Key Takeaways
- SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) will merge to create the new Artificial Superintelligence (ASI) token on July 1.
- Ahead of the merger, the 3 AI tokens have surged by nearly 40% each in the past 7 days.
- In a period when the overall crypto market is down, AI coins have bucked the bearish trend.
On July 1, three leading AI tokens – SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) – will merge into a single cryptocurrency known as Artificial Superintelligence (ASI).
As the crucial date approaches, all three tokens have increased in value, surging by more than 20% each in the past 24 hours and nearly 40% in the last 7 days, despite a general downturn that has afflicted the rest of the market.
AI Tokens Bullish Amid Crypto Market Downturn
During a week in which 8 of the top 10 cryptocurrencies have declined in value, AGIX, FET, and OCEAN have managed to buck the bearish trend.
Since the 3 tokens’ ASI exchange rates were fixed in April, they have moved roughly in tandem. Upon the migration, FET will migrate to the new cryptocurrency on a one-to-one basis. Meanwhile, each AGIX token will be converted to 0.433350 ASI and each OCEAN token to 0.433226 ASI.
With a market capitalization of more than $4.2 billion, FET is already a top-30 token, outranking crypto heavyweights like ICP, Aptos and Hedera. But post-merger, how much will the new combined ASI token be worth?
Artificial Superintelligence Expected Market Cap
To achieve the token merger, FET will first convert to ASI. Then, an additional 1.48 billion tokens will be minted, with 867 million allocated to AGIX holders and 611 million allocated to OCEAN holders.
https://twitter.com/ASI_AllianceAI/status/1799179294591033617
Based on the current FET price of $1.68, the total supply of 2.63 billion ASI tokens will have a market cap of around $4.42 billion.
However, this figure is slightly lower than the combined market capitalization of the three constituent cryptocurrencies. The discrepancy suggests the market has not yet fully priced in the looming merger. As such, the price of FET could still rise relative to OCEAN and AGIX between now and July 1 to make up the difference.
Other AI Coins Also Surge
Following the union of their respective protocols under the banner of the Artificial Superintelligence Alliance earlier in June, the upcoming token merger is one of the most significant events to shape the decentralized AI sector this year.
However, aside from FET, AGIX, and OCEAN, gains have been witnessed across the AI token market.
The basket of AI coins tracked by CoinGecko is up 8.9% in the past week. In contrast, the global cryptocurrency market cap has declined more than 5% during the same period.
Some of the biggest gainers include Delysium (AGI), Matrix AI (MAN) and LimeWire (LMWR), which in the last 7 days have surged by 53%, 37% and 32% respectively.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
