AI-based cryptocurrency project Fetch.ai plans to burn 5 million FET tokens on January 10, 2025. With this move, it aims to increase demand by reducing supply and increase the value of the token. The recent interest in AI coins has also fueled expectations of a potential price increase for Fetch.ai. The FET price has increased by 2% in the last 24 hours, and analysts predict that the price could rise to $3.
Fetch.ai co-founder Humayun Sheikh announced the burning of 5 million FET tokens on January 10. This is a strategy that is expected to lead to value gains by limiting the supply of tokens. The crypto community generally welcomes token burns because it increases demand for the remaining tokens in the market and can cause prices to rise. Fetch.ai aims to strengthen the long-term value of its ecosystem by actively managing the token supply.
In addition to the FET token burn, Fetch.ai has made a strategic merger with Ocean Protocol and SingularityNET. This merger laid the foundations for a new formation called the Artificial Superintelligence Alliance (ASI). This alliance aims to decentralize the development of artificial intelligence technologies and compete with technology giants. In addition, this merger paved the way for a unified token for all three projects, the ASI token. Experts say that this development could further increase the value of artificial intelligence coins. This indicates that Fetch.ai’s potential to gain value in the near future will increase.
The FET token price is trading at $1.47, up 2% in the last 24 hours. The price fluctuated between $1.44 and $1.50 during this period. As the token burn event approaches, the effects of the decrease in supply on the price are being watched with curiosity. Market expert CW stated that FET recently retested after breaking the falling wedge formation, and that this could be a signal for a price rally. The analyst predicts that FET could reach $2.25. This strengthens confidence in FET’s potential upward movement.
Another analyst, Scient, shared a chart predicting that the price for FET could rise to around $3. However, he warned that if it falls below the $1,365 support, the price could drop to $0.80.
