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Crypto AI Tokens AGIX, FET and OCEAN surge on $5 billion Merger Talks

By:
Ibrahim Ajibade
Updated: Mar 31, 2024, 07:15 GMT+00:00

Key Points:

  • Crypto AI tokens AGIX, FET, and OCEAN rose sharply over the past 48 hours as expectations of a merger.
  • Subject to a community vote on April 2, the merger will lead to the creation of a new token called ‘Artificial Superintelligence,’ or ASI.
  • The total market cap of the 3 Decentralizaed tokens currently stands at $4.8 billion.
Crypto AI merger FET, AGIX, OCEAN

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AI tokens AGIX, FET, and OCEAN rose sharply over the past 48 hours as expectations of a merger involving the decentralized AI companies behind the tokens jacked up investor interest. 

Fetch.ai’s FET token soared over 43% to $3.44, and AGIX, the native token of the SingularityNet ecosystem, jumped 30% to $1.45, while Ocean Protocol’s Ocean token spiked 37% to $1.60.

AI Superintelligence Alliance

Fetch.ai plans to merge with SingularityNET and Ocean Protocol to create what the entities are calling the “Superintelligence Alliance”, the companies announced in a blog post on Wednesday, Mar. 27.

The tie-up, subject to a community vote on April 2, will lead to the creation of a new token called ‘Artificial Superintelligence,’ or ASI. All three tokens – FET, Agix, and Ocean, will combine to form ASI.

The Alliance, with a combined value of $7.5 billion, aims to merge Fetch’s open network for AI agents, Ocean Protocol’s data sharing and monetization, and SingularityNET’s decentralized marketplace.

According to the Alliance, the idea is to end the dominance of Big Tech like Google, Meta, and OpenAI, by providing a decentralized alternative to how AI is developed, used, and monetized.

“We aim to use the scale of ASI token to secure the necessary computing resources, including cutting-edge silicon and energy, in a decentralized manner,” the companies said.

“This approach not only supports the sustainable growth of AI but also democratizes access to these critical resources.”

Investors upbeat about merger

Under the terms of the merger, FET token will function as the base currency of the Alliance. A total of 2.631 billion ASI tokens will be distributed, replacing the existing FET, Agix, and Ocean tokens.

All the tokens could be converted into ASI at fixed exchange rates. FET can be swapped one-to-one into ASI. For example, if you hold 100 FET tokens, you will be able to swap them for 100 ASI.

An additional ASI tokens will be minted to allocate 867 million to Agix holders and 611 million to Ocean tokenholders at a fixed rate.

People holding Agix and Ocean on crypto exchanges do not need to take any action because exchanges will automatically make the conversion to ASI on their behalf, the Alliance says.

FET token price ($) over the last 8 days. Source: CoinGecko

As of writing, Fetch.ai’s FET token had pared some of its earlier gains and is up 4% to $3.36 on the day, according to CoinGecko. The token rose 204% over the past month, and trading volume hit $852 million over the previous 24 hours.

Ocean token price ($) over the last 8 days. Source: CoinGecko

Agix climbed more than 7% at $1.40. The token has doubled in price over the past 30 days. Ocean Protocol’s Ocean is up 6.8% to $1.44 as at Press time, with a monthly gain of 90%. The price increases suggest investors are upbeat about the planned merger.

About the Author

Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.

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