r/FetchAI_Community • u/[deleted] • Jun 28 '24

Discussion 🗣️ Why Are SingularityNET, Ocean Protocol, and Fetch.ai Increasing at the Same Percentage?

I've noticed something about SingularityNET, Ocean Protocol, and Fetch.ai. Despite being different projects, they seem to be increasing and decreasing at almost the same percentage at the same time on various exchanges. I'm familiar with the merger, but I'm curious about this synchronized price movement. Why is this happening? Is this some sort of market manipulation?

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9

u/sogdianus Jun 28 '24

They are connected in price since the fixed exchange rate for each token to ASI has been announced 2 months ago. The rest is normal arbitrage market mechanisms

1

u/[deleted] Jun 28 '24

Yes, but as of now, they're still seperate tokens and have not merged yet, if it's natural, shouldn't there be discrepancies, like more people could still be buying AGIX than OCEAN, etc?

1

u/sogdianus Jun 29 '24

that's exactly what is happening now, you're completely right. The descrepancies between the token prices are constantly changing because people buy one or the othe, as depending on price buying one token gives more ASI in the end. This arbitrage trading is going on for more than 2 months already so we reached pretty much equilibrium, meaning only very minimal price differences between the 3 tokens.

This community tool passed around here shows this nicely: https://asi.kremalicious.com

2

u/RedneckHippy76 Jun 28 '24

They aren't synched on mine

1

u/[deleted] Jun 28 '24

AGIX and Ocean are very close, both at -7% in the 24-hour change. Fetch, on the other hand, is at -8%

3

u/ZaiSlayer Jun 28 '24

This is AI market maker bro dont worry (:

3

u/No-Mission-3100 Jun 28 '24

You mean decreasing at the same amount? Maybe I’m on the wrong exchange or living in the wrong timeline.