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This AI coin is getting ready to burn: Analysts are expecting a rally!
AI coin project Fetch.ai is planning to burn 5 million tokens on January 10, 2025. By doing so, it aims to reduce supply and increase demand. The recent excitement surrounding AI coins has also fueled speculation about a potential rally for FET. Meanwhile, the price of $FET has increased by 2% in the last 24 hours. Analysts are predicting a potential rally towards $3.
Fetch AI co-founder Humayun Sheikh announced the burning of 5 million FET tokens on January 10. The move aims to reduce the total supply of FET tokens, which should increase their value by creating scarcity in the market. Token burns are generally welcomed by the crypto community, as such transactions usually lead to increased demand for the remaining tokens and higher prices. This move aims to actively manage the supply of tokens, thus indicating a strong commitment to increasing the long-term value of its ecosystem.
