Ocean Protocol (OCEAN) and Fetch.ai (FET) have announced a merger into the Artificial Superintelligence Alliance (ASI). This merger is set to take place in two phases starting in July 2024. Coinbase, however, has confirmed that it will not support the migration process, leaving users to handle the transition themselves. This development has significant implications for holders of OCEAN and FET, who must prepare to swap their tokens using self-custodial wallets.
In the Phase 1 is scheduled for July 1, 2024, the OCEAN is set to migrate into FET. Following this, Phase 2 is set for mid-to-late July 2024, which will involve the launch of ASI and the subsequent merger of FET into ASI. These steps are designed to streamline the integration process and ensure a smooth transition for all involved.
To assist users in this transition, the announcement outlines the steps needed to migrate tokens. This process ensures that the new ASI token will be compatible with all major software wallets, providing flexibility and ease of use for token holders. While trading for OCEAN and FET will continue to be supported until further notice, users are encouraged to complete their migrations as soon as possible to avoid any disruptions.
How Will the $7.5 Billion ASI Merger Impact the Landscape of Decentralized AI?Nebraskangooner, a well-known figure in the cryptocurrency community, highlighted this significant merger in a recent X post. In addition, Nebraskangooner shared insights into the recent price movements of FET which showed significant price volatility and key resistance levels impacting FET’s trading behavior. On June 26, 2024, he noted that FET had bounced off a resistance level but was now facing rejection.
At press time, Fetch.ai (FET) was priced at $1.658 showing a decrease of 6.49%, with a daily high of $1.784 and a low of $1.639. The Relative Strength Index (RSI) at 48.51 suggests that FET is in a neutral trading zone, neither overbought nor oversold. Data from CoinMarketCap shows that FET has a market cap of $1,407,895,426, with a 24-hour trading volume of $296,998,986, which increased by 48.02%.
OCEAN has also experienced significant market movements. At press time, OCEAN’s price stood at $0.6745, reflecting a 7.26% drop, with a daily high of $0.7284 and a low of $0.6668. The RSI for OCEAN was at 46.02, indicating a slightly bearish sentiment. OCEAN has a market cap of about $383 million and a 24-hour trading volume of approximately $91 million, up 30.17%.
