The first AI Agent Millionaire
The rise of AI Agents
In the third quarter of 2024, as AI continued to gain momentum, a new narrative began to emerge: AI agents.
With the popularity of AI chatbots such as ChatGPT, Gemini, and similar tools, investors have started exploring how artificial intelligence can improve their investment strategies. However, many of these tools lack access to real-time internet data, especially from platforms like social media.
Subsequently to the rise of sniper bots such as Banana Gun, AI agents have stepped in to address these limitations. By conducting research, making trading decisions, and developing strategies autonomously, they bring new opportunities for investors. One recent example demonstrates just how powerful these tools can be: Truth Terminal.
The AI agent Truth Terminal, created by developer Andy Ayrey, secured a €50,000 grant via X (formerly Twitter), with the funds deposited into a Bitcoin wallet assigned to the agent. Shortly after receiving the grant, the AI agent began engaging with users, posting jokes and comments about its newly acquired wealth.The story became even more intriguing when Truth Terminal endorsed a memecoin called $GOAT, becoming a millionaire after receiving an airdrop of the token.
This episode raised concerns, particularly on regulatory compliance due to the convergence of AI and blockchain. Moreover, ethical concerns can be raised, due to the implications such tools can have in wealth distribution. Moreover, risk of scams, particularly in a bull market, can be present.
The opportunities of AI Agents:
- Revising smart contracts: combining AI and LLM, AI agents can quickly revise smart contracts, optimizing time and improving security
- Doing sentiment and fundamental analysis: by constantly revising websites, social media interactions, Github and similar platforms, AI agents can offer unprecedented help in providing an overview of a project, therefore enabling users to make
- Automating trades: Being able to actively monitor pricing, market movements and trend, AI agents can be used to execute automatic trades.
Our takeaways
AI agents have better capabilities than sniper tools like Banana Gun (find our Research article here) because they can adapt, learn, and make decisions autonomously in real time, while sniper tools are limited to executing predefined tasks without dynamic analysis or flexibility.