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AI Tokens Fetch.AI, AGIX, OCEAN Talk Merger, Surge Double Digits

The three leading artificial intelligence blockchain projects —Fetch.AI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN)—are on the verge of a potential merger into a new token named Artificial Superintelligence (ASI), with the collective aim of establishing a decentralized AI behemoth. This initiative seeks to position them as formidable contenders against established tech giants such as OpenAI, Google, Microsoft, and Apple, by leveraging the intrinsic benefits of blockchain technology for AI development.

Fetch.AI + AGIX + OCEAN = ASI

This breaking news was positively received by the market. In the last 24 hours, Fetch.AI has seen a 12% increase, SingularityNET a 10% rise, and Ocean Protocol a significant 23% surge in their values, underscoring the market’s enthusiastic reception to the merger talks.

This proposed consolidation, first reported by Bloomberg, aims to amalgamate the three tokens into an ASI token, which is projected to have a fully diluted value of approximately $7.5 billion. The merger’s completion is subject to approval from the community members of each participating platform.

Despite the ongoing negotiations, representatives from SingularityNET, Fetch.ai, and Ocean Protocol have maintained a neutral stance, opting not to comment on the matter. According to sources who wished to remain anonymous due to the private nature of the information, the announcement of the deal could come as early as Wednesday, contingent upon the consent of the community members of each involved project.

Central to this collaboration is the establishment of the Superintelligence Collective, which would oversee the merged entity’s strategic direction. Ben Goertzel, the visionary founder and CEO of SingularityNET, is set to lead this initiative, with Fetch.ai CEO Humayun Sheikh, notable for his early investment in DeepMind (later acquired by Google), poised to serve as chairman.

This leadership structure is designed to synergize the distinct technological and philosophical approaches of each platform, fostering an environment where decentralized AI can thrive away from the conventional corporate model dominated by shareholder interests.

The backdrop of this bold move is the escalating investment by heavyweight tech corporations in AI technologies, signaling a broad industry consensus on AI’s transformative potential. The burgeoning interest in AI from these corporations has sparked a parallel movement within the crypto sector, where projects like SingularityNET, Fetch.ai, and Ocean Protocol are pioneering the development of decentralized AI solutions.

These solutions aim to democratize AI advancements, ensuring that the benefits of AI technologies are accessible to a wider audience and not just a consortium of tech oligarchs.

The largest of all three AI crypto projects by market cap, Fetch.AI (FET) is continuing its price discovery mode after breaking its all-time high in mid-February. At press time, FET traded at $3.24.

Fetch.AI price

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SingularityNET (AGIX) Rallies 128% As On-Chain Activity Heats Up

AI Token SingularityNET (AGIX) has recently observed a rally of 128% as on-chain data shows activity-related metrics have heated up for the coin.

SingularityNET Has Seen Sharp Growth In Volume & Whale Activity

In a new post on X, the on-chain analytics firm Santiment has talked about how SingularityNET has fared in its underlying metrics, with its market cap more than doubling in its latest rally.

In particular, the analytics firm has shared data for four of the AI token’s indicators. The chart below shows their trend over the past month.

SingularityNET AGIX On-Chain Data

The first indicator on the chart is the “Transaction Volume,” which keeps track of the total amount of AGIX (in USD) involved in network transfers every day.

This metric tells us about the amount of activity the users on the blockchain are displaying currently. The graph shows that this metric has climbed as SingularityNET has gone through its rally.

Generally, many traders must continue participating in the market for any rally to be sustainable. As the transaction volume has been rising, this is clearly what has been going on. If the volume shows any signs of cooling off, though, that’s when the coin might slow down.

The second metric of interest here is the “Whale Transaction Count,” which measures the total number of transactions on the SingularityNET blockchain worth at least $1 million in value.

Only the whales can make transfers so large, so this metric can provide hints about the current activity level of these humongous holders. As the chart shows, this metric has also been high recently, implying that the current transaction volume isn’t just because of smaller hands showing interest in the asset but also from these titans.

AGIX’s adoption also appears to be proceeding swiftly as the “Total Amount of Holders” metric has also been climbing up recently. This indicator keeps track of the number of addresses on the network carrying a non-zero balance.

Adoption is naturally a constructive sign for any cryptocurrency, as a large user base can provide a stronger foundation for sustainable moves to occur in the future. This constant influx of users would also contribute to the uptrend in the Transaction Volume.

Finally, Santiment has listed the “Social Dominance” in the chart, which, in short, tells us about the portion of social media talks around the top 100 cryptocurrencies that SingularityNET alone is contributing.

It would appear that the coin’s mindshare on social media has also skyrocketed with its price surge. This metric may be one to keep an eye on, as excessive hype has historically been something that has led rallies to top out.

AGIX Price

SingularityNET is trading around the $0.76 level after its incredible run over the past week.

SingularityNET AGIX Price Chart

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Crypto Analyst Says This AI Altcoin Will Hit A Fresh ATH After 300% Rally

The anonymous crypto analyst Rekt Capital’s observations point to a promising future for the artificial intelligence (AI) cryptocurrency project, with a focus on Fetch.ai (FET).

Along with with a sizable 377,500 followers on the social media network X, the analyst offers a bullish prediction, stating that Fetch.ai is about to reach a new all-time high (ATH).

Rekt Capital’s investigation shows that the machine learning platform is presently experiencing a notable upswing following a successful retesting of a critical price level.

Technical Analysis Illuminates Fetch.ai Momentum

The spotlight placed on Fetch.ai’s retest points to a technical analysis viewpoint in which the price behavior of the project at this crucial level acts as a key predictor of potential future profits.

FET has increased over 300% since the cryptocurrency watchlist, claims Rekt. In terms of fluctuation in price, the AI cryptocurrency went up from $0.53 on December 9 to $0.67 on December 16.

Additionally, the technical analysis presents a positive picture for the cryptocurrency Fetch.ai, which has seen 60% of “green” trading days. Additionally, Fetch.ai is showing bullish indications from almost 30 technical indicators.

The rise in cryptocurrencies with an AI focus indicates a rising awareness of the possibilities at the nexus of blockchain technology and artificial intelligence.

An illustrative case in point is the significant increase in the value of Fetch.ai (FET) that followed its partnership with SingularityNET (AGIX).

The collaboration between Fetch.ai and SingularityNET most likely represents a strategic relationship with the goal of maximizing the technological synergies between the two enterprises.

SingularityNET is a platform that facilitates the production and trading of AI services. Fetch.ai could gain from SingularityNET’s experience and skills.

Crypto And AI Synergy: Catalyst For Innovation

This partnership is proof of the expanding fusion of blockchain and artificial intelligence (AI), which many investors think has the potential to usher in a new wave of innovation in the cryptocurrency space.

At the time of writing, FET was trading $0.76, up 7.5% in the last 24 hours, and sustaining a weekly gain of 10% in the last week, data from Coingecko shows.

There is a chance that FET would reach new all-time highs, which would be a challenge. According to Rekt, the crucial next step in realizing this potential is to successfully break through the red resistance and turn it into a level of support, which would represent a turning point in the price trend of FET.

All of this information was considered by industry experts when developing their Fetch.ai price forecasts. They anticipate that Fetch.ai’s value will reach $0.77 by the end of 2023, making it an intriguing DeFi coin to monitor.

Featured image from Shutterstock

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What is SingularityNET And Why Is Its AGIX Token Exploding By 116%?

The popularity of artificial intelligence applications has been growing as popular platforms like SingularityNET and ChatGPT become mainstream.

With Microsoft investing $10 billion on ChatGPT, we should expect AI applications to become more mainstream in the next few years. 

AGIX, the native token of the SingularityNET, is capitalizing on this as it tallied huge gains since the start of 2023. According to CoinGecko, the token is up 116% in the past week (at the time of writing, Friday) with the biggest gains made at the bi-weekly time frame at 360%. 

What Is SingularityNET?

SingularityNET is the first decentralized AI market that is built on top of the Cardano blockchain. The project was founded by Dr. Ben Goertzel, a cognitive scientist and one of the leading figures in AI research. The project is set to create an AGI or an artificial general intelligence. 

As of writing, the SingularityNET ecosystem comprises 13 protocols that are either being built or are already deployed as a full-fledged component of the ecosystem. 

Getting Smarter By The Day

On-chain developments have been very bullish for the SingularityNET ecosystem. According to the ecosystem’s recent blog post, the journey of SingularityNET in creating an AGI is getting closer by the day. 

The development of the MeTTa, a custom coding language specifically built for SingularityNET’s goals, have been successful so far.

The alpha release of the coding language will be accompanied by the release of the Distributed Atomspace (DAS) knowledge store this 2023.

This technology would enable the AGI to store data for the long-term. These developments in the realm of AI will certainly make the creation of SingularityNET’s AGI easier. 

How Did These Affect AGIX? 

The ecosystem’s native token AGIX is currently one of the most bullish tokens on the market. As of Saturday, AGIX is trading at $0.2139, rising 32% in the last week, and facing rejection at two strong resistances at $0.2362 and $0.2546. 

The current rally of the token is unsustainable and bears might be able to retest its support $0.1404. This support is shaky as any breakthrough on this level might force AGIX to drop at $0.0822 in the medium term. 

But as time progresses, investors and traders should be able to observe how AGIX will react with the releases of crucial components of SingularityNET’s AGI development.

However, Microsoft’s investment on ChatGPT development will further cement artificial intelligence technology in the mainstream, boosting the development of the AGI. 

With this in mind, investors and traders would have to sustain short term volatility and losses for possible medium term gains. 

Featured image by VentureBeat

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First ERC-20 Converter Goes Live On Cardano Testnet

Cardano has marked the launch of its first-ever ERC-20 converter. The project which had been in the works had finally reached its launch milestone with help from IOG, the developer behind Cardano. With the converter, the network will be able to support the migration of ERC-20 tokens from Ethereum to the Cardano blockchain.

Development on the blockchain has been ramping up since the launch of smart contracts capability. The network has seen the first signs of DeFi as developers begin to test out their DApps with help from the foundation. This has inspired even more development with the community waiting with bated breaths for the day they can finally access DeFi services on Cardano.

Related Reading | Here’s What Cardano Founder Charles Hoskinson Wants For Christmas

AGIX ERC-20 Converter

SingularityNET brings this anticipated capability to the Cardano blockchain. It tested the converter with its AGIX token. Presently, the converter is live on the testnet and users are able to move AGIX tokens from Cardano to Ethereum and vice versa using the AGIX ERC-20 Converter. This will allow for AGIX transactions on a network with a much higher transaction capacity and cheaper fees.

Cardano has always been big on interoperability and this converter helps push it towards its goal of complete interoperability with other blockchains. Founder Charles Hoskinson has voiced this sentiment in the past where he explained that there would not be one blockchain to rule all the others. But rather blockchain infrastructures will co-exist and continue to compete with each other.

Related Reading | Number Of Cardano Wallets Staking ADA Crosses 1 Million

SingularityNET’s converter furthers this interoperability as it allows ERC-20 tokens to be ‘translated’ into Cardano native tokens while retaining their value and functionality. The converter also works the other way with users being able to convert a token back to its original ERC-20 format using the built-in conversion system.

“The importance of this port for SingularityNET and the whole blockchain and AI ecosystems cannot be overestimated – it will yield not only a far faster and more economical AI network, but also a massively superior foundation for adding advanced new functions to SingularityNET and moving toward realizing our vision of decentralized AGI.” – Dr Ben Goertzel, CEO and Chief Scientist, SingularityNET

Cardano Getting Ready For DeFi

It may still be months until users begin to see the first signs of a fully functional DeFi platform on Cardano but there is no doubt that the project is headed in that direction. For starters, Cardano recently saw the launch of one of the first DEXs . The SundaeSwap launch was unveiled with much fanfare on Monday and allowed users to play around with the project which is now live on the testnet.

ADA price trending at $1.3 | Source: ADAUSD on TradingView.com

As Cardano witnesses what is shaping up to be an exciting start to decentralized finance on its network, it is important to keep in mind that there are still some kinks to work out. The developer addressed the community that they should expect bugs as the exchange takes its first steps.

Featured image from Kriptokoin, chart from TradingView.com