- The Artificial Superintelligence Alliance has announced the merger of FET, OCEAN and AGIX.
The merger has resulted to market uncertainty and unpredictability, causes places to plummet.
As a researcher with experience in the crypto market, I find the Artificial Superintelligence Alliance’s (ASA) merger of FET, OCEAN, and AGIX to be an intriguing development. The potential creation of a new decentralized superpower within AI could lead to significant progress in the field, boosting other AI-centered cryptos and creating market potential for transformative developments. However, I cannot overlook the concerns that come with such a merger.
Following three months of anticipation, the Artificial Superintelligence Alliance (ASA) has unveiled the initial stage of its two-part token consolidation plan in an official communique.
These three cryptocurrencies, Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN), aim to combine their efforts and create a new coin called ASI.
On SingularityNET’s official announcement (previously known as Twitter), they declared the commencement of the merger, expressing:
“It gives us great pleasure to unveil the commencement of Phase 1 in the fusion process of the ASI token, incorporating SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) tokens.”
In the initial stage, AGIX and OCEAN combine to form FET. Simultaneously, the FET team assured that trading proceedings would remain undisrupted during this process.
SingularityNET clarified that their migration platform is accessible on the Singularity dApps, allowing for a hassle-free exchange of AGIX and OCEAN tokens into FET tokens.
After the first phase, the second phase will involve the transition from FET to ASI.
These major cryptocurrency exchanges plan to embrace the innovations and consistently back ASI. Notable among them are KuCoin, Binance with its native currency BNB, Bitget, and Bitfinex.
Fear amidst migration
As a crypto investor, I’ve been closely following the latest developments and advancements in the world of digital currencies. However, despite my excitement about these innovations, there are still concerns that linger within the wider crypto community. One significant issue that has come up is Coinbase’s decision not to support the ASI merger.
I’ve analyzed the report and found that Coinbase won’t be involved in the Artificial Superintelligence Alliance’s $7.5 billion token migration project.
Various stakeholders have expressed their concerns following the merger.
@EricDM101 expressed such a concern, saying,
“There is a lot of fear about this new open source decentralized superpower within #AI.”
Impact of the ASI merger on AI tokens
As a crypto investor with an interest in the AI sector, I believe that the proposed merger of ASI could bring about significant transformation and growth. If this merger materializes and ASI thrives, it has the potential to positively impact other AI-centric cryptocurrencies. This ripple effect could result in price surges and increased market capitalizations for those related projects.
“The merger will expand the market opportunities for accelerated, influential, and revolutionary advancements in AI technology. These advancements primarily benefit the crypto market, leading to a predominantly optimistic market outlook.”
As a result, the merger could bring about several risks for ASI. These risks include challenges during the integration process, potential changes in pricing, and market instability. Such risks might impact investors holding FET, OCEAN, and AGIX in the long term.
The chatter about the merger in the business world might draw scrutiny from regulatory bodies, focusing particularly on compliance with laws and guidelines.
How did prices react?
As of now, the market remains shrouded in doubt and unforeseeability, despite the heightened excitement following the merger announcement. FET was priced at $1.34, marking a 9.54% decrease over the past 24 hours and a more substantial 20.7% loss over the previous week.
As a researcher studying the cryptocurrency market trends, I observed that AGIX was priced at $0.6136 after experiencing a week-long dip of 13.55%. Meanwhile, OCEAN was trading at $0.6127, reflecting a similar 13.40% decrease in value over the same time frame.
At present, FET has reported a negative Common Source-Drain Current-Voltage (C-V) swing of -0.10 volts and an Off-Current-Voltage (O-V) of -0.07 volts. These values suggest that there is more supply than demand in the market, leading to a decrease in prices due to heightened selling pressure.
Additionally, the Awesome Oscillator values for FET, OCEAN-1239, and AGIX were recorded at -2905, -0.11022, and – respectively. This finding suggests that short-term momentum was on a downward trend in these markets, which could potentially lead to further price decreases.
Based on AMBcrypto’s assessment, the merger has led to a wave of pessimism among investors in the cryptocurrency market. As per Coinglass data, FET has undergone significant liquidation of long positions.
Read Artificial Superintelligence Alliance’s [ASA] Price Prediction 2024-25
As a crypto investor holding long positions, I observed that many others were doing the same. However, when market conditions shifted, those investors started to sell off their holdings. This mass selling action significantly increased the pressure to sell, causing prices to plummet.
As a researcher studying financial markets, I’ve observed a noteworthy development regarding FET‘s open interest. Within the past 24 hours, it has decreased from $43 million to $38 million. This reduction indicates that holders have been liquidating their positions without simultaneously opening new ones, suggesting a bearish trend.
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2024-07-02 17:12