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Our analysis of the situation
The Artificial Superintelligence Alliance (ASI) has captivated the crypto world with the launch of its phase 1 token merger process. The mammoth project has set the wheels in motion, initiating the migration by waving goodbye to Ocean Protocol (OCEAN) and SingularityNET (AGIX) from crypto exchanges. However, the rebranding and supply update of Fetch.AI (FET) seems to be stirring up some commotion.
The initial phase of the ASI alliance's multi-token merger saga was revealed on July 1, marking the beginning of the union of OCEAN, AGIX, and FET. As part of this phase, the curtain has been drawn on withdrawals and deposits involving OCEAN and AGIX as they gear up for the leap to FET.
Meanwhile, the delisting process has commenced for OCEAN and AGIX from crypto exchanges, signaling the start of a new era. Amidst this hullabaloo, FET stands its ground, maintaining its presence in the trading arena, as spot and perpetual trading persist under the same ticker.
The overarching aim of this initial phase is to streamline the transition by bringing onboard exchanges and data aggregators, ensuring a harmonious shift. Fetch.AI underwent a rebrand across platforms, adopting the name and logo of the Artificial Superintelligence Alliance while retaining its ticker.
The migration platform on the SingularityDAO dApp has been unfurled by the ASI alliance, providing a bridge for users to transition their tokens seamlessly. However, some major crypto exchanges such as Kraken and Coinbase have chosen not to support customers in this daring migration.
Kraken revealed its intent to continue supporting the trading of OCEAN and FET until further notice, with a caveat that users must withdraw their tokens to a self-custodial wallet for the migration. Similarly, Coinbase declared that it would not execute the migration of these assets on behalf of users and would also refrain from supporting the eventual migration from FET to ASI.
Amidst the restructuring and grand plans, FET has had its fair share of highs and lows. The token underwent a facelift in the form of a name change, supply adjustment, and an impressive leap in market capitalization, surging ahead to become the 27th largest cryptocurrency by market cap, sitting at $3.38 billion according to CoinMarketCap data.
However, the rebranding led to a momentary stumble for FET, echoing the stumbles experienced when the news of the merger delay surfaced. The delay, attributed to logistical and technical challenges, resulted in an initial price drop of 8-10% for the merging tokens.
FET dipped from the $1.4 support zone to $1.27 within 12 hours, signifying a 9.7% downturn. Nevertheless, the resilient AI token has recovered to the $1.3 mark, currently trading at $1.33, registering a 3.6% decline in the last 24 hours.
This rollercoaster journey has left many market observers scratching their heads. Some investors are adopting a cautious stance, choosing to wait until the merger is finalized before taking the plunge. Sjuul Follings, a seasoned crypto trader and founder of Alt Crypto Games, expressed his disappointment with the recent turn of events, labeling it as a "fakeout."
While acknowledging the bearish trend, there remains an air of optimism among investors for FET's future, viewing the commencement of the merger's phase 1 as a pivotal turning point. Some are forecasting a short-term price target of $5 for ASI and setting their sights on a long-term goal of $13.
As the ASI token merger saga unfolds, the journey promises to be as riveting as it is unpredictable, leaving the crypto world on tenterhooks as it braces for the trailblazing ambitions of the Artificial Superintelligence Alliance.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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