.jpg)
- The Super AI Alliance announced the merger of FET, OCEAN, and AGIX.
- The merger created uncertainty and unpredictability in the market, leading to a sharp decline in some places.
After three months of speculation, the Artificial Super Intelligence Alliance (ASA) has announced the first phase of its two-stage token merger process via its official press release.
Fitch.i [FET], UniquenessNET [AGIX]And Ocean Protocol [OCEAN] They will be merged together to build the ASI coin.
On their official X page (formerly Twitter), UniquenessNET He announced the start of the merger process, saying:
“We are pleased to announce the start of the first phase of the ASI token integration that includes SingularityNET (AGIX), @Fetch_ai (FET), and @oceanprotocol (OCEAN).”
Source:X
The first phase involves the integration of AGIX and OCEAN into FET. While the integration is ongoing, the FET team has announced that trading will continue uninterrupted.
Similarly, SingularityNET explained that the migration platform was open to Singularity dApps to ensure seamless conversion of AGIX and OCEAN tokens to FET.
After the first phase, the second phase will involve the transition from FET to ASI.
Major cryptocurrency exchanges also intend to adopt the changes and support ASI on an ongoing basis. These include KuCoin, Binance [BNB]Bitget, and Bitfinex.
Fear in the Midst of Migration
Despite these developments and progress, there are various concerns from the wider crypto community. One of the main concerns is Coinbase’s refusal to support the ASI merger.
According to the report, Coinbase will not participate in the $7.5 billion AI Super Alliance (ASI) token migration.
Many stakeholders have expressed concerns in the wake of the merger.
@EricDM101 He expressed this concern by saying:
“There is a lot of fear about this new decentralized, open source AI superpower.”
Impact of ASI Merger on AI Tokens
The ASI merger could be transformative and huge for the AI-based crypto sector. So, if things go well for ASI, it will boost other AI-based cryptocurrencies, leading to higher prices and market caps.
The merger will create market potential for faster, more impactful and transformative AI development. This development within the cryptocurrency market is mostly translated into bullish market sentiment.
Therefore, the merger may lead to various risks, such as issues during the transition, prices, and market volatility for ASI, which may affect FET, OCEAN, and AGIX holders in the long term.
The noise surrounding the merger in the market may also attract the attention of the authorities, especially in relation to regulations and rules.
How did prices react?
At the time of publishing, the market remained uncertain and unpredictable despite the growing public hype surrounding the merger. FET was trading at $1.34 after a 9.54% drop in 24 hours and a 20.7% drop in seven days.
AGIX stock was trading at $0.6136 after a 13.55% drop in seven days. Meanwhile, OCEAN stock was trading at $0.6127 after a 13.40% drop in seven days.
Source: TradingView
Broadly speaking, at the time of writing, FET is reporting a negative CMF of -0.10, and OCEAN of -0.07, indicating increased selling pressure and lower prices.
FET’s AO (Awesome Oscillator) was also negative at -2905, OCEAN -1239 and AGIX -0.11022, indicating that short-term momentum was declining, leading to further price declines.
Source: Coinglass
Therefore, AMBcrypto analysis indicated that the merger led to negative sentiment in the market. According to Coinglass, FET saw a significant liquidation of long positions.
is reading Super AI Alliance [ASA] Price prediction 2024-25
This meant that long positions were being closed, which led to increased selling pressure, pushing prices lower.
Source: Santiment
Finally, FET’s open interest volume has dropped from $43 million to $38 million over the past 24 hours. The drop shows that holders are closing their positions without opening new ones, which is a bearish sign.
