Crypto Whale Moves $7.5M in AGIX and OCEAN to FET Amid ASI Merger
A prominent cryptocurrency whale has recently made a significant move in the AI cryptocurrency market. In a groundbreaking transaction, the whale converted 8 million SingularityNET (AGIX) tokens and 4.8 million Ocean Protocol (OCEAN) coins into 5.6 million Fetch.ai (FET) tokens, totaling a value of $7.5 million. This move is part of the ongoing merger of the Artificial Superintelligence Alliance (ASI), which aims to consolidate various AI token projects.
The consolidation of AGIX and OCEAN tokens into FET marks a major milestone in the ASI merger. The on-chain activity confirming this phase of the merger has caught the attention of industry observers, highlighting the growing significance of AI in the cryptocurrency ecosystem.
The token merger, originally scheduled for June 13, was postponed to July 15 to ensure that technical requirements were met by exchanges, validators, and other ecosystem partners. Now, the consolidation process has officially begun.
As a result of this merger, the original AGIX and OCEAN tokens are being delisted from cryptocurrency exchanges. However, not all exchanges have chosen to support the merger and implement automatic conversion mechanisms. For instance, Coinbase, a leading U.S.-based exchange, has decided to allow FET and OCEAN trading to continue on their platform without automatic conversion.
Exchanges and data aggregators can facilitate the migration of ASI tokens through SingularityDAO, a newly launched migration platform. The first phase involves the exchange of AGIX tokens for FET at a rate of 1 AGIX to 0.43335 FET. Subsequently, FET tokens will be converted into ASI and deployed on multiple blockchain networks.
Please note that the information provided in this article is for educational purposes only and should not be considered financial advice. Readers are advised to exercise caution and conduct their own research before making any investment decisions.