Binance, the largest cryptocurrency exchange by trading volume, is delisting Ocean Protocol (OCEAN) and SingularityNet (AGIX) tokens and halting trading in support of the Alliance for Artificial Intelligence (ASI) merger.
Thanks to this news, AI cryptocurrency coins are rallying, and AGIX, OCEAN, and FET are showing double-digit rises.
Binance Delists Ocean Protocol and SingularityNet
Binance announced that it will support the ASI token federation. The first measure of support will be to delist Ocean Protocol and SingularityNet's native tokens, OCEAN and AGIX, respectively. The measure, which comes into effect from July 1, means trading of the token will be halted and all deposits and withdrawals will be halted.
“Deposits and withdrawals for Ocean Protocol (OCEAN) and SingularityNet (AGIX) will be suspended at 2024-07-01 03:30 (UTC). “Please allow sufficient time for Ocean and AGIX deposits to be fully processed before this time,” the notice states.
Binance also promised to handle all technical requirements for AGIX and OCEAN holders. Both tokens will be swapped at a rate of 1 OCEAN to 0.433226 FET for Ocean Protocol and 1 AGIX to 0.433350 FET for SingularityNet tokens, assuming the FET price on Binance.
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As BeInCrypto reported in late March, Fetch.AI, SingularityNet, and Ocean Protocol agreed to enter into a definitive merger agreement. According to the terms of the contract, each of the utility tokens FET, AGIX, and OCEAN will become one ASI. In effect, it will create “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. SingularityNet, Fetch.AI, and Ocean Protocol will maintain operational independence even if their tokens are merged into the ASI token. However, they will work together under the umbrella of the Superintelligence Collective. This new coalition will be led by Ben Goerzel, founder and CEO of SingularityNet.
The merger of the three entities reflects the growing competition among AI-oriented platforms to lead decentralized AI technology. The goal is to break free from the control oftech giants like Alphabet and Microsoft and ensure that companies do not prioritize shareholder interests alone.
FET, AGIX, OCEAN token rally
FET, AGIX, and OCEAN rallied on this news and are significantly outperforming their sector peers. AI tokens are rising by more than 30%, showing market confidence.
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Looking at the FET/USDT trading pair on the 1-day chart, we can see the strong will of the bulls. This can be confirmed by a bullish crossover where the Relative Strength Index (RSI) crosses above the signal line (yellow band).
RSI crossovers are considered buy signals. The large green node in the volume profile supports this. Together, these two indicate positive sentiment in the FET market. The Parabolic Stop and Reverse (SAR) indicator is tracking the Fetch price below. As long as this price tracking indicator tracks the asset below, the token will remain bullish.
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