Here's Why Fetch.ai (FET) and SingularityNet (AGIX) Prices Are Pumping
- PHPzOriginal
- 2024-06-25 17:58:36991browse
While Bitcoin and Ethereum haven’t escaped from their bearish outlook, Fetch.ai (FET) and SingularityNET (AGIX) have emerged as top performers
Fetch.ai (FET) and SingularityNET (AGIX) Soared Double Digits Today—Here's Why
Bitcoin (BTC) and Ethereum (ETH) have both failed to show any signs of life in recent days, continuing their bearish outlook. However, some altcoins, particularly those focused on artificial intelligence (AI), have emerged as top performers in the last 24 hours.
Among the standout gainers are Fetch.ai (FET) and SingularityNET (AGIX), both surging double digits as the broader market direction seems to be heading south.
FET Soars Amid Speculation Of Injective Collaboration
FET has experienced a remarkable 21.84% price increase, currently trading at $1.67. This **impressive** surge could be, in part, **attributed** to **speculation** surrounding a potential **collaboration** with Injective (INJ). A **cryptic** tweet from Injective's official account on March 23, 2023, **hinted** at a **brewing** partnership with Fetch.ai, **piquing** the interest of both project **communities**. "Something is **brewing...** $FET $INJ," read the tweet, accompanied by an image of two coffee mugs adorned with the respective project logos and the brewing process depicted in the background.
An X account, GeoStaking, further added to the speculation, stating that the upcoming IBC upgrade for Injective might enable the platform to utilize Fetch.ai's AI agents for its decentralized finance (DeFi) services. "Injective is getting ready for the Cosmos IBC update. They will be integrating Fetch.ai's AI agents into their platform to power their DeFi services. This will increase demand for $FET as it's the gas token for Fetch.ai."
Moreover, adding to the bullish sentiment surrounding these AI-focused tokens is the highly anticipated merger of Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) into a single token, known as ASI (Artificial Superintelligence).
AI Coins Merge Into ASI Token Ahead Of March 31 Snapshot
As the March 31 snapshot for the merger of Fetch.ai, SingularityNET, and Ocean Protocol into the ASI token approaches, the merging project teams have outlined the details of the token generation event. According to a statement from Fetch.ai on March 22, 2023, the new ASI tokens will be generated at a ratio of 1:1 to the merging tokens. This means that for every one FET, AGIX, or OCEAN token held at the snapshot time, one ASI token will be minted. The statement also highlights that the merging tokens will be burned following the ASI token generation, effectively removing them from circulation. Notably, the ASI tokens will be available on the Ethereum, BNB Chain, and Polygon networks.
Cryptoanalyst DavidOnCrypto, who had previously recommended buying these AI coins at much lower prices, also remains bullish on the merged entity until the end of the current market cycle. "I'm still bullish on the merged entity till the end of this cycle, but I bought these coins at much lower prices so I can hold," he commented. "If you're new to crypto and want to 100x your money over the next few years, I'd be focusing on the smaller merging projects."
AGIX Technical Analysis Hints At Further Upside Potential
On the other hand, AGIX has climbed 20.80% over the last 24 hours, currently trading at $0.6949. A **recent** technical analysis by Decilizer **suggests** that AGIX is **gaining** strength and continuing its **uptrend**. After **confirming** support at the $0.60 level, AGIX is likely to continue surging towards its next target at $1.40, sooner than anticipated, the analysis predicts.
"After gaining strength and continuing its uptrend, AGIX is likely to reach its $1.40 target sooner than expected. Get ready for the next wave of gains in the AI sector," Decilizer stated.
The double-digit gains have also been visible in other coins like Render (RNDR), Akash Network (AKT), Arkham Intelligence (ARK), and more from the AI sector, which is showing strength as the broader cryptocurrency market seems to be struggling.
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