- Artificial Superintelligence Alliance (FET) surged 16% in 24 hours, reaching $1.31 with a market cap of $3.27 billion.
- FET’s partnership with SingularityNET expanded its cross-chain capabilities on Cardano, improving liquidity and user accessibility.
The Artificial Superintelligence Alliance (FET) token has recorded a notable rise, surging by 16% within 24 hours on September 10. The price moved from $1.13 to a high of $1.31, positioning FET as a viable player in the AI-related token space. FET is trading at $1.32, reflecting a one-day gain of over 2%. Alongside this price surge, the trading volume saw a 31% increase, with $261.07 million worth of tokens traded between addresses.
The token’s circulating supply of 2.63 billion has propelled its market capitalization to $3.27 billion. In the past week, FET’s price climbed by approximately 10%, with its value increasing by over 52% in the past month and a staggering 468% year-on-year. Despite these gains, the token remains 62% below its all-time high of $3.47 recorded five months ago.
Bitcoin’s Impact on FET Price Movements
The recent upward action of Bitcoin at the $58K level has helped boost the prices of many other tokens in the market, including FET. However, FET’s growth can be associated with its own ecosystem rather than the general tendencies of Bitcoin.
Even though most altcoins are highly correlated with BTC, FET has exhibited more directionality than other AI coins like Bittensor (TAO). This divergence suggests that FET’s current upward trend is due to internal factors such as the new partnerships and platform improvement.
Another factor that has contributed to the recent growth of FET is the cooperation with SingularityNET. This partnership has allowed the integration of the FET native token on the Cardano blockchain, thus improving its inter-chain compatibility. The transition shifts the AGIX token of SingularityNET on Cardano and enables seamless conversion between the AGIX and FET tokens for a seamless transfer.
This partnership also brought a few updates to the Ethereum-Cardano bridge, enabling the swapping of FET tokens across the two chains. The updates enhance the liquidity and usability for users, which is in line with the vision of developing a decentralized and ethical AI environment on the Cardano network.
Fetch.AI Wallet Update Increases Functionality
Another critical factor contributing to FET’s recent gains is the Fetch.AI team’s wallet update. The updated version 1.0.2 of the wallet was released on September 10 and comes with new branding, governance features, and performance improvements. The wallet now allows users to vote on governance proposals directly from the wallet, thus enhancing the decentralization of the network’s decision-making processes.
Furthermore, the update has an auto-locking feature that locks the wallet when the app is closed or minimized for enhanced security. Other enhancements included stability and performance enhancements, especially for iOS users, and the interface for handling multiple transactions.
Another major improvement is the addition of dynamic currency support, which allows users to display balance information in their chosen currencies. This feature improves universal usability as it enables users from various parts of the world to monitor asset prices and perform business in their preferred currency.
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