Whales Dumping Ahead of AI Altcoin Merger: Is This News Selling?

Cryptocurrency whales have started selling off an AI altcoin that is about to merge.

According to data from on-chain analytics platform Spot On Chain, a wallet linked to SingularityNET (AGIX) went on a selling spree on June 6th.

The wallet dumped 4 million AGIX worth $3.63 million on crypto exchange Binance. It is noteworthy that the wallet had not been active for the past 6 months.

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Will the big AI merger news turn into a sell-off event?

AGIX, Fetch.ai (FET), and Ocean Protocol (OCEAN) are merging into a single cryptocurrency called Artificial Superintelligence token (ASI) on June 13th. This merger will bring about a new token economy and dynamics.

In a bull market where the AI craze is so dominant, the teams behind the 3 projects may have tried their luck to create a new hype.

FET will be positioned as the reserve token of the alliance. However, it will later take on the form of the Artificial SuperIntelligence ASI Token. The conversion ratio is 1:1. There will be 1 ASI Token for every 1 FET.