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Can FET Price Hit $3 Amid 5M Token Burn Plan & Soaring AI Hype?
Fetch AI, now the Artificial Superintelligence Alliance (ASI) after merging with Ocean Protocol and SingularityNET, is poised for growth amid recent developments. The planned burn of 5 million FET tokens in January 2025 aims to reduce supply, sparking optimism among investors. With the growing hype around decentralized AI, many are speculating that FET price could hit $3 soon.
Impact of the 5M Token Burn on FET Price
On January 4, Fetch AI’s co-founder Humayun Sheikh announced that a significant 5 million FET token burn is scheduled to take place on January 10. This initiative aims to reduce the total supply of FET tokens, which is expected to enhance their value by creating scarcity in the market.
Token burns are typically viewed positively by the crypto community, as they often lead to increased demand for the remaining tokens, driving up prices. By actively managing its token supply, It signals a strong commitment to improving the long-term value of its ecosystem.
First burn of 5m $fet will be on the 10th of Jan 25. 🔥@Fetch_ai @ASI_Alliance
— Humayun (@HMsheikh4) January 4, 2025
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.
Besides, another expert Scient has shared a chart for FET price, which indicates a potential rally of the crypto to about $3. However, he also warned that if it falls below the $1.365 support, it could witness a slip to $0.8.
The recent surge in interest in the top AI coins has also fueled optimism. This growing interest in AI has created a favorable environment for FET. As a result, expectations for price growth are increasing in the coming weeks.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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