The price of Fetch.ai (FET) is no longer the price of Fetch.ai, but the price of the Artificial Superintelligence Alliance.
As Ocean Protocol (OCEAN) and SingularityNET (AGIX) merged into Fetch.ai (FET), their collective identity was transformed into ASI.
Whales welcome Fetch.Ai's switch to ASI
Fetch.ai's price is expected to rise through July after token integration began this week, with completion expected by mid-July. Artificial Superintelligent Alliance will trade under the ticker FET during this transition period. Its current market cap is approaching $3 billion, making it the second-largest asset in the AI token market.
FET whales realized this was a profit opportunity and jumped in to accumulate as much as they could. Within a week, addresses holding between 100,000 and 10 million FETs had added over 62 million FETs, worth nearly $73 million.
These investors are hoping that prices will soar once the merger is complete, allowing them to realise profits.
But optimism isn't just limited to whales, it's also shared among retail investors: Overall sentiment is mostly positive, with Fetch.ai noting mentions across social media platforms.
Read more: How will Artificial Intelligence (AI) transform cryptocurrencies?
Their optimism reflects the bullish attitude surrounding ASI and the possibilities it holds for the near future.
FET Price Forecast: Moving Away from Consolidation
Fetch.ai shares were expected to benefit from the merger bull market, but overall market signals thwarted that. As a result, FET is still trading between $1.7 and $1.0, where it has been for nearly a month now.
This consolidation will continue in the coming days until the merger is completed and the resulting bull market will help FET escape.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies for 2024
The altcoin is showing signs of a potential downside and could even drop below the lower limit of $1.0, but it cannot be ruled out completely, which would completely invalidate the bullish thesis.
Disclaimer
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