AI Tokens Rally as SpaceX IPO Nears, But Analysts Warn of Dead-Cat Bounce
Altcoins rallied Monday with AI-linked tokens leading the charge as traders anticipate Elon Musk's SpaceX IPO, scheduled for June 11-12. Worldcoin (WLD), NEAR Protocol (NEAR), and Bittensor (TAO) posted significant gains: WLD roughly doubled in 30 days, NEAR gained nearly 40% monthly, and TAO rose about 4% in a day. The market debut of SpaceX, valued at $1.77 trillion with the largest IPO record in history, provides a narrative anchor for AI-themed coins, leveraging xAI acquisition. However, cautious signals emerge: Bitcoin remains weak at $63,500, down 21% over the month and 11% weekly, suggesting a potential dead-cat bounce. Key psychological floor at $60,000 is critical. Named investors like Arthur Hayes are selling into strength, while analyst Michael van de Poppe sees altcoin outperformance. Institutional capital diversion to major IPOs further threatens crypto liquidity. The coming sessions hinge on SpaceX's performance; a strong debut could extend AI token gains, while weakness may expose the rally's fragility.
Key facts
- AI tokens WLD, NEAR, TAO lead altcoin rally ahead of SpaceX IPO on June 11-12.
- SpaceX valued at $1.77 trillion, aiming for largest IPO ever at $75 billion.
- Bitcoin at $63,500, down 21% monthly and 11% weekly, signaling possible dead-cat bounce.
- Arthur Hayes sells NEAR into strength; Van de Poppe sees altcoin outperformance.
- Institutional capital diverted to trillion-dollar IPOs threatens crypto liquidity.