FET Token Price Rises as Major Developments Unfold in the AI and Blockchain Space
The FET token, part of the Artificial Superintelligence Alliance, has been on a significant upward trend, witnessing its third consecutive day of gains. On September 19, the coin surged to $1.5768, marking a remarkable 127% increase from its lowest value earlier in the month. This price hike brought the token to its highest level since June 27, reflecting the overall recovery seen across the cryptocurrency market following the Federal Reserve’s recent decision to reduce interest rates.
Increased Centralized Exchange (CEX) Inflows Fuel the Rally
A critical factor behind FET’s surge is the substantial rise in centralized exchange inflows. According to data provided by Nansen, FET witnessed over $7.8 million in inflows into centralized exchanges within a 24-hour period—a staggering 127x increase compared to the average inflows. This sudden spike in exchange activity often signals that some holders might be preparing to sell off their tokens, though it can also be interpreted as a sign of growing market interest and liquidity for the FET token.
Smart Money Wallets Increase FET Holdings
While some investors may be offloading their holdings, smart money—typically representing institutional investors and large-scale market players—has been accumulating FET at a significant rate. The number of FET tokens held by smart money wallets has surged, reaching a year-to-date high of 5.9 million. This increase is accompanied by the rise in the number of smart money wallets holding the token, which grew from 21 last month to 25. This trend suggests growing confidence in FET as a long-term investment among seasoned market participants.
Trading Volume and Futures Open Interest Reach New Highs
The volume of FET traded across various exchanges also saw a massive increase, climbing to over $623 million. This is the highest trading volume for the token since March of this year, reflecting the heightened interest in FET in the wake of recent developments. In addition, data from CoinGlass revealed that FET’s futures open interest surged to more than $92 million, the highest level since June 9. These numbers indicate that both spot and derivative markets are witnessing a surge in activity as investors position themselves for future price movements.
AI and Blockchain-Related News Boost FET
The broader AI and blockchain industries have been buzzing with exciting developments, which have played a role in FET’s upward momentum. In China, Alibaba recently unveiled a range of AI tools, including over 100 open-source AI models designed to advance the capabilities of artificial intelligence across various sectors. Meanwhile, OpenAI, one of the leading AI companies globally, is reportedly raising funds at a $150 billion valuation. This fundraising effort solidifies OpenAI’s position as a dominant force in the AI industry, with the potential for substantial long-term gains, especially as the company has also partnered with T-Mobile, a collaboration that could increase its earnings by more than $39 billion.
Cudos Merger Vote Looms Large for the Artificial Superintelligence Alliance
Another factor driving FET’s price increase is the anticipation surrounding an upcoming vote that could see Cudos join the Artificial Superintelligence Alliance. Currently, the alliance consists of three major players: Fetch.ai, Ocean Protocol, and SingularityNET. The potential addition of Cudos is significant, as the project bridges the gap between blockchain technology and cloud computing by providing decentralized storage solutions. As a result, the Cudos token has also seen a 13% price increase, bringing its market capitalization to over $68 million.
If the vote passes and Cudos becomes part of the alliance, it could further bolster the ecosystem and increase the utility and demand for FET and other associated tokens. The collaboration between blockchain, artificial intelligence, and decentralized storage has the potential to revolutionize multiple industries, making these tokens increasingly attractive to both retail and institutional investors.
AI Tokens Continue to Rally
In addition to FET, several other AI-focused cryptocurrencies have seen significant price increases in recent days. For example, Bittensor (TAO) and Akash Network (AKT) have both posted double-digit gains. Bittensor experienced a 0.28% increase, while Akash Network, despite a minor decline of 3%, remains an integral part of the growing AI cryptocurrency landscape. These price movements indicate a broader market trend where AI tokens are gaining momentum, particularly in response to the recent surge in AI development and blockchain integration.
What’s Next for FET and the Artificial Superintelligence Alliance?
The Artificial Superintelligence Alliance continues to expand its influence across both the AI and blockchain sectors. As more projects like Cudos explore potential collaborations with the alliance, FET is poised to benefit from increased market exposure and utility. The convergence of AI, blockchain, and decentralized cloud computing represents a powerful combination that could shape the future of technology and finance.
Investors will be closely watching the upcoming Cudos merger vote and other related developments in the AI space, as these events could have a profound impact on the price and adoption of FET and other AI cryptocurrencies.
In the long term, the potential for FET to continue its upward trajectory seems strong, particularly if the broader AI industry continues to grow at its current pace. With major players like OpenAI making waves and strategic alliances like the Artificial Superintelligence Alliance expanding, the future looks bright for FET and its role in the evolving world of artificial intelligence and blockchain technology.
