Partnerships in the cryptocurrency field are crucial for the market’s development and progress. Steps taken by major companies play a significant role in shaping the future. Amid the uncertainty in the crypto world, news of a partnership between two major AI-centered cryptocurrencies made a huge impact.
Coinbase Announcement
According to Coinbase, OCEAN and FET are joining forces to form the Superintelligence Alliance (ASI). The initiative, which will bring together two significant projects in the field of artificial intelligence, has caused a major stir. Coinbase’s announcement was as follows:
Ocean (OCEAN) and Fetch.ai (FET) have announced their merger to form the Artificial Superintelligence Alliance (ASI). Coinbase will not facilitate the transfer of these assets on behalf of users.
Timeline:
→ Phase 1: OCEAN will transition to FET on July 1, 2024.
→ Phase 2: ASI will become operational, and FET will merge with ASI from mid to late July 2024.
Coinbase will not facilitate the transition of OCEAN to FET or FET to ASI on behalf of users. Trading support for FET and OCEAN will continue until the next announcement.
Once the transition begins, users can transfer their OCEAN and FET to ASI using a self-custody wallet like Coinbase Wallet. The ASI token merger will be compatible with all major software wallets.
Following the announcement, attention quickly turned to the prices of FET and OCEAN, which saw significant increases.
OCEAN and FET Prices Rise
First, examining the price of OCEAN, it was observed to stay above $0.73 after a 9.79% increase in the last 24 hours at the time of writing. The market cap rose similarly, surpassing $417 million.
The 24-hour trading volume stood at $80 million after a 13.4% decrease.
FET experienced an even larger increase. The FET price rose over 11.5% in the last 24 hours, reaching $1.78 at the time of writing. FET’s market cap exceeded $1.51 billion following the rise.
The 24-hour trading volume for FET showed a 6.6% increase, reaching $287 million.
Time will tell what will happen following these developments, but it is important to note the significance of such events for the market’s future.
