With the impending 5M token burn and rising AI hype, the FET price could aim for the short-lived $3 level. Investors are keenly monitoring the potential impact.
Fetch AI, now rebranded as the Artificial Superintelligence Alliance (ASI) following its merger with Ocean Protocol and SingularityNET, is set for expansion amid recent advancements. The scheduled burn of 5 million FET tokens in January 2025 aims to curtail supply, fueling investor optimism. With the rising excitement surrounding decentralized AI, speculation is mounting that the FET price could soon reach $3.
Impact of the 5M Token Burn on FET Price.
On January 4, Fetch AI co-founder Humayun Sheikh revealed that a major 5 million FET token burn is planned for January 10. This move is designed to decrease the overall supply of FET tokens, potentially boosting their value by introducing scarcity to the market.
Token burns are generally seen in a positive light by the crypto community, as they tend to increase demand for the remaining tokens, thereby pushing prices higher. By proactively managing its token supply, it demonstrates a solid dedication to enhancing the long-term value of its ecosystem.
Source: X
In addition to the token burn, Fetch AI has already completed its strategic merger with Ocean Protocol and SingularityNET, resulting in the formation of the Artificial Superintelligence Alliance (ASI). This merger strengthens its position in the decentralized AI sector, offering a competitive alternative to the centralized control over AI development by tech giants. The alliance combines 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 combined token for all three projects. It could further boost the FET price 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 The AI Token?
The Artificial Superintelligence Alliance (FET) has been steadily climbing as anticipation builds around the upcoming 5 million FET token burn. Currently, FET price traded at $1.47, reflecting a 2% increase in the last 24 hours. The token’s price fluctuated between $1.44 and $1.50 in the same time frame, signaling stable demand in the market.
As the FET token burn event nears, the market is closely watching the supply reduction’s impact on price. Amid this, a popular market expert CW noted that FET recently completed a retest after breaking through the falling wedge pattern. This suggests a rally may be imminent.
The analyst predicts that FET will reach a target price of $2.25 since it didn’t break the previous low. This reinforces confidence in FET’s potential upward movement.
Source : TrandingView
Additionally, another expert, Scient, has shared a chart for FET's price, suggesting a potential rally toward $3. However, he cautioned that if it drops below the $1.365 support level, it could decline further to $0.8.
Source: TrandingView
The recent spike in interest in leading AI coins has further boosted optimism. This heightened focus on AI has fostered a supportive environment for FET, leading to rising expectations for price growth in the weeks ahead.