Can FET, AGIX, and OCEAN’s merger spark another AI season?
The development teams have agreed to go ahead with the merger but it would require community approval.
- The prices of the tokens surged one hour after the report became public knowledge.
- Bringing ASI to life might trigger a surge in the AI tokens’ market cap.
If the proposal laid down by the Fetch.ai [FET], SingularityNET [AGIX], and Ocean Protocol [OCEAN] teams is successful, all three AI-themed tokens might become one.
According to a Bloomberg report, the projects were nearing the finishing touches as they aim to create a decentralized platform. From the ongoing discussion, the ticker for the cryptocurrency would be “ASI” and it would have a diluted market cap of $7.5 billion.
ASI stands for Superintelligence Alliance. Since the beginning of this cycle, cryptocurrencies with Artificial Intelligence fundamentals have performed well.
Collaboration over competition
At press time, AMBCrypto observed that the impressive performances have driven the market cap of the category to $43.12 billion.
An hour after the development became public, the price of FET jumped by 3.78%. AGIX rose by 2.79% while OCEAN’s value climbed by 5.81%.
The price action of these tokens displayed increasing optimism about the outcome of the proposal. Furthermore, on-chain data showed the sentiment around these cryptocurrencies was starting to change.
Before the proposal came out, many AI tokens lost the goodwill they had earlier in the market. This was evident in the previous Weighted Sentiment reading.
At press time, the individual Weighted Sentiment readings of FET, AGIX, and OCEAN have improved. Though the sentiment around AGIX and FET remained negative, OCEAN rose much higher.
The rise in sentiment implied that participants were no more bearish on the projects. Going forward, there could be a case of “buy the rumor.”
Buying the rumor here means that demand for the tokens might increase. This is because traders might accumulate the tokens in anticipation of a positive declaration. If the projects agree to the proposal, the market might experience a significant shift.
Done deal by April?
This potential shift could drive a rally that could see many AI tokens hit new highs. However, if the deal falls through, the prices might jump later. But a significant correction might appear before that.
In addition, AMBCrypto looked at the number of holders of each of these projects. As of this writing, the total amount of FET holders was 71,700. OCEAN had a lower number at 67,100 while AGIX was higher at 101,000 holders.
Should the proposal become a reality, the total number of “ASI” holders might be much more than these figures.
Until the projects conclude, they would continue as separate bodies. However, details from the report showed that the ranks might change if they reach an agreement.
Interestingly, a new development came in at the time of this writing. According to Fetch.ai’s official blog, FET, AGIX, and OCEAN executive teams have agreed to become one.
Realistic to not, here’s AGIX’s market cap in FET terms
However, Fetch noted that the integration would be subject to voting. The announcement read,
“A governance proposal will also be available to FET token stakers on the Fetch.ai network, and the other communities will vote on their side regarding this merger.”
