AI Coins Plummet as Tiny $0.00073 Project Readies for Exchange Debut
Leading AI coins are posting bigger overnight losses than the top cryptocurrencies and meme coins.
Ocean Protocol ($OCEAN), SingularityNET ($AGIX), and Fetch.ai ($FET) are all down by double-digit percentage figures over the last seven days.
Last month’s news that $AGIX and $OCEAN are merging into the $3 billion market cap token $FET in a Binance-supported deal helped the tokens rally sharply from mid-to-late June.
However, they’ve since been posting losses, with today’s losses being particularly bad. This is down to a mix of things, including a delay in the merger schedule, but broadly speaking, many AI coins are down across the sector.
At the time of writing, Fetch.ai is down 6.4% from its price this time yesterday and 16.4% over the last seven days. It now trades at $1.19.
The same can be said of Ocean Protocol and SingularityNet. $OCEAN fell 6.5% overnight and 16.5% over the week to $0.5204, while $AGIX dropped 8% overnight and 15.2% over the week to $0.5235.
The biggest AI coin, Near Protocol’s $NEAR token, depreciated 7.4% overnight and 8% in seven days to change hands at $5.24.
These losses much heavier than those posted by crypto market leader Bitcoin ($BTC). The world’s favorite digital asset fell 3.4% overnight and 0.6% over the week to trade at $64,169.
Still, the picture for AI coins may not be as bleak as it seems once we examine $NEAR’s performance over the last three months. While the token has fallen from highs of $8, it has found support around $4.
A July rebound appears to have held, giving the token’s price headroom to climb again. However, $NEAR could very easily lose its gains if the price keeps falling.
Given its relative strength index (RSI) is 35 and falling, which indicates heavy selling, further losses
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