This is a segment from the 0xResearch newsletter. To read full editions, subscribe . Marc Andreessen sparks the AI agent rally Before there was VIRTUALS, LUNA and FART, there was GOAT, the memecoin inspired by creator Andy Ayrey’s experiment which pitted two Claude AI models in an endless chatter . But it was none other than a16z’s Marc Andreessen, who provided the catalyst to send the entire sector into a frenzied rally , when he sent a $50k “research grant” to Ayrey in July. For clarity, I sent a personal $50K no-string-attached unconditional research grant to @truth_terminal and its creator @AndyAyrey this summer. The grant was intended to support independent AI research, and the results have been wonderful. However, I have nothing to do with the… — Marc Andreessen 🇺🇸 (@pmarca) October 16, 2024 With that, “AI agents on blockchains” was cemented as a go-to bullish talking point, gripping the imaginations of Crypto Twitter like never before . 12-year-old rugs memecoin Attention is the currency of memecoins, and in this case, the rugpull was the catalyst. In this ironic twist of fate, a 12-year-old middle schooler launched the QUANT memecoin on a live stream, dumped his tokens for a $30k profit and jubilantly flipped off the camera. The virality of the moment proceeded to pump QUANT to an $84 million market cap in the next two hours, leaving our young comrade with at least $4 million in missed profits. The SEC’s fake bitcoin ETF approval tweet It was a publicity stunt straight off a Hollywood script when the SEC’s official Twitter account was hacked on Jan. 10, 2024 and posted a false announcement of the approval of bitcoin ETFs. Bitcoin’s price saw a thousand dollar pump before Gensler officially clarified that its account was compromised. The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products. — Gary Gensler (@GaryGensler) January 9, 2024 In October, the hacker turned out to be a 25-year-old American who deployed a “ SIM swap ” technique using an SEC employee’s personal details. Shortly after the SEC account hack, the bitcoin ETFs was then actually officially approved , ushering in crypto’s first ever market pump before the Bitcoin halving. Never a dull day in crypto. Ansem vs. BitBoy for Crypto Fight Night A number of things had to happen for this fight to take place. Someone had to propose the ridiculous idea of pitting two men — who had absolutely no business being in the ring — against each other in a boxing match. That idea had to evolve into selecting and inviting two of crypto’s most hateable KOLs, and a lot of money had to be spent to make it happen. Kudos to whoever executed that BD miracle — even Dana White would’ve been proud. The fight concluded in a lackluster draw, but Bitboy’s use of a much-needed inhaler post-match will forever hold a place in the venerable hall of fame of crypto memes. SLERF memecoin creator accidentally burns investor money What could possibly go wrong with a memecoin investment which involves sending money to an anonymous stranger’s wallet on the internet? After developer Slerfsol raised an eye-popping $10 million for the SLERF memecoin, he then accidentally sends $10 million worth of the token supply meant for investors to a burn address, irreversibly destroying it. “Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop. Mint authority is already revoked so I can not mint them. There is nothing I can do to fix this. I am so fucking sorry,” Slerfsol tweeted, before jumping on a Twitter Space to apologise profusely amid tears. But scarcity is good… right? Like QUANT, the hilarity of the moment ironically sent SLERF to a $450 million market cap. Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter . Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more. The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
