Last Updated on June 17, 2024 by COINBUZZFEED
Fetch.ai ($FET) is undergoing a significant transition as it merges with other tokens to form the new $ASI token under the Artificial Superintelligence Alliance. This move has created confusion and fear, uncertainty, and doubt (FUD) among investors, leading to an unnecessary sell-off of $FET. 📉
Details of the Merger
The merger, approved by the communities of Fetch.ai, SingularityNET, and Ocean Protocol, will combine $FET, $AGIX, and $OCEAN into $ASI. This new token aims to position itself among the top 20 largest cryptocurrencies by market capitalization, with an anticipated total value of $7.5 billion. The conversion rates are as follows:
- 1 $FET = 1 $ASI
- 1 $AGIX = 0.433350 $ASI
- 1 $OCEAN = 0.433226 $ASI
This strategic alliance aims to democratize AI development and challenge Big Tech’s dominance in AI. However, the transition has caused confusion, particularly with miscommunications around the nature of the token swap, leading some to mistakenly believe that $FET is being delisted.
Impact on $FET Price
The misinterpretation of the transition as a delisting has caused a significant drop in $FET’s price. As noted by crypto analysts, the confusion has led to a 9.41% decrease in the past day and a 22.68% decline over the past week. This sell-off is largely driven by panic and misunderstanding rather than fundamental issues with the token itself.
