The CEO of Fetch.AI (FET) has offered a reward to uncover Ocean Protocol’s move after the project was accused of liquidating millions of tokens, affecting the FET’s price and its holders. Related Reading: Bitcoin (BTC) Price Eyes $114,000 Retest Amid Bounce, But Analyst Suggests Caution Fetch.AI Vs Ocean Protocol Feud On Tuesday, Humayun Sheikh, CEO of Fetch.AI, offered a bounty $250,000 to anyone who could “uncover the OceanDAO signatories and their connections to Ocean Foundation.” The post followed last week’s allegations that Ocean Protocol had dumped hundreds of millions of FET tokens into crypto exchanges earlier this year. For context, crypto AI projects Fetch.AI, Ocean Protocol (OCEAN), and SingularityNET (AGIX) merged into the Artificial Superintelligence (ASI) Alliance in mid-2024, combining their tokens under a shared FET framework. Over a year later, Ocean Protocol Foundation announced its departure from the alliance, sharing on October 9 that it had resigned as a member of the ASI Alliance, “effective immediately.” Last week, Fetch.AI’s CEO affirmed that the Ocean Protocol Foundation had swapped 661.2 million OCEAN tokens minted in 2023 for 286.4 million FET this July, suggesting that the protocol had been moving and liquidating them for the past three months. Sheikh noted that “Ocean as stand alone project did this it would be classed as a rug pull,” later vowing to personally fund three or more class action lawsuits in different jurisdictions. “If you are or were a holder of $fet and have lost money during this Ocean action be ready with your evidence. (…) I will be setting up a channel for all to submit your claims,” he wrote. Ocean Protocol called the accusations “unfounded claims and harmful rumors,” affirming that their team was “preparing responses to the various unfounded claims and allegations while respecting the ambits of the law.” At the time of writing, the protocol’s official X account has not published a response. Did Ocean Dump $120M Worth Of FET? Data analytics platform Bubblemaps shared a timeline of the Ocean Protocol moves, highlighting that despite the merger, the protocol kept a large amount of OCEAN tokens in its wallets for alleged “community incentives” and “data farming.” According to Bubblemaps’ analysis, Ocean Protocol’s team wallet (0x4D9B) converted 661 million OCEAN into 286 million FET, worth $191 million on July 1, and later sent 90 million FET to an OTC provider, GSR Markets. On August 31, the team wallet split the remaining 196 million FET across 30 new addresses. By October 14, most of these addresses had sent the funds to Binance or the OTC provider. Bubblemaps estimated that around 160 million tokens were sent to Binance, while 109 million FET were transferred to GSR Markets. In total, approximately 270 million tokens, valued at around $120 million, were reportedly transferred and potentially liquidated. “We can’t confirm whether the $FET tokens were sold by Ocean Protocol, although such transfers are typically associated with liquidation,” the platform noted, adding that on-chain activity only shows a multisig wallet linked to the protocol swapped millions of OCEAN tokens for FET, and sent them to Binance and GSR. FET’s Price Sees Sharp Decline Analyst Cryptor pointed out that the feud has triggered uncertainty surrounding the projects. He noted that the FET’s Top PnL Leaderboard doesn’t look good, as “almost everyone over the past 30 days has fully exited their positions.” Additionally, Smart Money Flows have been declining for nearly a year, alongside the price, which has retraced over 92.6% from its $3.45 all-time high (ATH). Related Reading: Pundit Outlines The Possibility Of The XRP Price Getting To $1,000 The analyst asserted that “you want segments like Top PnL traders, Smart Money, and funds to stay onboard because they set the tone for market behavior. (…) The data shows hesitation and capital leaving, which is to me a clear sign that confidence hasn’t returned. Price might hold temporarily, but without their participation, volatility rises quickly.” As of this writing, FET trades at $0.25, an 8.3% decline in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Cortex, the ASI Alliance’s first decentralized AI model, targets robotics, biotech and healthcare for domain-specific applications.
SingularityNET and ASI Alliance have unveiled AIRIS, a self-learning AI within Minecraft, breaking new ground in AGI innovation.
Cudos joins the ASI Alliance pending a community vote, potentially enhancing its decentralized AI and cloud computing capabilities.
The Artificial Superintelligence Alliance (FET) has seen a remarkable performance in the last two weeks. Amid the latest market shakeouts, the AI crypto token saw a significant increase, surging over 60% a week ago. In the last 24 hours, the token has recorded a 4% price surge, retesting a crucial resistance level that could propel the price near its all-time high (ATH). Related Reading: Toncoin (TON) Price Action Signals 30% Crash After Losing A Key Level FET Sees 30% Monthly Surge FET showed a formidable price action throughout August despite the market retraces, seeing a 30% surge in the last 30 days. The ASI alliance token saw a 49% increase in the past two weeks and recovered above pre-Black Monday levels during this timeframe. Additionally, it saw a massive surge in trading volume, price, and whale activity a week ago when the FET’s on-chain developments fueled the bullish momentum by over 60%. The drive pushed the cryptocurrency’s price to a high of $1.46 on Tuesday, a level not seen since mid-July. Nonetheless, the market jitters halted FET’s rally, sending the price to a biweekly low of $1.06. The token retested the $1.20 resistance level over the weekend, unsuccessfully reclaiming it but holding above the $1.10 price range. This performance has been highlighted by several market watchers, who noted that the token has held effectively above the $1.17 support level. This level was retested and maintained since late February when the token’s leg up drove the price to its March ATH of $3.45 but was lost as July closed. Analysts Suggest Key Levels To Watch Some market watchers noted that FET recently broke out of crucial horizontal levels. The token has been in a multi-month falling wedge pattern and registered multiple touchpoints within the upper and lower trendlines. According to Crypto Yapper, some key horizontal levels have come into play in the past month. The token bounced from the “huge” $0.8 support area a few weeks ago. This level was deemed an “interesting accumulation zone” by the analyst. Since then, FET has seen a significant jump, breaking out of the falling wedge pattern. Following the breakout, it has attempted to turn the next horizontal resistance level into a support zone. Per the analyst, if the $1.17 level holds strong, the cryptocurrency could move to the next big resistance in the $1.7 area. “Then we can continue the bullish uptrend, and eventually, the top side of the formation will be confluent with the breakout target, which will be around $3.4,” he further explained. Conversely, other analysts have cautioned that the token remains in a bearish market structure. According to Altcoin Sherpa, FET is attempting to form a higher low, which will need to be followed by a higher high to continue the uptrend. Related Reading: Bitcoin At Risk Of Continued Selling Pressure Amid Market Volatility, Here’s Why To Sherpa, if the token achieves this, it will have “bottomed in the short term.” Additionally, he set the $1.5 price zone as a “super key level” for further bullish price action. FET hovered between the $1.1-$1.21 price range in the last 24 hours, holding above the key support level throughout Monday morning. As of this writing, the token is trading at $1.2, a 4% daily surge. Featured Image from Unsplash.com, Chart from TradingView.com
SingularityNET's investment in modular supercomputing could accelerate AGI and ASI development, challenging Big Tech's dominance in AI.
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SingularityNET, Fetch.ai, and Ocean Protocol officially started their ASI token merger, starting with AGIX and OCEAN being merged into FET.
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The ASI Alliance, including Fetch.ai, SNET, & Ocean Protocol, has postponed the token merger to July 15 to ensure a smooth transition.
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The ASI Alliance merger finalizes, uniting Fetch.ai, SNET, and Ocean Protocol under a new $ASI token to foster decentralized AI growth.
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