Top US exchange Coinbase is not going to facilitate the planned merger of multiple artificial intelligence altcoin projects into a single new crypto.

In an announcement via the social media platform X, Coinbase says that customers will have to initiate the merger on their own.

“Ocean (OCEAN) and Fetch.ai (FET) have announced a merger to form the Artificial Superintelligence Alliance (ASI). Coinbase will not execute the migration of these assets on behalf of users.”

In March, Fetch.ai (FET), Singularitynet (AGIX) and Ocean Protocol (OCEAN) announced a plan to merge with an aim to create the largest independent player in artificial intelligence (AI) research and development, which they are calling the Artificial Superintelligence Alliance (ASI).

The merger is happening in phases, beginning July 1st, according to a recent project update.

“Starting July 1, the token merger will temporarily consolidate SingularityNET’s AGIX and Ocean Protocol’s OCEAN tokens into Fetch.ai’s FET, before transitioning to the ASI ticker symbol at a later date. This update enables an efficient execution of the token merger, and outlines the timelines and crucial steps for token holders, ensuring a smooth and transparent process.”

Coinbase says users can effect the merger on their own using their wallets.

“Once the migration has launched, users will be able to migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet. The ASI token merger will be compatible with all major software wallets.”

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TARS AI (TAI) and AIOZ Network tokens were among the best-performing cryptocurrencies on Friday as demand for artificial intelligence (AI) rebounded. TAI jumped to an intraday high of $0.2200, its highest point since June 16th. 

Similarly, AIOZ Network rebounded to $0.60, its highest level since June 15th. It has risen by more than 41% from its lowest level this year. Other AI tokens like Akash Network, SingularityNET, and Fetch also rebounded. 

AIOZ Network vs TARS AI

TARS AI token burn

This performance also happened in the stock market, where companies like Nvidia, C3.ai, and AMD rose by over 0.50%. 

These tokens also rose after they made several important news. Tars, an AI infrastructure network on Solana, announced that it had burned 100 million tokens worth over $15 million. These tokens accounted for about 10% of those in circulation.

A token burn is an important aspect of the crypto industry that permanently removes tokens in circulation by sending them in an address that cannot be accessed. It is meant to improve a token’s value by reducing its supply.

Tars also announced that it would bring .ai domains to Solana. Its goal is to replicate the success of Ethereum Name Service (ENS), which has registered millions of domains in the past few years. 

Earlier this month, the developers announced that they would launch an AI fund worth 10 million TAI tokens. The funding will go to developers in key sectors like DePin, retail products, computation, and finance. 

AIOZ Network node upgrade

Meanwhile, AIOZ Network’s token rose after the developers launched the latest version of the AIOZ Node. The new version brought new functionalities, including the introduction of the  transcoding functionality. Transcoding enables users to participate in video transcoding, a process that converts video files into different formats. 

The TAI and AIOZ gains will likely be sustainable if Bitcoin bounces back. Its recent attempts to rebound have faded at around $61,000, where it has been stuck in the past few days. In most cases, altcoins move in the same direction as Bitcoin.

Akash Network (AKT) price was up 12% on Thursday as the cryptocurrency ranked second behind Book of Meme (BOME) as the top gainers.

While BOME leads top 100 gainers by market cap with a 24-hour gain of over 14%, AKT traded to highs of $3.45. The AI related token led other coins in this category, with only Render (RNDR) and The Graph (GRT) in the green among top AI and Big Data cryptocurrencies.

SingularityNET, Fetch.ai and Ocean Protocol, which are headed for a merger under the Artificial Superintelligence Alliance (ASI), were all dumping more than 10% at the time of writing.

The all-time high for AKT was $8.07 reached in April 2021.

However, while in the current market cycle, the cryptocurrency peaked at $6.22 on March 10, 2024. A surge amid Upbit listing in April saw AKT break to above $6.03 before paring gains.

Akash Network price up amid RenAIssance Hackathon

The broader crypto market was up just 1% to about $2.29 trillion, but Akash Network appeared to defy this with its double-digit gain.

As well as the announcement that Crypto.com now supports AKT staking with up to 19% in rewards, positive vibes around Akash Network may have come from another major network related event.

On June 25, the Akash team revealed a collaboration with Flock, a platform for decentralized training of AI models.

With FLock.io, AKT holders can participate in an open and collaborative ecosystem, contributing to training of models, for on-chain rewards. Users can also contribute data and other computing resources to earn AKT.

The RenAIssance Hackathon offers rewards in AKT, USDC and native FLock token FML.  Top 3 models in the hackathon will earn 400 USDC and $400 worth of AKT for the winner; 300 USDC plus $300 worth of AKT will go to the runner up and 200 USDC plus $200 in AKT for the third-place model.

Participants also stand to win 200 USDC and $200 worth of AKT for winning validators.