The Artificial Super Intelligence (ASI) Alliance announced the postponement of its token merger to next month after presenting logistical and technical issues. The alliance is set to merge Fetch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) into the ASI token on Thursday. As a result, the three AI tokens faced a 4% decline over the past 24 hours.
Related reading
The ASI Token merger has been postponed to July
In March, Fetch.AI, SingularityNET, and Ocean Protocol, three leading AI blockchain projects, revealed their plan to merge into the ASI token. The move aims to develop a decentralized AI platform to promote technological advancements that are accessible to a wider audience.
On Tuesday, ASI Announce Delaying the token merger from June 13 to July 15, 2024. According to the announcement, the main reasons for rescheduling are “logistical requirements” and “technical independencies.”
It was also made clear that integrating the ASI token involves managing complex integrations and taking care of many moving parts. As a result, the delay was a “strategic decision” to ensure smooth implementation during the process and to ensure all “stakeholder needs were adequately met.”
Humayun Shaikh, CEO of Fetch.AI and President of ASI, reassured the community that the vision of the alliance remained unchanged despite the delay.
This temporary delay does not affect the significant progress we have made towards creating a decentralized superintelligence network. Our teams are actively working with central exchanges to finalize the remaining steps. We appreciate the continued support and patience of our community and stakeholders as we work through these final logistical steps.
SingularityNET CEO Ben Goertzel explained that they are working to integrate the three companies' artificial intelligence and blockchain technology. Additionally, he expressed his excitement for the upcoming event:
The completion of the three-way token merge on July 15 will be a major milestone, and we expect a series of progressively more exciting milestones after that as we leverage our $ASI token-based network to move toward increasingly capable and timely AI systems. Actual superintelligence.
FET, AGIX, and OCEAN face 8% decline
Following the announcement, the three AI tokens saw a negative price impact in the following hours. SingularutyNET's AGIX token saw a decline of 8.9%, from trading at $0.7035 to $0.6404 throughout the day on Tuesday. In the early hours of Wednesday, the token regained some ground from the bounce. AGIX was trading at $0.6819, down 3.8% from the previous day.
Likewise, Ocean Protocol's OCEAN index fell 8% following the news. The token's price went from trading at $0.7156 to $0.6576 before regaining the $0.68 support level on Wednesday morning. At the time, AGIX faced a 4.4% price decline before the postponement was announced.
Meanwhile, FET saw the biggest bounce of the three, with a 10.8% decline. The token fell from the price range of $1.66 to $1.48. Later, the token recovered above the $1.62 level, down 3.1% from Tuesday morning.
Cryptocurrency Analyst Altcoin Sherpa Comment On FET performance. The price decline was a good reminder that “everything will eventually come back down; it will come back down again.” You just have to be patient.” Furthermore, Sherpa said the price range may be a good buy, but it still “will be determined if it's a 'bottom.'”
Related reading
However, the tokens have now recovered from the decline. As of this writing, FET is trading above the $1.7 price range. The rise represents a 6.7% increase in the past hour and a 4.4% rebound from its price 24 hours ago.
Likewise, AGIX and OCEAN saw a rise of 5.7% and 5.5% in the past hour. This represents an increase of 3.4% and 3% since the ASI token merger delay announcement.
Featured image from Unsplash.com, chart from TradingView.com