FET Alliance Announces First Token Burn to Boost Ecosystem Value

The newly formed Artificial Superintelligence Alliance (FET), a token resulting from the merger of FET, OCEAN, and AGIX, has announced its first major token burn.

On January 10, five million FET tokens will be permanently removed from circulation, a move aimed at introducing deflationary pressure within the ecosystem.

This announcement, shared via the project’s official account on X, marks a significant milestone for the alliance. While the news has yet to trigger a substantial rally, FET’s price has seen a 14% increase over the past week. With a market cap of $3.63 billion, FET is considered a leading token in the artificial intelligence crypto space.

Currently, FET ranks as the sixth-largest AI-focused altcoin globally, following NEAR, which boasts a $6.7 billion market cap.

Despite its strong presence in the AI sector, FET remains 57% below its all-time high of $3.47, achieved nine months ago. The token operates across Ethereum, BNB Chain, and Cosmos networks, positioning it as a versatile player in the blockchain ecosystem.

As the alliance continues to develop, the upcoming token burn could pave the way for future growth, reinforcing FET’s position in the competitive AI-themed crypto market.