AI Coin Price Plummets, Here's Crypto Academy's Prediction!

Bittime - The merger between decentralized AI companies Fetch.ai (FET), SingularityNet (Agix), and Ocean Protocol (Ocean) has been delayed by one month until July 15 due to logistical and technical issues, it was announced on Tuesday.

The three crypto companies originally planned to complete the merger they called the "Artificial Superintelligence Alliance" on June 13. The merger was first announced in March and approved through a community vote in early April.

This merger will result in the creation of a new token called 'Artificial Superintelligence' or ASI. The three tokens – FET, Agix, and Ocean – will be combined into ASI. The token name change was initially scheduled for June 11 followed by a merger two days later.

Reasons for the Delay of AI Token Merger Plans

In a blog post, the Alliance said that this delay was necessary to "ensure that the token merge is carried out with accuracy and efficiency." They stated that exchanges, validators, and the broader ecosystem need more time to complete their "logistical and technical dependency requirements." The alliance states:

"The preparatory phase for the token merge involves complex integration management, careful coordination, and attention to various moving aspects."

Fetch.ai CEO, Humayun Sheikh, said that the delay was "temporary", adding, "Our team is actively working with the centralized exchange to complete the remaining steps."

While the merger is still in progress, FET, Agix, and Ocean token holders can continue to trade their tokens on crypto exchanges separately, the Alliance said. Trading will cease with the completion of the merger next month, when the tokens will be merged into ASI.

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FET and Agix Token Prices Drop

Meanwhile, the three AI tokens experienced a significant price drop after the news of this delay. The Fetch.ai token fell 6.8% to $1.55, while Agix, the native token of the SingularityNet ecosystem, lost 5.7% to $0.67, and the Ocean Protocol token fell 5% to $0.68.

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AI Coin Price According to Crypto Academy

According to the Crypto Academy on 11/06/2024, although the tech giant NVIDIA is experiencing positive developments with its stock price jumping significantly, this does not seem to be followed by crypto assets that focus on the field of AI.

Although a number of AI tokens such as TAO, FET, and AGIX have the potential to drop, the three tokens have the opportunity to retest to the resistance level.

Conclusion

The delay in the merger of Fetch.ai, SingularityNet, and Ocean Protocol until July 15 highlights the technical and logistical challenges of merging decentralized AI entities. Although this delay led to a decline in the price of FET, Agix, and Ocean tokens, this step is considered important to ensure the success of future mergers.

With careful preparation, the Artificial Intelligence Alliance is expected to bring greater innovation and efficiency in the decentralized AI ecosystem.

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How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have a sufficient balance by depositing a certain amount of funds into the wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can only buy crypto assets on the application.

Learn the Complete Guide on How to Buy Crypto on Bittime.

Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational and does not constitute an offer or solicitation to sell or buy any crypto assets. Crypto asset trading is a high-risk activity. The price of crypto assets is volatile, where prices can change significantly over time and Bittime is not responsible for changes in fluctuations in the exchange rate of crypto assets.