Monero (xmr) 
FET, AGIX, and OCEAN, the native tokens of the Artificial Intelligence (AI) projects Fetch.ai, SingularityNET, and Ocean Protocol, saw a decline on Tuesday as Bitcoin dropped amid market concerns about the Federal Reserve’s stance on US interest rates.
However, this market anxiety isn’t the only reason for the over 7% drop in these AI-related tokens. On Tuesday, the Artificial Superintelligence Alliance, which includes Fetch.ai, SingularityNET, and Ocean Protocol, released a news update.
The update, shared on social media, announced a delay in the anticipated token merger into one entity under the ticker ASI. Initially planned for June 13, 2024, the merger has been rescheduled to July 15, 2024.
This delay means FET, AGIX, and OCEAN will continue to trade as separate tokens on exchanges until the new merger date in July. This extension allows exchanges, validators, and other ecosystem partners the necessary time to meet logistical requirements.
Official Statements
The ASI update highlighted that, although unfortunate, the delay will ultimately benefit the community by ensuring higher standards of accuracy and efficiency.
“This temporary delay does not impact the substantial progress we have made towards creating a decentralized superintelligence network. Our teams are actively working with centralized exchanges to finalize the remaining steps. We appreciate the continued support and patience of our community and stakeholders as we work through these final logistical steps,” said Humayun Sheikh, CEO of Fetch.ai.
“The finalization of the 3-way tokenomic merger on July 15 will be a major milestone, and we anticipate a series of progressively more exciting milestones after that as we leverage our ASI token-based network to move toward increasingly capable AI systems and, in time, actual superintelligence,” commented Ben Goertzel, founder and CEO of SingularityNET Foundation.
Future Steps for FET, AGIX, and OCEAN
Following the announcement, Fetch.ai, SingularityNET, and Ocean Protocol tokens will continue to trade independently on exchanges. The finalization of third-party integrations will eventually lead to the introduction of the ASI token. At that point, FET, AGIX, and OCEAN tokens will merge to become ASI.
As of now, FET is trading at $1.60, while AGIX and OCEAN are both priced at $0.68. For continuous updates on cryptocurrency news, stay tuned to Global Crypto News.
