ASI Token Merger Phase 1 Begins
On July 1, the ASI alliance and Fetch.AI (FET) 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.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.
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 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. Despite the bearish trend, investors remain optimistic about the token’s future as the merger’s phase 1 is only starting. Some investors a short-term price target of $5 for ASI and a long-term goal of $13.