Fetch.ai’s (FET) price is no longer Fetch.ai’s price; it is the price of the Artificial Superintelligence Alliance. 

As Ocean Protocol (OCEAN) and SingularityNET (AGIX) merged into Fetch.ai (FET), their collective identity has been converted into ASI.

Whales Welcome Fetch.Ai’s Conversion Into ASI

Fetch.ai’s price was expected to rise ahead of July since the token merger commenced this week, with a projected completion by mid-July. The Artificial Superintelligent Alliance will trade under the FET ticker during this transition. With a current market capitalization nearing $3 billion, it has emerged as the second-largest asset in the AI token market.

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

These investors expect a price surge following the merger’s completion, resulting in profits.

However, optimism is not limited to whales; it is also shared by retail investors. The weighted sentiment has been largely positive, with Fetch.ai noting mentions across social media platforms.

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

FET Price Prediction: Breaking out of the Consolidation

Fetch.ai’s price was expected to reap the bullishness arising out of the merger, but the broader market cues countered this. As a result, FET is still consolidated between $1.7 and $1.0, and it has been continuing for nearly a month now. 

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

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Although the altcoin has shown signs of potential decline and losing the lower limit of $1.0, it cannot be ruled out completely. If this happens, the bullish thesis would be completely invalidated.

UFC star Khamzat Chimaev, known for his formidable presence in the ring, recently ventured into cryptocurrency, intending to capitalize on his popularity.

However, he faces allegations of insider trading related to his newly launched meme coin. He also has drawn the ire of the crypto community and raised serious questions about his financial activities.

Chimaev’s SMASH Coin Crashes After Initial Hype

Initially, Chimaev engaged his followers on X (formerly Twitter) by asking which cryptocurrency he should invest in. The very next day, Chimaev introduced his SMASH meme coin on the Solana (SOL) blockchain. He encouraged his fans to buy the SMASH meme coin, leveraging his famous catchphrase, “Smash ’em all.”

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Despite initial hype and promotional efforts on his social media, the asset’s price fell to zero soon after its release. The crypto community quickly accused Chimaev of orchestrating a pump-and-dump scheme. In the crypto market, a pump-and-dump scheme involves artificially inflating an asset’s price before selling off at a peak, leaving later buyers with devalued investments.

Data from GeckoTerminal revealed a staggering 72% drop in SMASH’s value within 24 hours, with a temporary plunge exceeding 96%. The meme coin’s market capitalization now stands at only $82,000. Moreover, its trading volume barely surpasses $116,000.

Moreover, all related tweets had been deleted at the time of writing. These add more suspicion surrounding the meme coin.

Prominent on-chain sleuth ZachXBT uncovered evidence suggesting insider trading on SMASH. He pointed out that insiders and wallets linked to the developers purchased up to 78% of the SMASH volume.

“Why do all of you instantly nuke your reputation with meme coin scams?” ZachXBT called out.

Furthermore, ZachXBT’s findings indicate that at least 71% of the coin’s supply has a direct connection with insider wallets funded from the same Ethereum address as the developer’s wallet on Solana. A total of 24 addresses collectively received 86.2 SOL, valued at around $11,500.

This amount was subsequently utilized to acquire 712 million SMASH tokens, representing 71.2% of the total available supply of SMASH tokens. These assets were dispersed among smaller addresses, further complicating the traceability of the transactions.

The incident with Chimaev’s SMASH coin is not an isolated case. The crypto market has witnessed a surge in meme coins launched by celebrities, often leading to similar controversies. 

For instance, former Olympic athlete and Kardashian-Jenner family member Caitlyn Jenner faced accusations of fraud after launching her own coin. Similarly, confusion and deceit marred singer Iggy Azalea’s token release, as an unauthorized asset appeared on the market just before her official launch.

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Earlier in June, Ethereum co-founder Vitalik Buterin has criticized celebrity meme coins. Buterin emphasized that digital assets should serve meaningful purposes rather than simply enriching insiders.

LayerZero (ZRO) price is observing the impact of the broader market’s bearish cues as it struggles to rally.

The lack of bullishness among investors is also acting as resistance to any potential recovery ZRO could witness.

LayerZero Investors Are Skeptical

ZRO’s launch last month was met with considerable bullishness but the recent performance does not relay the same. In the past week, ZRO’s Open Interest plummeted by nearly 50%, falling sharply from $112 million to $66 million. 

This significant decline suggests a reduction in the number of outstanding contracts or positions held by traders, indicating diminished market activity or a shift in sentiment.

Meanwhile, ZRO’s Chaikin Money Flow, which tracks buying and selling pressure, mirrors this bearish sentiment. The indicator reflects continued selling pressure on ZRO, implying that more capital is leaving the token than entering it. This trend typically indicates a negative outlook among investors and traders.

The combination of declining Open Interest and a bearish Chaikin Money Flow underscores a challenging period for ZRO. The substantial decrease in Open Interest indicates reduced market participation or possibly a loss of confidence among traders. 

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Simultaneously, the persistent selling pressure highlighted by the Chaikin Money Flow suggests ongoing bearish sentiment, potentially leading to further downside in ZRO’s price.

ZRO Price Prediction: Preventing Further Decline

ZRO’s price declined by 32% in the span of 48 hours but noted a 15% recovery over the past day. The altcoin trading under $3.42 is still susceptible to a decline as the bearish cues remain persistent. This could result in ZRO falling through the support at $3.00.

This would not only lower ZRO’s price to $2.50 but also leave it vulnerable to further decline.

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But if the altcoin manages to breach the resistance at $3.44, it could climb back to $3.82. Breaking this barrier would push ZRO’s price to $4.00, invalidating the bullish thesis.