In an unexpected twist, the Artificial Superintelligence Alliance (ASI) recently confirmed their decision to postpone the much-anticipated token merger set originally for later this month. This unanticipated shift complements the myriad of complications surrounding the proposed transformation, with a variety of logistical and technological matters requiring immediate attention. This decision has momentarily halted the plans of Fetch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN), the three AI blockchain projects at the heart of the scheme to merge into a single ASI token, thereby causing their values to tumble in the crypto marketplace.
In a strategic endeavour to empower a larger crowd to participate in technological advancements, the three prominent AI blockchain projects hatched the idea of unifying their powers into an ASI token. Although the setback has delayed this bold initiative from June 13 to July 15, 2024, the primary reasons backbone of this move focus on ensuring technical dependencies and logistical necessities are meticulously handled.
Addressing the complexity of the issue at hand, it was clarified that the ASI token merger necessitated the management of intricate integrations and a plethora of fluid and interdependent components. The alliance reached consensus on the postponement as an informed “strategic decision”, catering towards ensuring a seamless commencement, thereby satisfying stakeholders’ concerns and reaffirming their commitment to the project.
In a reassurance to the apprehensive community, Humayun Sheikh, CEO of Fetch.AI, affirmed the consistency of the alliance’s vision regardless of the delay. He highlighted the unwavering dedication of the team, and their continual negotiations with centralized exchanges to finalize the remaining procedures. Sheikh’s discourse echoed a sense of appreciation for the community’s support and patience as they navigate the final steps in the administrative maze.
In a similar vein, SingularityNET Foundation’s CEO, Ben Goertzel, elaborated on the integration of AI and blockchain technology of the three companies. He eagerly anticipated the culmination of the merger on July 15 as a significant milestone, predicting a sequence of increasingly thrilling landmarks as they harness the potentials of their $ASI token-based network to propel towards potent AI systems eventually leading towards genuine superintelligence.
While the news created waves of uncertainty, repercussions were evident in the crypto market. All three AI tokens experienced a slump in their prices following the news. SingularutyNET’s AGIX token saw an almost 9% immediate drop. Trading at $0.7035 at the start of Tuesday, it plunged to $0.6404 later in the day only to gain a bit of ground to reach $0.6819, a near 4% decrease from its initial price.
Ocean Protocol’s OCEAN too nosedived by 8%, from an initial price of $0.7156 to $0.6576, only to recover to $0.68. Even in the melee, FET experienced the most dramatic fall of the three, dipping by 10.8%. Having traded at $1.66, it dwindled to $1.48 before recovering to $1.62, still a 3.1% shortfall from its Tuesday morning price.
Crypto analyst Altcoin Sherpa, vocalized his perspective on this development, underpinning the digital fact in the virtual world: “Everything comes back down eventually; you just have to be patient.” While he speculated on the favorable options for investors to buy in this price range, he left the final word “TBD if it’s ‘the bottom.’”
By the time of writing, all three tokens had marginally regained their losses. FET performed the best, now trading above the $1.7 price range, indicating a 6.7% surge within the hour and a 4.4% recovery in 24 hours. Meanwhile, AGIX and OCEAN too witnessed gains of 5.7% and 5.5% respectively, within an hour, cementing respective gains of 3.4% and 3% since the revelation of the delayed merger.