FET and OCEAN Stands Strong But AGIX Weakens; Here Is why

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As a researcher with a background in artificial intelligence and cryptocurrencies, I find the ongoing merger of AI-focused tokens within the ASI alliance to be an intriguing development. The potential creation of a super AI token by consolidating FET, OCEAN, and AGIX is a noteworthy endeavor that could significantly impact the crypto market.

The surge in real-world applications for AI technology has led to a proliferation of AI-related tokens in the cryptocurrency sector. These tokens have quickly gained popularity and are now among the most sought-after cryptocurrencies. Over the years, this category has expanded with new and improved tokens, but currently, FET, OCEAN, and AGIX stand out as the top three AI cryptos. Their dominance is further strengthened by their alliance, ASI, which they have formed.

The Artificial Superintelligence Alliance (ASI) or Merger combines various tokens into a unified token named ASI, aiming to construct a powerful artificial intelligence.

ASI Merger Completes Phase1 Favoring The FET

In the initial stage, or Phase 1, of the ASI Token Merger, the Ocean Protocol token (OCEAN) and SingularityNet token (AGIX) were combined with the Fetch.ai token (FET), marking the end of this process at the beginning of the month. Notably, Fetch.ai has undergone a rebranding effort, now known as the Artificial Superintelligence Alliance (ASI Alliance), while OCEAN and AGIX are currently in the process of being delisted from various exchanges.

According to the instructions, following the ASI Merger, AGIX has transferred to FET at a conversion rate of 1 AGIX equal to 0.4335 FET. In the upcoming phase, FET is scheduled to move to ASI by mid or late July.

Although some platforms, such as Coinbase, have declined to support the token merger, users can still trade those tokens. If you’re keen on being part of it, you’ll need to initiate the process manually by transferring your tokens out of these exchanges.

FET And OCEAN Prices Surged While AGIX Price Dropped

I analyzed the financial market news in mid-June and noted the significant impact on the prices of AGIX and FET tokens following the ASI Merger announcement. On June 20, 2024, these tokens experienced a surge of over 30% after months of downtrend. Initially, analysts anticipated a positive response from investors due to the merger’s promising potential. However, upon completion of phase 1, investor reactions varied unexpectedly.

Beginning on July 1st, FET was priced at $1.44 in trading. However, its value took a downturn within the following hours, reaching $1.27. The crypto market’s decline worsened this trend over the course of the week, resulting in an 8% decrease in FET’s price. Nevertheless, the past 24 hours have brought about a shift as the FET price now stands at $1.20, marking a 3% increase from its previous value.

Previously, AGIX and OCEAN did not significantly affect the market. However, recent developments have brought about a significant change. Over the past week, AGIX’s price has dropped by 15%, experiencing a sharp decline rather than a gradual trend. Similarly, OCEAN’s price chart shows a decrease of 13%, but in the last day, it has experienced a slight uptick of 3%. Currently, OCEAN is trading at $0.5233 after this recent surge.

The effect went beyond just price changes; it also influenced their network activities. The quantity of tokens such as FET saw a decrease in trading volumes due to the shift in investor sentiment. Additionally, there have been more negative comments from critics than positive remarks from praisers, making it challenging for these tokens to maintain their market value.

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2024-07-10 11:30