- Three crypto-AI projects have reportedly proposed a merger.
- If approved, the projects will merge their tokens into one.
- The projects’ current native tokens surged on the news.
Tokens associated with Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) surged on Wednesday following reports that the three crypto-AI projects are in talks to merge their tokens into one and create an alliance.
Dubbed the “Artificial Superintelligence Alliance,” the proposed merger aims to create an open, decentralized AI infrastructure and combine the projects ‘respective tokens into ASI, a new token that will launch with billions in fully diluted market cap upon the proposal’s approval.
FET, OCEAN, AGIX Rally as Possible Merger Looms
Citing familiar sources with the matter, Bloomberg reported on March 27 that the merger deal could be announced as soon as Wednesday. The three projects are due to submit integration proposals to their respective governance communities for a two-week consultation period.
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If approved, Fetch.ai’s FET token will become Artificial Superintelligence (ASI), with a total supply of 2.63 billion tokens and a launch price of $2.82. Ocean Protocol’s OCEAN and SingularityNET’s AGIX will merge into ASI at $0.433 to $1 conversation rates, bringing ASI’s fully diluted market cap to around $7.5 billion.
Following the report, the project’s existing tokens surged to new daily highs, with Fetch.ai (FET) and SingularityNET (AGIX) recording 24-hour gains of 12.44% and 9.51%, respectively, CoinMarketCap data shows.
Ocean Protocol’s OCEAN witnessed the biggest surge among the three tokens, gaining as much as 36% over the past 24 hours to trade at $1.49 as of press time.
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