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
Cudos joins the ASI Alliance pending a community vote, potentially enhancing its decentralized AI and cloud computing capabilities.
Ocean Protocol has rescheduled the launch of its Nodes Incentive Program to Aug. 29, complete backend updates and enhancements.
Despite Coinbase's decision, users can migrate their AI tokens using self-custodial wallets to join the $7.5 billion merger.
Both AI-tokens Fetch and SingularityNET staged a strong price recovery after a three-month downtrend.
Amid an overall market downtrend, crypto assets based on artificial intelligence (AI) have exhibited substantial gains, fueled by the AI frenzy permeating the traditional finance and crypto markets. This surge has been further augmented by the continuous rally of tech company Nvidia, which recently claimed the world’s most valuable company title, with its soaring share price reaching an all-time high. Fetch.ai Rides Nvidia’s Success Nvidia’s stock, now valued at $3.34 trillion, has nearly doubled in price since the beginning of the year, surpassing the likes of tech giants Microsoft and Apple. This rise has been attributed to Nvidia’s dominance in providing the essential chips required for artificial intelligence, often called the “new gold or oil in the tech sector” by analysts. Amidst these developments, AI-based crypto tokens have emerged as outperformers, overshadowing major cryptocurrencies that have experienced a sharp price correction led by Bitcoin (BTC). According to data from CoinGecko, notable gainers among AI tokens include Fetch.ai (FET), Singularity Net (AGIX), and Ocean Protocol (OCEAN), with gains of 24%, 23.5%, and 22%, respectively, within the past 24 hours alone. Related Reading: Ethereum Price To Hit $10,000, ‘Just The Way The Chips Have Fallen,’ Analyst Says On the one hand, FET experienced a significant recovery and broke its downtrend following a substantial price correction that brought it down to $1.10. Despite being down over 58% from its all-time high of $3.45 in March, blockchain research firm House of Chimera highlights potential real-world use cases for Fetch.ai. For instance, FET’s autonomous agents can optimize logistics by analyzing and predicting optimal routes, thereby reducing costs and improving delivery times. With the growing interest in AI applications in the industry and traditional finance, FET’s AI algorithms analyzing large datasets may lead to further price increases in the coming months. Currently, FET is trading at $1.44 with a market capitalization of $3.6 billion. Long-Term Potential For AI-Based Crypto Tokens Similarly, Singularity Net’s native token AGIX has followed a similar trajectory to FET, reaching a high of $1.46 in March but currently trading 58% lower at $0.6018. However, the underlying uses of the protocol, centered around the creation and monetization of AI services through its AI marketplace, suggest the potential for significant gains and investor interest in the long term. The native token of Ocean Protocol, OCEAN, also displays price actions comparable to those of AGIX and FET. Currently trading at $0.6094, OCEAN has witnessed a trading volume increase of over 20% in the last 24 hours. The protocol’s open-source model aims to facilitate the exchange and monetization of data and data-based services, with notable applications such as running AI-powered prediction bots or trading bots on crypto price feeds. Related Reading: Whales Dump Over $1 Billion In Bitcoin: Fire Sale Or Foreshadowing? Ultimately, Chris Penrose, the global head of business development for telco at Nvidia, firmly believes in future price gains for the entire AI sector, which will further adoption of crypto AI-based tokens. Penrose expressed utmost confidence in the transformative power of generative AI, emphasizing that investors have barely scratched the surface of its impact on businesses worldwide. Wedbush Securities, a renowned financial firm, echoed this sentiment by predicting an intense race in the tech sector. Nvidia, Apple, and Microsoft vied for a significant $4 trillion market cap in the upcoming year. Featured image from DALL-E, chart from TradingView.com
Industry leaders say the delay in the ASI merger to July 15 will not halt progress toward decentralized superintelligence.
The three AI platforms will complete their token merger on June 13, and the FET token will be renamed ASI two days before.
This week in the Bitcoin and crypto market promises to be particularly eventful, with several key developments poised to capture investors’ attention. From anticipated regulatory filings shedding light on institutional Bitcoin ETF investments to potential groundbreaking partnerships and innovative mergers in the DeFi and AI sectors, the landscape is ripe with opportunities and challenges. Here’s […]