Google and OpenAI’s AI Rivalry, Bitcoin’s Recovery, and Notcoin’s Plunge
“Should Have Bought” is a news podcast featuring the ForkLog editorial team and friends, discussing the week’s major industry events and the hottest tokens.
Topics of the episode: Bitcoin holding above $66,000, the continuation of the meme rally, the dump following Notcoin’s trading debut, AI innovations from OpenAI and Google, and the crypto community’s battle against Biden.
Special guest: trader and author of the Telegram channel Coen+ Vladimir Coen.
Participants: ForkLog authors Lena Jess, Alex K., Vasily Smirnov.
Notcoin’s Plunge After Trading Debut
On May 16, Binance, Bybit, OKX, and other major exchanges listed the NOT token from the gaming Web3 project Notcoin.
At the start of trading, the coin’s price was slightly above $0.01, but within 15 minutes it had dropped by more than 50%.
On May 17, the price fell to around $0.0063. However, with the broader market’s recovery, the price stabilized near $0.007.
Notcoin co-founder Alexander Plotvinov announced plans to develop the gaming ecosystem and a forthcoming large-scale burning of unused NOT tokens.
The Web3 project’s team also reported that users sent 1,030,383,291,362 NOT ($6.8 million at the time of the transaction) to Telegram founder Pavel Durov.
Growth on US Macro Data
The cryptocurrency market reacted positively to macroeconomic data — annual inflation in the US slowed from 3.5% to 3.4% in April.
This spurred Bitcoin’s growth, which was trading around $62,000 on the morning of May 15, and by evening its price had surged above $66,000.
Ethereum showed less confident growth, but on May 17 it held above $3,000.
On the other hand, meme tokens outperformed the “blue chips” in terms of dynamics. On May 16, the total capitalization of these assets rose by 8.1%, surpassing the rest of the crypto market, which gained 5%.
PEPE showed the greatest increase in this category, rising nearly 27% over the week to reach a new all-time high.
AI Giants Face Off
OpenAI announced a new version of its chatbot, GPT-4o, which has become “more human-like.” It features enhanced capabilities, including visual data perception and a multilingual voice assistant.
Google’s response was swift — the corporation adapted its new artificial intelligence model, Gemini, for integration into its search system.
One of the main features of the new technology is reviews. The neural network gathers information based on user queries and summarizes it in a response. Soon, there will be an option to customize AI reviews, simplifying or complicating the result.
Thanks to multi-step reasoning capabilities in the Gemini model, reviews can tackle increasingly complex tasks without breaking the process into multiple queries.
Crypto Community vs. Biden
US President Joe Biden imposed a ban on land ownership near an Air Force base for a Chinese mining company.
“The proximity of a foreign cryptocurrency mining enterprise to a strategic missile base and a key element of the American nuclear triad, as well as the presence of foreign-made specialized equipment potentially capable of facilitating surveillance and espionage, posed a serious threat to national security,” the press release stated.
Billionaire Mark Cuban and Uniswap founder Hayden Adams expressed concern over the American president’s policy, pointing to potential harm to the development of cryptocurrencies in the country and possible negative impacts on the upcoming elections.
Cardano co-founder Charles Hoskinson also joined the criticism, stating that the Biden administration intends to “kill the crypto industry” through regulatory measures.
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