Fetch.ai (FET) Attracts Whales Ahead of ASI Transformation

The Fetch.ai (FET) price is no longer the Fetch.ai price; it is the AI ​​Alliance price.

After the merger of Ocean Protocol (OCEAN) and SingularityNET (AGIX) into Fetch.ai (FET), their collective identity was transformed into ASI.

Whales Welcome Fetch.Ai to ASI Conversion

Fetch.ai was expected to rise in price ahead of July, as the token merger began this week and is scheduled to be completed in mid-July. Artificial Superintelligent Alliance will trade under the ticker FET during the transition. With a current market cap approaching $3 billion, it has become the second-largest asset in the AI ​​token market.

FET whales spotted the profit opportunity this presented and jumped in to accumulate as much as they could. Within a week, addresses holding between 100,000 and 10 million FET added over 62 million FET, worth about $73 million.

FET Whale Holdings. Source: Santiment

These investors expect prices to rise sharply after the merger is completed, resulting in profits.

However, the optimism is not limited to whales; it is shared by retail investors as well. The measured sentiment has been largely positive, with Fetch.ai noting mentions on social media platforms.

Read more: How will artificial intelligence (AI) change cryptocurrency?

FET Weighted Sentiment. Source: Santiment

Their optimism reflects the optimistic sentiment surrounding ASI and its potential in the near future.

FET Price Forecast: Breaking Out of Consolidation

Fetch.ai’s price was expected to reap the benefits of the bullish sentiment that resulted from the merger, but broader market signals have been counter to that. As a result, FET is still consolidating between $1.7 and $1.0, and has been doing so for almost a month now.

This consolidation will continue in the coming days until the merger is completed, and the resulting optimism will help FET break out of it.

Read more: Top 9 AI-Powered Cryptocurrencies in 2024

FET Price Analysis. Source: TradingView

Although the altcoin has shown signs of a potential decline and loss of the $1.0 floor, it cannot be completely ruled out. If it happens, the bullish thesis will be completely refuted.

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