FET Drops 9% As ASI Token Merger Phase 1 Kicks Off
July 03 2024 - 1:00AM
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The Artificial Superintelligence Alliance (ASI) kicked off phase 1
of its token merger process. The project recently announced the
beginning of the migration process with the delisting of Ocean
Protocol (OCEAN) and SingularityNET (AGIX) from crypto exchanges.
However, FET is facing some pressure following its rebranding and
supply update. Related Reading: Ethereum Suffers 3rd Straight
Weekly Outflows, Becomes 2024’s Worst Performer ASI Token Merger
Phase 1 Begins On July 1, the ASI alliance and Fetch.AI (FET)
announced the multi-token merger to unify OCEAN, AGIX, and FET. As
part of phase 1, withdrawals and deposits with OCEAN and AGIX would
close in preparation for the migration to FET. Additionally, the
delisting process from crypto exchanges would begin for the two
tokens. Meanwhile, FET would continue to trade as usual, with spot
and perpetual trading continuing under the same tricker. The
initial phase of the merger aims to “onboard exchanges and data
aggregators for a smooth transition.” Fetch.AI saw a rebrand across
platforms. The project took the Artificial Superintelligence
Alliance name and logo but kept its ticker. Moreover, the ASI
alliance opened a migration platform on the SingularityDAO dApp to
help users migrate their tokens. Some crypto exchanges, including
Kraken and Coinbase, revealed they would not support customers on
the ASI token merger. Kraken announced that the trading of OCEAN
and FET will continue to be supported on the platform until further
notice. The exchange also noted that users must withdraw their
tokens to a self-custodial wallet to migrate them. Similarly,
Coinbase informed its users that it chose to “not execute the
migration of these assets on behalf of users.” Both exchanges also
clarified they would not support the eventual migration from FET to
ASI. FET Retraces Following Rebrand After updating the token’s
name, supply, and market capitalization, FET flipped Render (RNDR)
in the AI tokens sector. According to CoinMarketCap data, the token
is now the 27th largest cryptocurrency by market cap, with $3.38
billion. Following the rebrand, FET’s price dropped similarly to
when the token merger delay news was released. At the time, the
merging tokens saw an 8-10% price decline following the
rescheduling of the merger. The delay was attributed to logistical
and technical issues. FET fell from the $1.4 support zone on Monday
to $1.27, a 9.7% drop in 12 hours. However, the AI token has
recovered the $1.3 mark, currently trading at $1.33, representing a
3.6% decline in the last 24 hours. Some market watchers found this
performance disappointing. Some investors believe it might be best
not to get involved until the merger is completed. Sjuul Follings,
crypto trader and founder of Alt Crypto Games expressed his
disappointment with the token’s recent fakeout. Per the trader, he
was optimistic about the late June price action, believing the
token was about to break out and expand ahead of the ASI alliance.
Nonetheless, FET could not reclaim the $1.8 support zone and
retraced to the $1.4 support level over the weekend. Related
Reading: Baked Or Burned? Trader Makes 307x From Solana Token But
Investors Raise The Alarm Despite the bearish trend, investors
remain optimistic about the token’s future as the merger’s phase 1
is only starting. Some investors forecast a short-term price target
of $5 for ASI and a long-term goal of $13. Featured Image from
Unsplash.com, Chart from TradingView.com
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