In a flurry of activity, AI tokens Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) have experienced notable gains over the last 24 hours, fueled by discussions surrounding the proposed creation of an “Artificial Superintelligence” (ASI) token.
Fetch.ai’s FET token has surged by 6%, reaching a trading price of $3.26. Its trading volume has skyrocketed by 57% to approximately $1.1 billion, propelling its market capitalization to $2.73 billion.
Meanwhile, SingularityNET’s AGIX token has also seen a significant uptick, climbing by 10% to trade at $3.26. Its trading volume surged by 150% to around $554 million, with a market cap expanding to $1.7 billion.
Ocean Protocol’s OCEAN token witnessed the most remarkable gains, jumping by 18%. Its trading volume exploded by 900% to about $640 million, with a total market cap of $820 million.
These price movements signal growing investor optimism surrounding the potential merger of these AI-focused projects.
The surge comes ahead of a scheduled community vote on April 2 for a proposed token merger involving SingularityNET, Fetch.ai, and Ocean Protocol. The combined market capitalization of these projects stands at approximately $5.3 billion.
If approved, the merger would give rise to the Artificial Superintelligence Alliance’s ASI token, aiming to amalgamate the strengths of the three entities into a unified force capable of challenging Big Tech’s dominance in AI.
The alliance, to be known as the Superintelligence Collective, seeks to merge Fetch.ai’s decentralized AI application platform, SingularityNET’s AI services marketplace, and Ocean Protocol’s data exchange framework.
This strategic move is a response to the burgeoning growth of AI projects and aims to provide a decentralized alternative for AI development, use, and monetization, challenging industry giants like OpenAI, Google, and Microsoft.
Under the merger terms, existing AGIX, FET, and OCEAN tokens will be replaced by ASI tokens at predetermined rates, with a total of 2.631 billion ASI tokens to be distributed.
Token holders storing their AGIX and OCEAN tokens on exchanges need not take any action, as the conversion to ASI tokens will be handled directly by the exchanges.
Market sentiment analyses and on-chain data support a positive outlook for the merger, with a significant increase in the combined market cap of the category observed, reaching $43.12 billion.
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