Merger of Artificial Superintelligence Alliances

  • Exciting news! The Artificial Superintelligence Alliance has just announced the merger of FET, OCEAN, and AGIX!
  • This merger has stirred up some market uncertainty and unpredictability, causing prices to fluctuate.

After months of anticipation, the Artificial Superintelligence Alliance (ASA) has officially unveiled the first phase of its token merger through a press release.

The coming together of Fetch.ai [FET], SingularityNET [AGIX], and Ocean Protocol [OCEAN] will lead to the creation of an ASI coin.

In an exciting update shared on their X page (formerly Twitter), SingularityNET marked the beginning of the merger with these words:

“Thrilled to kick off Phase 1 of the ASI token merger involving SingularityNET (AGIX), @Fetch_ai(FET), and @oceanprotocol (OCEAN).”

Image Source: X

The first phase will see the merging of AGIX and OCEAN into FET, with the FET team reassuring traders that trading will proceed seamlessly.

On the other hand, SingularityNET has paved the way for easy conversion of AGIX and OCEAN to FET tokens by opening up the migration platform on Singularity dApps.

Following this phase, the transition to ASI will take place in the next phase, with major crypto exchanges like KuCoin, Binance [BNB], Bitget, and Bitfinex onboard to support ASI.

Fear and Concerns

Despite the merger’s positive strides, there are concerns within the crypto community. Notably, Coinbase’s decision not to partake in the $7.5 billion ASI token migration has raised eyebrows.

Stakeholders have voiced their worries surrounding the merger, with @EricDM101 echoing such concerns:

“The emergence of a new open-source decentralized superpower within #AI has sparked fear.”

The Merger’s Impact on AI Tokens

The ASI merger has the potential to revolutionize the AI crypto space, promising to uplift other AI-focused cryptocurrencies, leading to a surge in prices and market caps.

This development is expected to accelerate transformative AI advancements within the crypto realm, typically prompting a bullish market sentiment.

However, with great potential comes certain risks including transitional challenges, price volatility, and market uncertainties that may impact long-term investors of FET, OCEAN, and AGIX.

Moreover, the merger’s buzz might attract regulatory scrutiny given the significant market attention it has garnered.

Price Reaction

As of now, the market remains in flux despite the buzz generated by the merger. FET is trading at $1.34 with a 9.54% drop in 24 hours and a 20.7% decline in seven days.

AGIX is hovering around $0.6136 after a 13.55% downturn in seven days, while OCEAN stands at $0.6127 following a 13.40% decline in the same period.

Image Source: TradingView

Currently, FET shows a negative CMF at -0.10 and OCEAN at -0.07, indicating increased selling pressure and lower prices.

Furthermore, FET’s AO is negative at -2905, OCEAN at -1239, and AGIX at -0.11022, signaling a decline in short-term momentum, leading to further price dips.

Image Source: Coinglass

AMBcrypto’s analysis reflects a prevailing negative market sentiment post-merger, with substantial FET liquidation for long positions as reported by Coinglass.

Explore Artificial Superintelligence Alliance’s [ASA] Price Prediction 2024-25

This trend implies an uptick in selling pressure due to an influx of closed long positions, resulting in downward price movements.

Image Source: Santiment

Furthermore, FET’s Open Interest has dropped from $43M to $38M within the last 24 hours, signaling a bearish undertone as holders exit positions without initiating new ones.

Next: Dive into the soaring BNB price as Binance chain experiences record transactions

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