FET, OCEAN, And AGIX Drop 8% After ASI Token Merger Delay

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As a researcher with a background in blockchain technology and artificial intelligence, I have closely followed the developments of Fetch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) as they announced their plans to merge into the Artificial Superintelligence Alliance (ASI) token. The potential creation of a decentralized AI platform with these three leading projects was an exciting prospect for the industry.

The Artificial Superintelligence Alliance (ASI) has delayed its planned token merger between Fetch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) until next month due to logistical and technical challenges. Initially scheduled for Thursday, the merging of these AI tokens into the ASI token resulted in a 4% decrease in their values over the past 24 hours.

ASI Token Merger Postponed To July

As a researcher studying the latest developments in the field of artificial intelligence (AI) and blockchain technology, I’m excited to share that Fetch.AI, SingularityNET, and Ocean Protocol announced their intention to merge their projects into one unified platform under the ASI token in March. This significant collaboration is designed to create a decentralized AI ecosystem where advancements in this technology become more accessible to a broader audience.

As a crypto investor, I received news on Tuesday that the ASI alliance has postponed the token merger from its initial date of June 13, 2024, to July 15, 2024. The reasons for this delay, as stated in their announcement, are due to “logistical requirements” and “technical independencies.” In simpler terms, there were unforeseen complexities that needed more time to be addressed, both in terms of the practical arrangements and the technical aspects of the merger process.

I discovered that the ASI token merger entails handling intricate integrations and keeping track of numerous moving components. Consequently, the delay was deliberately implemented as a “strategic move” to guarantee a seamless execution throughout the process and address the requirements of all “relevant parties” effectively.

Humayun Sheikh, the CEO of Fetch.AI and the Chairman of ASI, assured the community that the shared vision between the two organizations was consistent, despite any potential delays.

Despite this setback, which is only temporary, our significant advancements in building a decentralized superintelligence network remain unaffected. Our teams are currently collaborating with central exchanges to complete the outstanding tasks. We’re grateful for your continued backing and understanding as we tackle the final procedural hurdles.

Ben Goertzel, the CEO of SingularityNET Foundation, shared that they are in the process of merging the individual AI and blockchain technologies from the three involved companies. Furthermore, he expressed his anticipation for reaching this significant upcoming achievement.

The completion of the three-company tokenomic merge on July 15 will mark a significant achievement, and we expect a string of increasingly noteworthy accomplishments to follow as we harness the power of our $ASI token network to develop progressively advanced AI systems, eventually leading us toward true superintelligence.

FET, AGIX, And OCEAN Face 8% Drop

As a researcher studying the AI token market, I observed that following the recent announcement, SingularityNET’s AGIX token experienced a negative price impact in the hours that followed. Specifically, there was an 8.9% decline in its value, with the token trading at $0.7035 on Tuesday, and dropping down to $0.6404 by the end of the day. However, during the early hours of Wednesday, AGIX managed to regain some ground, trading at $0.6819, which represented a 3.8% decrease in comparison to the previous day’s closing price.

As a researcher studying the cryptocurrency market, I observed that Ocean Protocol’s OCEAN token experienced a decrease of approximately 8% following the recent news, causing its price to dip from $0.7156 to $0.6576 before rebounding and finding support at around $0.68 on Wednesday morning. Meanwhile, AGIX underwent a price decline of roughly 4.4% prior to the announcement that led to this downturn in the market.

As a researcher studying the crypto market trends, I’ve observed that FET experienced the most significant setback among the three tokens under examination. The token price dipped by approximately 10.8%, moving down from $1.66 to $1.48. However, it later regained some ground and surpassed the $1.62 mark, representing a minor decline of about 3.1% compared to its value at Tuesday morning.

Crypto expert Altcoin Sherpa weighed in on FET‘s price decline, reminding investors that “all assets eventually return to earth; you simply need to practice patience.” Furthermore, the analyst suggested that the current price range could represent a buying opportunity, but cautioned that it was still uncertain whether this was “the absolute bottom.”

Despite the previous decline, FET has bounced back as of now. The cryptocurrency is currently being traded above the $1.7 mark. This rebound signifies a 6.7% growth in the last hour and a 4.4% recovery from its price 24 hours ago.

In the past hour, there has been a noteworthy rise of 5.7% for AGIX and 5.5% for OCEAN. Since the announcement of the ASI token merger delay, these figures represent a growth of 3.4% for AGIX and 3% for OCEAN.

FET, OCEAN, And AGIX Drop 8% After ASI Token Merger Delay

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2024-06-12 22:16