The world of artificial intelligence (AI) is making waves in the cryptocurrency market, with tokens like FET, OCEAN, and AGIX leading the charge. However, a recent alliance and token merger have caused a stir, leaving investors scratching their heads.
This trio of AI tokens has long been considered dominant in the crypto sphere. To solidify their position, they formed the Artificial Superintelligence Alliance (ASI), aiming to create a “super AI token.” This ambitious plan involved a phased merger, with the first stage completed earlier this month.
The initial phase saw the Ocean Protocol (OCEAN) and SingularityNet (AGIX) tokens merge into the Fetch.ai (FET) token. Fetch.ai itself rebranded as the ASI, with OCEAN and AGIX tokens gradually being delisted from exchanges. Notably, major players like Coinbase haven’t embraced the merger, allowing continued trading of the delisted tokens.
The ASI news initially sent shockwaves through the market in mid-June. Both AGIX and FET prices surged over 30% after a prolonged slump, reflecting investor optimism. However, the sentiment shifted dramatically after the phase 1 completion.
FET, the merged entity, experienced a rollercoaster ride. After reaching $1.44 on July 1st, it dipped to $1.27 within hours. The broader crypto market crash exacerbated the situation, leading to an 8% decline over the week. However, FET managed a 3% rebound in the last 24 hours, currently trading at $1.20.
AGIX, on the other hand, seems to be bearing the brunt of the merger. Its price has been plummeting since July 5th, witnessing a staggering 15% drop in a week. Unlike a gradual decline, this appears to be a sudden collapse in value. A similar trend is observed with OCEAN, which fell 13% but has shown a slight 3% uptick in the last day.
The impact extends beyond just price fluctuations. Network activity for all these tokens, including FET, has dropped significantly. This reflects a decline in investor confidence, with critics outweighing supporters as the tokens struggle to regain their footing.
The ASI alliance is a bold experiment in the crypto space. While FET has shown some resilience, the fate of AGIX and OCEAN remains uncertain. Only time will tell if this ambitious merger paves the way for a dominant super AI token or becomes a cautionary tale in the ever-evolving world of cryptocurrency.