{"id":627494,"date":"2024-07-03T05:00:22","date_gmt":"2024-07-03T05:00:22","guid":{"rendered":"https:\/\/wncen.com\/?p=627494"},"modified":"2024-07-02T17:52:35","modified_gmt":"2024-07-02T17:52:35","slug":"fet-drops-9-as-asi-token-merger-phase-1-kicks-off","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/fet-drops-9-as-asi-token-merger-phase-1-kicks-off\/","title":{"rendered":"FET Drops 9% As ASI Token Merger Phase 1 Kicks Off"},"content":{"rendered":"

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.<\/p>\n

Related Reading: Ethereum Suffers 3rd Straight Weekly Outflows, Becomes 2024\u2019s Worst Performer<\/a><\/div>\n

ASI Token Merger Phase 1 Begins<\/h2>\n

On July 1, the ASI alliance and Fetch.AI (FET) announced<\/a> 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.<\/p>\n

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.<\/p>\n

The initial phase of the merger aims to \u201conboard exchanges and data aggregators for a smooth transition.\u201d Fetch.AI saw a rebrand across platforms. The project took the Artificial Superintelligence Alliance name and logo but kept its ticker.<\/p>\n

Moreover, the ASI alliance opened<\/a> 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.<\/p>\n

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.<\/p>\n

Similarly, Coinbase informed its users that it chose to \u201cnot execute the migration of these assets on behalf of users.\u201d Both exchanges also clarified they would not support the eventual migration from FET to ASI.<\/p>\n

FET Retraces Following Rebrand<\/h2>\n

After updating the token\u2019s name, supply, and market capitalization, FET flipped Render<\/a> (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.<\/p>\n

Following the rebrand, FET\u2019s 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<\/a> to logistical and technical issues.<\/p>\n

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.<\/p>\n

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\u2019s recent fakeout<\/a>.<\/p>\n

Per the trader, he was optimistic<\/a> 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.<\/p>\n

Related Reading: Baked Or Burned? Trader Makes 307x From Solana Token But Investors Raise The Alarm<\/a><\/div>\n

Despite the bearish trend, investors remain optimistic about the token\u2019s future as the merger\u2019s phase 1 is only starting. Some investors forecast<\/a> a short-term price target of $5 for ASI and a long-term goal of $13.<\/p>\n

\"FET,
FET is trading at $1.33 in the weekly chart. Source: FETUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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\u2019s 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 \u201conboard exchanges and data aggregators for a smooth transition.\u201d 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 \u201cnot execute the migration of these assets on behalf of users.\u201d Both exchanges also clarified they would not support the eventual migration from FET to ASI. FET Retraces Following Rebrand After updating the token\u2019s 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\u2019s 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\u2019s 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\u2019s future as the merger\u2019s 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<\/p>\n","protected":false},"author":614,"featured_media":624280,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87402,10151,10524,92573,92685,91936,92687,89447,87565,17203,87769,87139,87142,92686,83356],"class_list":["post-627494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-agix","tag-ai","tag-artificial-intelligence","tag-artificial-superintelligence-alliance-asi","tag-asi","tag-asi-token","tag-asi-token-merger","tag-crypto-analysts","tag-fet","tag-fetch-ai","tag-fetusdt","tag-ocean","tag-ocean-protocol","tag-singularitydao","tag-singularitynet"],"acf":[],"yoast_head":"\nFET Drops 9% As ASI Token Merger Phase 1 Kicks Off<\/title>\n<meta name=\"description\" content=\"The Artificial 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.","url":"https:\/\/wncen.com\/author\/rubmargarcia\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"FET Drops 9% As ASI Token Merger Phase 1 Kicks Off","url":"http:\/\/wncen.com\/news\/fet-drops-9-as-asi-token-merger-phase-1-kicks-off\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/fet-drops-9-as-asi-token-merger-phase-1-kicks-off\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/steve-johnson-ZPOoDQc8yMw-unsplash.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/steve-johnson-ZPOoDQc8yMw-unsplash.jpeg?fit=1920%2C1080"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Rubmar Garcia"}],"creator":["Rubmar Garcia"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["agix","ai","artificial intelligence","artificial superintelligence alliance (asi)","asi","asi token","asi token merger","crypto analysts","fet","fetch.ai","fetusdt","ocean","ocean protocol","singularitydao","singularitynet"],"dateCreated":"2024-07-03T05:00:22Z","datePublished":"2024-07-03T05:00:22Z","dateModified":"2024-07-03T05:00:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"FET Drops 9% As ASI Token Merger Phase 1 Kicks Off\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/fet-drops-9-as-asi-token-merger-phase-1-kicks-off\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/fet-drops-9-as-asi-token-merger-phase-1-kicks-off\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/steve-johnson-ZPOoDQc8yMw-unsplash.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/steve-johnson-ZPOoDQc8yMw-unsplash.jpeg?fit=1920%2C1080\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Rubmar Garcia\"}],\"creator\":[\"Rubmar Garcia\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"agix\",\"ai\",\"artificial intelligence\",\"artificial superintelligence alliance (asi)\",\"asi\",\"asi token\",\"asi token merger\",\"crypto analysts\",\"fet\",\"fetch.ai\",\"fetusdt\",\"ocean\",\"ocean protocol\",\"singularitydao\",\"singularitynet\"],\"dateCreated\":\"2024-07-03T05:00:22Z\",\"datePublished\":\"2024-07-03T05:00:22Z\",\"dateModified\":\"2024-07-03T05:00:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/steve-johnson-ZPOoDQc8yMw-unsplash.jpeg?fit=1920%2C1080","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/627494"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/614"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=627494"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/627494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/624280"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=627494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=627494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=627494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}