KEYTAKEAWAYS
- $OCEAN and $AGIX to merge into $FET with specific exchange ratios set for July 15, following a postponement to ensure a smooth transition.
- The Artificial Superintelligence Alliance, led by Ben Goertzel, aims to reshape AI development away from tech giant dominance, promoting an open and equitable ecosystem.
- Market analysis indicates bullish trends for $FET, driven by significant trading volume and positive technical indicators like RSI and Parabolic SAR.
CONTENT
Binance halts $OCEAN and $AGIX trading for their merger into $FET, facilitating the launch of the decentralized AI alliance, $ASI.
BINANCE ANNOUNCES TRADING SUSPENSION OF AI TOKENS
Binance, the world’s leading cryptocurrency exchange, has announced that it will cease trading of the AI tokens Ocean Protocol ($OCEAN) and SingularityNET ($AGIX) to support the integration plan of the Artificial Superintelligence Alliance ($ASI).
Originally, these three major projects planned to merge by June 13 this year, but to ensure a smooth transition, the date has been postponed to July 15.
Binance has stated that all spot trading for $OCEAN and $AGIX will cease at UTC time on July 1 at 3:30 AM, and related token deposits and withdrawals will also be suspended temporarily. These two tokens will be merged into $FET temporarily.
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TOKEN MERGER DETAILS AND EXCHANGE RATIOS
Binance will use $FET as the new code for both $OCEAN and $AGIX tokens, which will be exchanged for $FET tokens at the following ratios:
- 1 $OCEAN = 0.433226 $FET
- 1 $AGIX = 0.433350 $FET
ARTIFICIAL SUPERINTELLIGENCE ALLIANCE GOALS AND STRUCTURE
The Artificial Superintelligence Alliance consists of Fetch.ai, SingularityNET, and Ocean Protocol, aimed at forming a new token named $ASI by merging their issued tokens.
The alliance is committed to creating a human-beneficial, inclusive decentralized AI ecosystem. It advocates against the control of technology giants over humanity and aims to change the way AI is built, shared, and utilized, making it more open and equitable.
Although these three tokens will merge, SingularityNET, Fetch.ai, and Ocean Protocol will continue to operate independently but will collaborate under the framework of the Artificial Superintelligence Alliance, led by Ben Goertzel, founder and CEO of SingularityNET.
The integration of these entities reflects the increasingly fierce competition among AI platforms, aiming to lead in the development of decentralized AI technologies and break free from the control of tech giants like Google and Microsoft.
MARKET IMPACT AND TECHNICAL ANALYSIS
$FET, $AGIX, and $OCEAN saw significant gains influenced by Nvidia becoming the top global publicly listed company by market value. After Binance’s announcement, $AGIX, $OCEAN, and $FET led the AI token market, with gains reaching double digits.
BeInCrypto’s technical analyst Lockridge pointed out that the sharp rise in $FET’s daily trend yesterday pushed the Relative Strength Index (RSI) above its signal line, indicating a buy signal.
(source: BeInCrypto)
Furthermore, the large green nodes in $FET’s trading volume distribution chart have further strengthened the bullish sentiment in the market, and the Parabolic Stop and Reverse (SAR) indicator is also following $FET’s trend. The analyst believes that as long as this indicator remains stable, $FET is likely to continue its bullish trajectory.
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