- FET surged 14% following ASI Alliance’s US$50M “Earn & Burn” strategy, reducing token supply and enhancing scarcity.
- The strategy increased FET’s market cap to US$4.07B and trading volume by 87.68%, reinforcing its position in AI-related cryptocurrencies.
- ASI Alliance unifies Fetch.ai, SingularityNET, and Ocean Protocol, leveraging decentralised AI and deflationary tokenomics for sustainable growth.
FET, the native token of the Artificial Superintelligence Alliance (ASI), has seen a notable price increase following the announcement of a US$50M (AU$76M) “Earn & Burn” mechanism, which will work as a deflationary strategy to reduce FET’s token supply.
The idea, naturally, is designed to enhance the token’s value by mitigating inflation, incentivising long-term holding and use, and fostering a sustainable ecosystem. As a response, the FET token surged as much as 14% in the day, reaching a high of US$1.74 (AU$2.67) before stalling back to US$1.67 (AU$2.57).
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AI-Focussed Coins Receive Boost
This surge has pushed FET’s market capitalisation to approximately US$4.07B (AU$7.2B) and its 24-hour trading volume to US$912.22M (AU$1.4B), an 87.68% increase, solidifying its position as a top-performing AI-related cryptocurrency.
All in all, the strategy generated renewed interest in the AI-focussed cryptocurrency and its ecosystem, highlighting its potential within the convergence of artificial intelligence and blockchain technologies. Most of these AI-related coins were overshadowed in 2024 by flamboyant and speculative memecoins, celebrity tokens, and other high-risk projects.
The ASI is a collaborative initiative that combines three prominent projects at the intersection of artificial intelligence (AI) and blockchain technology: Fetch.ai, SingularityNET, and Ocean Protocol.
Finalised on June 13, 2024, this merger establishes ASI as a leading force in developing artificial general intelligence (AGI), emphasising a decentralised and ethical approach to AI innovation.
A significant outcome of the merger was the creation of the ASI token, which integrates the utility of all three ecosystems. This unified token functions as the backbone of the decentralised AI network, facilitating transactions, collaborations, and innovations within the alliance.
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The token conversion process allowed holders of the original tokens —FET, AGIX, and OCEAN —to exchange their holdings for ASI tokens at specified ratios:
- FET to ASI: 1:1
- AGIX (SingularityNET) to ASI: 0.433350:1
- OCEAN to ASI: 0.433226:1
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