Artificial Intelligence (AI)-related cryptocurrencies were among the market's biggest weekly gainers, seemingly riding high on the rally of AI giant NVIDIA Corp. (NASDAQ:NVDA).
What Happened: Fetch.ai (CRYPTO: FET), SingularityNET (CRYPTO: AGIX), and Ocean Protocol (CRYPTO: OCEAN) are up 8.24%, 8.39%, and 5.21% respectively over the week, outperforming market-heavyweights Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
For the majority of the month, both coins followed a downward trend. However, the rebound began last week, on June 18, when Nvidia eclipsed Big Tech as the world's most valuable company.
Interestingly, shares of the company have fallen 6.6% since the milestone, and the company slipped to the third position in terms of market cap as of this writing. However, AI-linked cryptocurrencies have continued to ascend.
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Why It Matters: The excitement surrounding the three AI-based tokens was linked to the grand token merger of FET, OCEAN, and AGIX to create an Artificial Superintelligence Alliance (ASI) token.
Important news for the and $ASI community: the @ASI_Alliance token merger begins on July 1, 2024. Here's what you need to know: pic.twitter.com/2idP9fPSNA
— Fetch.ai (@Fetch_ai) June 26, 2024
The merger will commence from July 1 and comprise two phases. During phase 1, AGIX and OCEAN tokens will merge into FET, while FET trading remains uninterrupted. The deposits of AGIX and OCEAN will close and two coins will be delisted from exchanges.
The second phase, beginning mid-July, will mark the final upgrade from FETCH to ASI.
The motive of the endeavor was to create a decentralized alternative and challenge Big Tech's dominance in AI development.
Price Action: At the time of writing, FET was exchanging hands at $1.67, according to data from Benzinga Pro, while AGIX and OCEAN were valued at $0.6838 and $0.682, respectively.
Photo by Fernando Cortes on Shutterstock