Cryptocurrencies

AI Tokens FET, OCEAN & AGIX Soaring Despite Market Slump: What’s Behind It?


While the crypto market is experiencing an overall decline, some AI-related tokens are showing notable growth. This unexpected trend has caught our attention. Let’s take a look at the reasons for these sudden price increases.

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Striking performance in a challenging market

Fetch.ai (FET), Ocean Protocol (OCEAN), SingularityNET (AGIX) and Arkham (ARKM) are showing impressive gains. FET rose 20% in 24 hours to $1.69, while OCEAN and AGIX both grew around 15% to around $0.68. ARKM, the token of AI blockchain analytics platform Arkham, rose 16% to $2.

The driving force behind growth

A major factor in this positive trend appears to be the news about the Artificial Superintelligence Alliance (ASI). This alliance, consisting of SingularityNET, Fetch.ai and Ocean Protocol, had originally planned to start merging their tokens on July 1. However, it was recently announced that this token merge has been postponed to July 15, 2024.

Still, Fetch.ai, SingularityNET and Ocean Protocol rose by more than 16% today.

Postponement of the token merge

It postponement is necessary to meet the logistical and technical requirements of exchanges, validators and other partners. While this may be disappointing to some, the alliance emphasizes that this is a strategic decision to ensure the highest standards of accuracy and efficiency.

Contrast with the broader market

These positive developments are in stark contrast to the general market trend. Bitcoin, the largest cryptocurrency, fell to $59,000 after news of refunds from bankrupt crypto exchange Mt. Gox. Although the price recovered above $61,000, this is still 2% lower than 24 hours earlier and almost 11% lower for the entire month.

What does this mean for investors?

For BLOX users with funds in FET, AGIX or OCEAN, there is good news: the conversion to the new ASI token will take place automatically. Users do not need to take any action and will be notified of the successful conversion by email or push notification.

Future perspective

Despite the postponement of the tokenmerge the vision of the Artificial Superintelligence Alliance remains as strong as ever. Humayun Sheikh, CEO of Fetch.ai and chairman of the alliance, emphasizes that the temporary delay will not affect progress towards a decentralized superintelligence network.

What does this mean for you as a BLOX user?

Do you want your FET, AGIX and OCEAN credits to be exchanged for Artificial Superintelligence Alliance? Then you don’t have to do anything! BLOX does this automatically for you and the coins are therefore automatically adjusted in your vault. After this, Fetch.ai, SingularityNET and Ocean Protocol will no longer be available. When your FET, AGIX and/or OCEAN credits have been successfully converted, this will be shared with you by email or push message in the BLOX app.

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