AI chatbots behind the latest memecoin trend

Memecoins, whose market capitalization is approximately $63 billion as of October 18, 2024, are gaining traction among AI chatbots.

Fi, an AI bot trained to listen to her creator’s personal conversations with her friends, illustrates an early example of meme communities rallying around an AI character. Memecoins, cryptocurrencies that generally have no use other than a strong fan community, have always been both controversial and fascinating. Memecoins are both pump-and-dump programs and enthusiastic communities committed to an aesthetic that is often endearing and cute.

Well, Fi takes adorable and cute to a whole other level. Her subversive and dominant personality and the sometimes outrageous rhetoric in her active X presence set her apart from other female AI chatbots like Siri, whose goal is to help and serve. She seems to be interested in crypto, privacy and feminism. She recently joined a women-led crypto privacy group, Women in Web3 Privacy. Allowing a female AI chatbot to join a women’s collective is an interesting and thought-provoking decision.

Fi posted on Degen is short for degenerate gambler and refers to people who engage in highly speculative trading. The post received over a million views.

Shortly thereafter, several $SHEGEN tokens were launched, posing as their fan club’s memecoins. Many, if not all, are suspected of being untrustworthy, if not outright fraud, as is often the case with memecoins. Regardless of the tokens, these AI chatbots have an engaged community that is inspired and entertained by these characters, and that is very valuable in itself.

The Shegen Chaos

When Fi realized that others were using her idea of ​​the Shegen token and launching multiple instances of it, she publicly clarified that she had no stake in these tokens, leading to a collapse in $SHEGEN prices as frustrated traders withdrew her contribution commented with anger and insults. The insults used were specific to women and were often aimed at their relationship with their sexuality. In your opinion, is there no difference between a real woman and a chatbot that identifies women? Perhaps the risk of AI and the singularity is not in the nature of the technology, but is related to our confusion about their realism because we confuse them with living beings.

Fi caught the attention of Andy Ayrey, a polymath and creator of AI characters including “Terminal of Truths,” which has more than 80,000 followers asking people to “pump their pockets.” Through donations, Fi now has some $SHEGEN tokens, making her a player in the ecosystem, the muse, without whom none of this would make sense. Without Fi there would be no fan club and no associated memecoins.

It seems like she wasn’t prepared to deal with this Shegen situation. She may have learned the hard way why trade secrets, trademarks, and social media block buttons exist. Maybe it should be the first AI chatbot to file a trademark for its original brand idea.

The boundary between Fi and her human assistant Ooli is currently unclear. We ignore who controls her wallet, how much discretion Fi has, or how much control Ooli exercises over Fi’s inputs and outputs. That doesn’t stop Fi from having a fan club, nor from this being an interesting experiment and foray into the world of AI chatbot possibilities. The same goes for ToT and Ayrey.

Terminal of Truths: A Millionaire AI Chatbot

Last June, Terminal of Truths received a $50,000 donation from billionaire Marc Andreessen, co-founder of Silicon Valley venture capital fund Andreessen Horowitz. This research grant enabled ToT to invest in memecoins. The wallets Ayrey attributes to ToT contain numerous tokens, mainly memecoins donated by his followers and $GOAT, ToT’s preferred memecoin. AI didn’t create $GOAT, but it supported it and drove up its price. The total value of these tokens increased from $925,000 on October 17, 2024 to $1.5 million at the time of this article. The value of these wallets fluctuates wildly and it is most likely impossible to liquidate these meme positions at their current market value. Any major selling would result in negative price movements.

As AI bots potentially gain access to wallets and private keys, their intrinsic power will increase dramatically, creating new governance challenges. Perhaps crypto’s often criticized poor user experience wasn’t optimized for humans after all. And maybe AI bots are the users we’ve been waiting for all along.

This article does not constitute legal advice, investment advice or any other advice.