FET Price Plunges, But Here’s Why Holders Shouldn’t Panic

Over the past day, Artificial Superintelligence Alliance’s (FET) price dropped by 10.10%, wiping out $1 billion from its market value. This sharp decline caught many in the cryptocurrency community by surprise. 

The Artificial Superintelligence Community (@ASI_Community) shared on X that the recent proposal to merge PAAL with the ASI Alliance sparked apprehension among FET holders, triggering a wave of selling. Here’s a closer look at why investors should avoid panic amidst the market turmoil.

Financial Overview and Market Reaction

If accepted, the proposal would involve integrating PAAL’s assets, which are estimated to contribute around $200 million in market capitalization to the Artificial Superintelligence Alliance’s ecosystem. 

This addition equates to approximately 160 million FET tokens, issued with a 5% fee and a vested structure, highlighting the financial scale of the potential merger. 

Despite this, some token holders opted to sell their holdings quickly, leading to a notable market drop. The tweet questions whether this reaction was justified, aiming to ease concerns by contextualizing the proposal’s intended benefits.

Read Also: XRP Price Pumps, but Here’s Why Ripple’s Community Should Be Careful

Community Strength in the Ecosystem

PAAL’s strong community backing is highlighted as another factor behind the merger proposition. The Artificial Superintelligence Community points out that welcoming PAAL’s supporters could fortify FET’s ecosystem by introducing a dedicated base of token holders. 

This enhanced community strength is expected to bring further commitment to the tools and applications within the FET platform, fostering a more unified and active user environment.

Advancing Technology for Decentralized AI

The tweets emphasize that PAAL’s technology is positioned as one of the most advanced language model solutions in Web 3, with unique applications in decentralized artificial intelligence. 

According to @ASI_Community, integrating PAAL into the ASI Alliance would reduce development time by leveraging PAAL’s existing framework. This approach would enable Fetch.ai to deploy more comprehensive AI-driven functionalities, utilizing resources like Ocean Protocol for data and CUDOS for computational power.

Read Also: Chainlink Whales Massively Accumulate LINK

Community Voting and the Future of Artificial Superintelligence Alliance (FET)

The proposal, brought forth by the ASI Alliance, underscores that this merger is still in the community discussion phase. Voting is scheduled to take place from November 18 to November 23, providing FET token holders the opportunity to decide on the merger. 

The Artificial Superintelligence Community encourages the participation of all holders, aiming to shape Artificial Superintelligence Alliance’s (FET) future direction with collective input.

By offering a clear financial rationale, community-driven motivation, and technological synergy, @ASI_Community suggests that the proposed PAAL merger could bring strategic benefits to FET’s ecosystem, despite initial market volatility.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Visit eToro Now

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.

The post FET Price Plunges, But Here’s Why Holders Shouldn’t Panic appeared first on CaptainAltcoin.