This AI coin is preparing to burn: analysts expect a rally!
The Fetch.ai AI coin project plans to burn 5 million tokens on January 10, 2025. By doing so, it seeks to reduce supply and increase demand. The recent excitement around AI coins has also fueled speculation about a possible rally for FET. Meanwhile, the price of $FET has increased by 2 percent in the last 24 hours. Analysts predict a possible rally towards $3.
The co-founder of Fetch AI, Humayun Sheikh, announced the burning of 5 million FET tokens on January 10. The initiative aims to reduce the total supply of FET tokens, which is expected to increase their value by creating scarcity in the market. Token burns are generally well-received by the crypto community, as these transactions often lead to an increase in demand for the remaining tokens and higher prices. This move seeks to actively manage the token supply, thus indicating a strong commitment to increasing the long-term value of its ecosystem.
In addition to the token burn, Fetch AI has completed its strategic merger with #OceanProtocol and #SingularityNET, thus creating the Artificial Superintelligence Alliance (ASI). This merger strengthens its position in the decentralized AI sector by offering a competitive alternative to the centralized control of tech giants over AI development. The merger also paves the way for a unified token for the three projects, the ASI token. According to experts, this is likely to further increase the price of the AI coin. The community also has high expectations for price increases, making this a very important period for the project.
The Artificial Superintelligence Alliance (FET) has been steadily rising as anticipation grows around the burn of FET tokens. At the time of writing, the price of FET is trading at $1.47, a 2% increase in the last 24 hours. The token price has fluctuated between $1.44 and $1.50 during the same period.