Could FET Hit $3 Amid 5 Million Token Burn Plan and Growing AI Hype?
With 5 million tokens burned and AI hype building, FET price could target $3. Investors are closely watching the impact.
Could FET Hit $3 Amid 5 Million Token Burn Plan and AI Hype?
Highlights
FET price is up 2% in the past 24 hours, with analysts predicting a potential rally towards $3.
FET plans to burn 5 million tokens on January 10, 2025, with the aim of reducing supply and increasing demand.
The recent hype around AI coins has fueled speculation about a potential FET rally.
Fetch AI, now the Artificial Super Intelligence (ASI) Alliance after merging with Ocean Protocol and SingularityNET, is poised for growth amid recent developments. The planned 5 million FET token burn in January 2025 aims to reduce the supply, sparking optimism among investors. With the growing hype around decentralized AI, many are predicting that the FET price could hit $3 soon.
The impact of burning 5 million tokens on the price of FET
On January 4, Humayun Sheikh, co-founder of Fetch AI, announced that a massive 5 million FET token burn is scheduled for January 10. The initiative aims to reduce the total supply of FET tokens, which is expected to boost their value by creating scarcity in the market.
Dexpos
Token burns are typically viewed positively by the crypto community, as they often lead to increased demand for the remaining tokens, driving up prices. By actively managing their token supply, they signal a strong commitment to improving the long-term value of their ecosystem.
In addition to the token burn, Fetch AI has already completed its strategic merger with Ocean Protocol and SingularityNET, forming the AI Super Intelligence (ASI) Alliance. This merger strengthens its position in the decentralized AI sector, and offers a competitive alternative to the centralized control of AI development by tech giants. The alliance brings together the resources of Fetch AI, SingularityNET, and Ocean Protocol to accelerate the development of decentralized AI technologies.
The merger also paves the way for the ASI token, a common token for all three projects. This could drive up the price of FET and impact the market. The community’s high expectations for its price growth make this a crucial period for the project.
What's next for AI token?
The price of Super AI Alliance (FET) has been steadily rising as speculation grows about the upcoming 5 million FET token burn. Currently, the FET price is trading at $1.47, reflecting a 2% increase in the last 24 hours. The token price has been fluctuating between $1.44 and $1.50 in the same timeframe, indicating stable market demand.
Cryptocurrency exchange
As the FET token burn event approaches, the market is closely watching the impact of the supply cut on the price. In the midst of this, popular market expert CW pointed out that FET recently completed a retest after breaking out of a falling wedge pattern. This suggests that a rally may be imminent.
The analyst expects FET stock to reach a price target of $2.25, as it has not broken its previous low. This strengthens the confidence in the potential upward movement of FET stock.
Additionally, another expert from Scient shared a FET price chart, which indicates a potential rally for the cryptocurrency to around $3. However, he also warned that if the price drops below the $1.365 support level, it could see a slide to $0.8.
FET Price Analysis
Source: Saint, X
The recent surge in interest in leading AI coins has also fueled optimism. This growing interest in AI has created a favorable environment for FET. As a result, expectations for price growth in the coming weeks are growing.
