Fetch AI, along with Ocean Protocol and SingularityNET, has formed the Artificial Superintelligence Alliance (ASI). A planned burn of 5 million FET tokens scheduled for January 2025 has sparked positive expectations among the crypto community by aiming to reduce supply. The growing interest in decentralized artificial intelligence supports speculations that the FET price could potentially rise to three dollars in a short time.
Impact of the 5 Million Token Burn on FET Price
Humayun Sheikh, co-founder of Fetch AI, stated that the upcoming 5 million FET token burn on January 10 aims to reduce the total supply. This reduction could create scarcity in the market, which may subsequently increase the value of the tokens.
Token burns are generally welcomed by the crypto community as they can drive demand for the remaining tokens, leading to price increases. Supply management demonstrates a commitment to enhancing the long-term value of the ecosystem.
Humayun Sheikh said, “Our first burn on January 10 will be a significant step to increase FET’s value.”
Strategic Importance of the ASI Merger
The merger of Fetch AI, Ocean Protocol, and SingularityNET has created ASI, aiming to accelerate the development of decentralized AI technologies and offer an alternative to centralized tech giants.
This merger has also paved the way for the emergence of the ASI token. By consolidating the resources of the three projects, it can have a positive market impact and support the price of FET.
As ASI approaches the 5 million FET token burn, the current trading price of FET is reported around 1.47 dollars. The potential effects of the upcoming burn on the price are of great interest to market observers.
Expert CW noted that FET has broken a descending wedge formation and is likely to rise soon, suggesting a target price of 2.25 dollars. Another expert, Scient, indicated that while FET could reach three dollars, it may drop to 0.8 dollars if it falls below 1.365 dollars.
The increasing interest in AI is creating a positive environment in the market, particularly boosting demand for high-level AI coins. This situation strengthens price rise expectations for FET as well.
Fetch AI’s strategic moves and token burn plans are drawing attention in the crypto market, creating an optimistic atmosphere among stakeholders. The project’s future strategies and developments in AI could provide investors with insights to make informed decisions, with token burns and mergers playing crucial roles in long-term success.
