The Artificial Superintelligence Alliance (ASI) announced its token merger could be postponed to next month after presenting logistical and technical issues. The alliance was set to merge Fetch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) into the ASI token on Thursday. Consequently, the three AI tokens faced a 4% drop within the last 24 hours.
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ASI Token Merger Postponed To July
In March, Fetch.AI, SingularityNET, and Ocean Protocol, three leading AI blockchain projects, revealed their plan to merge into the ASI token. This move goals to develop a decentralized AI platform to foster technology advancements accessible to a wider audience.
On Tuesday, the ASI alliance announced the delay of the token merger from June 13 to July 15, 2024. Per the announcement, the first reasons for the rescheduling are “logistical requirements” and “technical independencies.”
It was further explained that the ASI token merger involves managing complex integrations and a spotlight to quite a few moving parts. Consequently, the delay was a “strategic decision” to make sure a smooth execution through the process and ensure all “stakeholders’ needs are adequately met.”
Humayun Sheikh, Fetch.AI’s CEO, and ASI’s Chairman, reassured the community that the alliance’s vision remained unchanged despite the delay.
This temporary delay doesn’t impact the substantial progress we’ve got made towards making a decentralized superintelligence network. Our teams are actively working with centralized exchanges to finalize the remaining steps. We appreciate the continued support and patience of our community and stakeholders as we work through these final logistical steps.
SingularityNET Foundation’s CEO, Ben Goertzel, explained that they’re working on integrating the three corporations’ AI and blockchain technology. Moreover, he stated his excitement for the upcoming milestone:
The finalization of the 3-way tokenomic merger on July 15 will likely be a significant milestone, and we anticipate a series of progressively more exciting milestones after that as we leverage our $ASI token-based network to maneuver toward increasingly capable AI systems and in time actual superintelligence.
FET, AGIX, And OCEAN Face 8% Drop
After the announcement, the three AI tokens saw a negative price impact in the next hours. SingularutyNET’s AGIX token saw an 8.9% decline, from trading at $0.7035 to $0.6404 throughout Tuesday. Within the early hours of Wednesday, the token recovered some ground from the retrace. AGIX traded at $0.6819, a 3.8% decrease from the day before.
Similarly, Ocean Protocol’s OCEAN had an 8% drop after the news. The token’s price went from trading at $0.7156 to $0.6576 before recovering the $0.68 support level on Wednesday morning. On the time, AGIX faced a 4.4% decline in its price before the announcement of the delay.
Meanwhile, FET saw the biggest retrace of the three, with a ten.8% drop. The token fell from the $1.66 price range to $1.48. Later, the token recovered above the $1.62 level, a 3.1% decrease from Tuesday morning.
Crypto analyst Altcoin Sherpa commented on FET’s performance. The worth drop was an excellent reminder that “all the things comes back down eventually; you only need to be patient.” Furthermore, Sherpa said the worth range could also be an excellent buy, but it surely was yet “TBD if it’s ‘the underside.’”
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Nonetheless, the tokens have now recovered from the drop. As of this writing, FET is trading above the $1.7 price range. The surge represents a 6.7% increase within the last hour and a 4.4% recovery from its price 24 hours ago.
Similarly, AGIX and OCEAN have seen a 5.7% and 5.5% surge within the last hour. This represents a 3.4% and three% increase for the reason that ASI token merger delay announcement.
FET’s performance within the three-day chart. Source: FETUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com