So I've been watching this AI crypto called Kite, and it's been absolutely crushing it lately. Up 140% in the last three months since it launched back in November, and it just cracked the top 100 by market cap. Pretty wild for something that's supposed to be focused on AI agents making payments on blockchain. Kite positioned itself as the first AI payment blockchain, which honestly sounds like the kind of thing that could either be genuinely useful or completely overhyped.

The project's got some legit backing too. They raised $18 million from PayPal Ventures and General Catalyst last year, and a major US exchange also got involved. Apparently some executives at that exchange have been pushing hard on the whole AI payments infrastructure angle, even launched their own protocol for it. So there's definitely institutional interest in this space.

But here's where I pump the brakes. We've seen this movie before with crypto ai projects. Bittensor was all the rage a couple years back, down 77% from its peak now. Then there's Artificial Superintelligence Alliance, which crashed 95% from its highs. Both had serious hype and backing too. Kite could absolutely keep running, but it could also pull a complete reversal just like those others did. The whole AI agent thesis could just be vaporware, or it could be the future. Honestly, nobody really knows yet, so I'm watching but not buying anything just yet.