The Artificial Superintelligence (ASI) Alliance has initiated phase 1 of its token merge process. The project recently announced the start of the migration process with the delisting of Ocean Protocol (OCEAN) and SingularityNET (AGIX) from cryptocurrency exchanges. However, FET is facing some pressure following its rebranding and supply upgrade.
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Phase 1 of the ASI Token Merge Begins
On July 1st, the ASI and Fetch.AI (FET) alliance announced the merger of multiple tokens to unify OCEAN, AGIX, and FET. As part of phase 1, withdrawals and deposits with OCEAN and AGIX would be terminated in preparation for the migration to FET.
Additionally, the delisting process from cryptocurrency exchanges would begin for both tokens. Meanwhile, FET would continue to trade as normal, with spot and perpetual trading continuing under the same gimmick.
The initial phase of the merger aims to “integrate exchanges and data aggregators for a smooth transition.” Fetch.AI saw a rebranding across all platforms. The project adopted the name and logo of the Artificial Superintelligence Alliance but retained its code.
Furthermore, the ASI alliance open a migration platform on the SingularityDAO dApp to help users migrate their tokens. Some cryptocurrency exchanges, including Kraken and Coinbase, have revealed that they will not support customers in merging ASI tokens.
Kraken announced that OCEAN and FET trading 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 has chosen “not to execute the migration of these assets on behalf of users.” Both exchanges also clarified that they would not support the eventual migration of FET to ASI.
FET rebrands after rebranding
After updating the token name, supply, and market cap, FET has changed. Render (RNDR) in the AI token sector. According to data from CoinMarketCap, the token is now the 27th largest cryptocurrency by market cap, with $3.38 billion.
Following the rebranding, the price of FET dropped similarly to when the news of the token merge delay was released. At the time, the merged tokens suffered an 8-10% price drop following the merge rescheduling. The delay was assigned 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 since reclaimed the $1.3 mark and is currently trading at $1.33, representing a 3.6% drop in the past 24 hours.
Some market observers have called this performance disappointing. Some investors believe it may be best to stay away from the merger until it is complete. Sjuul Follings, crypto trader and founder of Alt Crypto Games, expressed his disappointment with the recent token launch falsification.
According to the merchant, he was optimistic on the price action in late June, believing that the token was about to break out and expand ahead of the ASI alliance. However, FET failed to reclaim the $1.8 support zone and returned to the $1.4 support level over the weekend.
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Despite the bearish trend, investors remain optimistic about the token’s future as phase 1 of the merger is just beginning. Some investors forecast a short-term price target of $5 for ASI and a long-term target of $13.
![FET Drops 9% as Phase 1 of ASI Token Merge Begins 1 FET, FETUSDT](https://thegurumedia.com/wp-content/uploads/2024/07/FETUSDT_2024-07-02_08-11-50.png)
Featured image from Unsplash.com, chart from TradingView.com