The largest crypto exchange by trading volume, Binance, will delist and suspend Ocean Protocol (OCEAN) and SingularityNET (AGIX) tokens in support for Artificial Superintelligence Alliance (ASI) merger.
AI crypto coins are rallying on the back of this news, with AGIX, OCEAN, and FET leading by double digits.
Binance Delists Ocean Protocol and SingularityNET
Binance has announced that it will support the ASI token alliance. The first act of support will be to delist Ocean Protocol and SingularityNET native tokens, OCEAN and AGIX, respectively. The action, effective July 1, will mean ceasing trading for the tokens and suspending all deposits and withdrawals.
“At 2024-07-01 03:30 (UTC), deposits and withdrawals of Ocean Protocol (OCEAN) and SingularityNET (AGIX) will be suspended. Please ensure that you leave sufficient time for your OCEAN and AGIX deposits to be fully processed prior to this time,” the announcement states.
Binance has also committed to handle all technical requirements for AGIX and OCEAN holders. The two tokens will assume the ticker of FET at Binance, swapped at a ratio of 1 OCEAN to 0.433226 FET for the Ocean Protocol and 1 AGIX to 0.433350 FET for the SingularityNET token.
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As BeInCrypto reported in late March, Fetch.ai, SingularityNET, and Ocean Protocol committed to entering a definitive merger agreement. Under the terms of the contract, their respective utility tokens, FET, AGIX, and OCEAN, would become one ASI. Effectively, they would achieve “the largest open-source, independent player in AI research and development.”
This strategic move aims to foster the development of a decentralized AI platform, a vision shared by all parties. Despite the merger of their tokens into the ASI token, SingularityNET, Fetch.ai, and Ocean Protocol will maintain their operational independence. However, they will collaborate under the umbrella of the Superintelligence Collective. This new coalition will be led by Ben Goertzel, the founder and CEO of SingularityNET.
The convergence of the three entities reflects the escalating race among AI-oriented platforms to pioneer decentralized AI technology. The goal is to move away from the control of tech giants like Alphabet and Microsoft and ensure that corporations do not solely prioritize shareholder interests.
FET, AGIX, OCEAN Tokens Rally
FET, AGIX, and OCEAN are rallying on the back of this news, significantly outperforming their peers in the sector. AI tokens have seen gains upwards of 30%, showcasing market confidence.
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A look at the FET/USDT trading pair in the 1-day timeframe shows a strong resolve among the bulls. This is demonstrated by the bullish crossover when the Relative Strength Index (RSI) crosses above its signal line (yellow band).
The RSI crossover is considered a buy signal. The large green nodes on the volume profile reinforce it. Together, they signify positive sentiment in the FET market. The Parabolic Stop and Reverse (SAR) indicator is trailing the Fetch.ai price from below. As long as this price tracking indicator trails the asset from below, the token remains bullish.
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