Merger Deal Propels AI Tokens FET, AGIX, and OCEAN to Soaring Heights as ASI Token
Artificial Intelligence (AI) tokens FET, AGIX, and OCEAN have experienced substantial growth in the past 24 hours amid discussions surrounding the creation of a new token called Artificial Superintelligence (ASI).
Fetch.ai’s FET token has seen a 6% increase, with its trading price at $3.26. The 24-hour trading volume has surged by 57% to approximately $1.1 billion. The market capitalization now stands at $2.73 billion, indicating strong investor interest.
SingularityNET’s AGIX token has also witnessed a significant upturn, trading at $3.26, marking a 10% increase within the same period. The trading volume for AGIX has skyrocketed by 150%, reaching about $554 million, while its market cap has expanded to $1.7 billion.
Among them, Ocean Protocol’s OCEAN token has made the most remarkable gains, jumping by 18%. The trading volume has exploded by 900%, amounting to around $640 million, with a total market cap of $820 million.
These price movements suggest growing optimism among investors about the potential merger of these AI-focused projects.
The surge in value comes ahead of a scheduled community vote on April 2 for a proposed token merger involving SingularityNet, Fetch.ai, and Ocean Protocol. The combined market capitalization of the merged tokens would be approximately $5.3 billion.
If approved, this merger would lead to the creation of the Artificial Superintelligence Alliance’s ASI token, aiming to consolidate the strengths of the three entities into a unified force capable of competing against Big Tech’s dominance in AI.
The alliance, to be known as the Superintelligence Collective, aims to merge Fetch.ai’s decentralized AI application platform, SingularityNET’s AI services marketplace, and Ocean Protocol’s data exchange framework.
This initiative is a response to the exponential growth of AI projects and aims to provide a decentralized alternative for AI development, use, and monetization, challenging giants like OpenAI, Google, and Microsoft.
Under the merger terms, a total of 2.631 billion ASI tokens will be distributed, replacing the existing AGIX, FET, and OCEAN tokens, which can be converted into ASI at predetermined rates.
The merger details include a one-to-one swap rate for FET into ASI tokens. Additional ASI tokens will be minted to allocate 867 million to AGIX holders and 611 million to OCEAN tokenholders, with fixed conversion rates for these tokens into ASI.
Token holders storing their AGIX and OCEAN tokens on exchanges do not need to take any action, as the conversion to ASI tokens will be handled directly by the exchanges.
This strategic move is supported by on-chain data and market sentiment analyses, indicating a positive outlook for the merger. The combined market cap of the category has observed a significant increase to $43.12 billion.
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