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Prices of main crypto assets dipped further this week, with Bitcoin and Ethereum close to two-month lows. In the meme coin space, Pepe the frog had a tough week as Milady Meme Coin took the center stage after Elon Musk tweeted about it.

Meanwhile, big investments in Artificial Intelligence unveiled this week by big US corporate giants could fuel AI-related tokens, and Cardano got some support from the launch of its Layer 2 scaling solution Hydra.

Also read: Ethereum scaling solution Optimism price gears for recovery with this bullish catalyst from Worldcoin

Milady Meme Coin (LADYS), Pepe coin (PEPE) prices have declined as the meme season narrative loses its popularity among crypto traders. LADYS price nosedived 62% after hitting an all-time high of $0.00000017 on May 11 and PEPE lost 70% of its value from record high of $0.00000431 on May 5.

Experts at Santiment discussed in a recent report on meme coins how these tokens derive their value from speculation and catalysts like social dominance. As other narratives like Artificial Intelligence (AI) and Ethereum layer 2 gain prominence, the hype surrounding the two meme coins is likely to drop lower.

Read more here.

Find out more about PEPEs competitor Milady Meme Coin here.

As the spotlight shifts from meme coins, Artificial Intelligence (AI) tokens have made a comeback, starting their price recovery.

Several tech giants like Meta, IBM and Humane announced updates or released new AI products earlier this week, fueling the AI narrative. Render (RNDR), SingularityNET (AGIX) and Fetch.ai (FET) started their recovery from the pullback that followed the second-week of April 2023.

Top 5 AI tokens by market capitalization

As seen in the chart above, the top 5 AI tokens started their recovery after the recent round of announcements. Find out more about the tech giants updates here.

Among cryptocurrencies with a large market capitalizations, Cardano started its recovery with scaling solution Hydras mainnet release.

Hydra, Cardanos layer 2 scaling solution aims to increase speed, scalability and reduce transaction costs for ADA users. The launch of the scalability solution on Cardanos mainnet acted as a bullish catalyst, driving ADA price higher.

Ethereum-alternative Cardano started its recovery with 3% gains since Thursday. Hydras release on mainnet therefore fueled a bullish thesis for ADA.

Find out more about the Hydra release here.

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Weekly roundup: LADYS and PEPE prices drop, AI tokens recover, Hydra mainnet release drives Cardano higher - FXStreet