The much-anticipated merger of the Artificial Superintelligence Alliance (ASA) has failed to deliver the price surge many investors were hoping for. Following an official announcement detailing the first phase of a two-part token merger, the prices of FET, AGIX, and OCEAN—tokens associated with, SingularityNET, and Ocean Protocol, respectively—have all experienced significant corrections.

This comes after months of speculation surrounding the ASA merger, which aims to establish a unified AI token dubbed ASI and create a robust foundation for a decentralized AI ecosystem. While the press release marked a significant step towards this goal, it appears investors adopted a “buy the rumor, sell the news” approach.

At the time of writing, FET is trading at $1.16, a 4.02% drop in the last 24 hours. The downtrend for FET actually began on May 23rd, with a series of lower lows and highs painting a bearish picture. Technical indicators like the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) also suggest waning bullish momentum and a decline in money flowing into the token.

AGIX fared even worse, plummeting 12.77% on the last day. While the price movement mirrors FET’s, AGIX’s CMF remains relatively higher, indicating some continued capital inflow. However, a negative RSI suggests fading bullish sentiment.

OCEAN wasn’t spared either, dropping 3.97% in the past 24 hours. Similar to its ASA counterparts, OCEAN’s technical indicators point towards declining bullish momentum and money flow.

Social media paints a similar picture. All three tokens witnessed a sharp decline in social volume, suggesting waning interest. Additionally, the sentiment surrounding these tokens has become markedly negative, with a surge in critical commentary outweighing positive mentions.

The reasons behind this price drop remain unclear. Perhaps investors were expecting a more concrete timeline or details about the merger’s second phase. It’s also possible that the market had already priced in the anticipated benefits of the merger, leaving little room for further growth upon the announcement.

Only time will tell how this merger ultimately impacts the value of FET, AGIX, and OCEAN. However, the initial reaction from the market suggests that investors are taking a wait-and-see approach, with some potentially even exiting their positions.