Artificial intelligence cryptocurrency FET soars

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By TP

In a scenario where artificial intelligence and cryptocurrencies are increasingly converging, the Artificial Superintelligence Alliance (FET) token surprises the market with an outstanding performance in the last seven days, achieving a 40% increase in its value. This crypto asset, based on the Ethereum network, It goes from being quoted at 0.83 dollars to 1.17 dollarsas shown in the following TradingView chart.

FET Price. Source: TradingView. This token is the result of the merger of three digital assets: Fetch.ai (FET), SingularityNET (AGIX) and Ocean Protocol (OCEAN). The merger, which took place on July 1, It is aimed at leveraging resources and accelerating the development of AI solutionsThe alliance has a long-term objective ofrear a universal AI token, called ASI, which will consolidate the three aforementioned tokensThe companies behind Fetch.ai, SingularityNET and Ocean Protocol highlight that This merger seeks to strengthen a decentralized artificial intelligence platform. However, they stress that this agreement still depends on the approval of the members of each community, a point that BitcoinDynamic reported. As for the future of this project, the second phase will focus on the incorporation of the community and the implementation of the ASI token, with a special priority for self-custody holders and the distribution of these tokens on multiple chains. This phase is crucial to materialize the vision of a more accessible and democratic artificial intelligence ecosystem, says a statement.

Bullish outlook for FET

Meanwhile, in the crypto trading arena, the trader known as Crypto Rover notes that while there is currently little interest in AI-related cryptoassets, he has been actively buying FET. This trader sees an investment opportunity at a time when cryptocurrency has yet to capture mass attention. Crypto Rover suggests that many investors tend to buy when the price has already reached highs, while he prefers to take advantage of lower prices, believing that he has arrived “early” to an uptrend before it becomes apparent to the rest of the market. Meanwhile, digital asset management firm Grayscale also expresses interest in the intersection of artificial intelligence and cryptocurrencies, Calling AI one of the emerging technologies that promisingly combines with cryptocurrency networksAccording to Grayscale, as AI technology becomes more powerful, it also becomes extremely centralized. Cryptocurrency networks could counter this trend, allowing AI to become decentralized and democratized, potentially opening the door to greater participation in its development and governance.