The price of FET has fallen drastically as Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNet (AGIX) merge. The token has dropped over 35% in a month.
Notably, FET is the temporary name of the Artificial Superintelligence Alliance token ahead of the second phase of the Fetch.ai, Ocean Protocol, and SingularityNet merger.
FET, OCEAN, and AGIX merger kicks off
The merger of Fetch.ai, Ocean Protocol, and SingularityNet into the Artificial Superintelligence Alliance (ASI) represents a strategic move to advance decentralized Artificial General Intelligence (AGI) and Artificial Superintelligence (ASI).
The ASI Alliance aims to leverage Fetch.ai’s autonomous agent technology, Ocean Protocol’s data exchange frameworks, and SingularityNet’s decentralized AI services. It seeks to promote responsible and ethical AI practices while fostering collaboration within the AI and blockchain industries.
The merger, which began on July 1st, 2024, is structured in two distinct phases.
Phase 1: Integration and initial transition
In the first phase, which started on July 1st, AGIX and OCEAN tokens were merged into Fetch.ai’s FET token.
This move aimed to streamline operations without requiring the delisting or relisting of FET on centralized exchanges, as highlighted by Humayun Sheikh, the CEO and Founder of Fetch.ai.
While some crypto service providers like Coinbase have stated they will not support the merger, the focus of the first phase was on ensuring a smooth transition for users and stakeholders, with efforts directed towards updating project names and logos on platforms like CoinMarketCap and CoinGecko.
Phase 2: Community onboarding and deployment
Following the initial integration, phase two of the merger will focus on community onboarding and deploying ASI tokens across multiple blockchains.
This phase includes providing migration contracts for tokens that have not yet been converted, facilitating the conversion process over an extended period to accommodate all stakeholders.
What’s next for FET?
Despite the strategic alignment and positive long-term outlook of the ASI merger, the FET token experienced a significant price decline immediately following the first phase on July 1st, 2024.
The market reacted swiftly to the news of the merger, with FET’s price dropping sharply below $1.27 after integrating AGIX and OCEAN tokens.
Despite a slight recovery to $1.34, it remains 5% down over the past 24 hours and 35.76% over the past month.
Experts and analysts in the cryptocurrency community continue to monitor developments closely, anticipating further market reactions as the ASI Alliance progresses through its subsequent phases.
While Fetch.ai faces immediate market adjustments post-merger, the long-term prospects of the ASI Alliance remain promising for enhancing AI innovation and market leadership in the blockchain industry.
The volatility observed in FET’s price reflects the dynamic nature of the crypto market, where strategic decisions and market sentiment can lead to rapid price fluctuations.
AGIX and OCEAN tokens have already merged into Fetch.ai’s FET token under the first phase of the ASI merger.
FET price decline continues post-phase 1 of the merger with Ocean Protocol and SingularityNet.
The second phase will concentrate on deploying ASI tokens across multiple blockchains.
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