The market value of Artificial Superintelligence Alliance soared by US$228 million overnight, but the token price fell all the way

According to CoinMarketCap data, the market value of Artificial Superintelligence Alliance increased by $228 million on July 1, rising to the 27th position in market cap rankings.

The increase in market value came from the merger of tokens from Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX).

The all-time high market capitalization of Fetch.ai (FET) before the merger was $2.61 billion.

The historical high market capitalization of Ocean Protocol (OCEAN) before the merger was US$775 million.

The all-time high market capitalization of SingularityNET (AGIX) before the merger was $1.78 billion.

After the merger, the market value of Artificial Superintelligence Alliance has reached US$3.4 billion, which is expected to reach the combined historical high of US$5.165 billion reached by the three tokens Fetch.ai (FET), Ocean Protocol (OCEAN) and SingularityNET (AGIX) before the merger.

Notably, despite the rise in market value, token prices did not follow suit and instead continued to decline.

At the time of writing, the price of Artificial Superintelligence Alliance was $1.12, marking a nearly 21% decrease over the past seven days.

What is Artificial Superintelligence Alliance?

Artificial Superintelligence Alliance was formerly Fetch.ai, a blockchain platform based on artificial intelligence and machine learning.

On July 1, Fetch.ai, SingularityNET, and Ocean Protocol agreed to merge their tokens and establish a decentralized artificial intelligence (AI) alliance.

FET, the native token of the AI-focused Web3 platform Fetch.ai, will be renamed ASI ("Artificial Super Intelligence"), with a total supply of approximately 2.63 billion tokens.

The native tokens of the decentralized AI network SingularityNET (AGIX) and the data platform Ocean Protocol (OCEAN) will be merged into ASI, with a conversion rate of around 0.433 to 1. The fully diluted market cap of ASI is approximately $7.5 billion.

Fetch.ai, SingularityNET, and Ocean Protocol Token Synthesis Plan

The primary focus of the first phase is onboarding exchanges and data aggregators while ensuring a smooth transition during the rebranding process.

As highlighted in the update, this integration will be completed seamlessly as it forms the foundation of the rebranding process.

The project name and logo were updated on July 1, and AGIX and OCEAN were delisted from exchanges.

On the same day, the migration platform debuted on the Singularity DAO decentralized application (dApp).

The second phase will focus on ASI deployment and community onboarding.

During this phase, self-custody holders will be prioritized, and ASI tokens will be launched on different chains.

Finally, new migration contracts will be introduced as FET migrates to ASI.

ASI Alliance Prioritizes Users

The team stated that the migration contracts would be open for several years, ensuring users have ample time to convert their tokens.

Specifically, individuals with funds locked in staking or various programs will have sufficient time to manually convert their tokens to ASI.

Artificial Superintelligence Alliance Has a Large Community

The community is the driving force behind the thriving digital asset market.

This is why the daily struggle in the blockchain field is to get more people involved.

The Artificial Superintelligence Alliance will bring together 86,417 FET holders, 74,856 AGIX holders, and 45,892 OCEAN holders into a unified community.

Meme coins like Shiba Inu, Dogecoin, and Notcoin have demonstrated the importance of large and dedicated communities.

With the combined support of these three communities, ASI is seeking to become the largest AI-based cryptocurrency.

Is the Artificial Superintelligence Alliance Token Worth Buying?

Since the invention of ChatGPT, the world has been captivated by the rapid growth of artificial intelligence, and the crypto market is no exception.

Unless you have been living under a rock, you would notice that 2024 is the year of advanced AI. Recently, NVIDIA, the world's largest computer chip manufacturer, surpassed Microsoft to become the company with the highest market value globally.

Similarly, AI cryptocurrencies have been soaring in 2024, and ASI is no exception.

Additionally, ASI's advantage lies in the support of major players in the crypto AI field, a factor that could significantly help it stand out in this competitive landscape.

Short-Term Investment in Artificial Superintelligence Alliance is Not Recommended

There is a strong bearish sentiment in the crypto sector recently.

The price of Artificial Superintelligence Alliance has already fallen below its key support level of $1.285 and may drop to a low of $0.816 this month.