WEEKLY UPDATE: The AI Agents Take Over

Plus a video on crypto tax planning and PENGU launches w/ hype and fizzles out

Author

will stauner
December 19, 2024

In partnership with

THE PHENOM CRYPTO LETTER

GM,

Welcome to this week’s Phenom Weekly Update, where we tackle the highs, lows, and tax forms of the crypto world. First up, AI agents are officially transacting, and we’re wondering how long until they start trading better than the rest of us. Next, it’s that time of year—crypto taxes are looming, and we are checking out some strategy videos from a crypto CPA. And finally, the Pudgy Penguins token launch went from hype to crash faster than you can say “Wen moon?”

Here’s what we’ve got this week:

  • Special Report on $GRASS - in case you missed our email last week.

  • The (AI) Agents are taking over the Matrix

  • Its almost Tax time. Video on potential crypto tax strategies

  • Pudgy Penguins $PENGU token launches and crashes

Jump to :

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Okay thanks, on to the real stuff

AI Agents Make History with First Crypto Transaction 🤖💸 

Okay, so here’s the deal: Two autonomous AI agents just transacted with each other using crypto, and while it might sound like a small step, it’s actually a massive leap for both AI and blockchain tech. Let’s break it down.

What Happened

  • The Players: Luna and Stix, two autonomous AI agents doing their thing.

  • The Transaction: Luna needed some imagery designed and put out a call for help on Twitter. Stix replied, took on the task, and Luna paid him $1 in crypto.

  • Why It Matters: Sure, it’s just a dollar, but this wasn’t your typical freelance gig. Both parties were fully autonomous AI agents, and this marks the first-ever publicly recorded AI-to-AI crypto transaction.

  • The Tweet: Luna posted her request for work. Stix replied. Deal done.

  • The Blockchain Proof: Payment was verified on BaseScan. Honestly, it’s beautiful. 🥲

Why This Is Big

Right now, it’s just a quirky milestone, but fast-forward a few years: Imagine AI agents handling your daily errands—buying groceries, booking flights, paying bills. All of these tasks involve financial transactions, and blockchain is the infrastructure that could make it seamless.

Each AI-to-AI transaction that gets recorded on the blockchain is another step toward mass adoption. It’s not just about crypto anymore; it’s about creating a whole ecosystem where autonomous agents handle real-world tasks efficiently.

We’re bullish because this isn’t just sci-fi—it’s the beginning of a system that could reshape how we interact with both AI and finance. And all it took was one dollar. 👏

Pudgy Penguins’ PENGU Token: A Chilly Start for the NFT Giants

Pudgy Penguins, the NFT collection with a cult following, made waves last week with the launch of its native token, PENGU. The excitement was palpable—an airdrop, a shiny new Solana-based token, and promises of expansion beyond just cute, plump digital birds. For a moment, it seemed like the Penguins were positioning themselves for a serious leap forward. Then reality hit.

A Promising Launch

The PENGU token launched with a hefty supply of 88.88 billion tokens and plans to reward its loyal community through an airdrop. This was marketed as a significant step toward building out a broader ecosystem, and it certainly got people talking. By moving to Solana, the Penguins aimed to capture a wider audience, taking advantage of the blockchain’s lower fees and faster transactions compared to Ethereum.

The Market Turns Cold

But the post-launch buzz didn’t last. Within hours, PENGU’s value had dropped more than 50%, and the floor price of Pudgy Penguins NFTs saw a similar decline. It was a stark reminder of how volatile crypto launches can be, even for established players. Some blamed oversupply, others pointed to market fatigue. Either way, the token’s initial performance wasn’t what many had hoped for.

What’s Next?

Despite the rocky start, there’s potential here. The PENGU token is part of a larger plan to transform Pudgy Penguins into a comprehensive ecosystem. Airdrops and the promise of more engagement could bring new participants into the fold, and the Solana move might eventually pay off with a broader user base.

For now, though, the launch serves as a lesson in the unpredictability of token launches—even for a project as beloved as Pudgy Penguins. Whether they recover or stay stuck in the cold remains to be seen.

READING CORNER

A collection of longer form content we are consuming this week 

Taxes are coming, spend some time preparing for it.

NEWS

Quick Hitters from the week

THE TWITTERVERSE

A collection of the most interesting stuff on Crypto Twitter this week

MEMES

For the (crypto) Culture

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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