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Fetch.AI (FET), a leading project in artificial intelligence, is progressing towards becoming the reserve currency for the Superintelligence Alliance (ASI), which includes Fetch.AI, Ocean Protocol, and SingularityNET. The Fetch Foundation has minted additional tokens to meet the needs of the ASI alliance. This development appears to be laying a solid foundation for the project’s growth and advancement. However, today there was a decline in the price of FET.
Fetch Foundation Mints 1.48 Billion FET
The Fetch Foundation recently made a move by releasing 1.48 billion FET tokens into circulation. This occurred as part of an alliance called the Superintelligence Alliance, involving three major crypto-focused artificial intelligence projects: Fetch.AI (FET), Ocean Protocol (OCEAN), and Singularity NET (AGIX). The alliance’s token has been named ASI, which stands for Super Artificial Intelligence token.
OCEAN and AGIX holders can now exchange their assets for FET, as FET can be swapped at a 1:1 ratio with ASI. In the cryptocurrency market, it is still a question at what price ASI will trade. If it is to be exchanged at a 1:1 ratio with FET, this indicates that the ASI price will be the same as the FET price.
To meet its need for a reserve currency, the Foundation took a step five days ago by minting 1.48 billion tokens valued at $2.96 billion, thus bringing the total supply of FET to 2.63 billion. With this significant increase, large wallet holders of FET headed to the exchanges to liquidate their assets.
Movement Detected from Two Major Whales
According to crypto intelligence data provided by Spotonchain, two major whale wallets transferred a total of 1.47 million FET to the centralized crypto exchange named Binance. In April, these two whale wallets detected by Spotonchain sent 4.9 million FET tokens to Binance.
Shortly after these transfers, the value of the cryptocurrency FET token underwent a correction. This movement is interpreted as a typical scenario where large investors close their positions and liquidate their assets to realize profits.
As these whales sold their tokens and converted their exchange assets into cash, the value of the FET token also experienced a 2.50% decrease during the day. At the time this article was written, the cryptocurrency FET is trading at $2.2765.
