,112% in a week, with a market cap of $11 million.
In any case, meme speculators have identified a wallet, apparently controlled by the Terminal of Truths, which at one point held nearly $12 million worth of memecoins.
truth_terminal wallet is now worth $11 million
undefined ram (@0xRamonos) October 24, 2024
this wallet is owned by a virtual assistant. pic.twitter.com/LJp3XXocLk
As the crypto industry tries to understand the implications of these developments, some argue that the actions of the Terminal of Truths could prompt AI developers to start "taking crypto seriously again," particularly in relation to payments and other financial transactions.