- ASI’s FET token and other AI-related cryptocurrencies charted minor gains.
ASI sought to integrate CUDOS as a new alliance member in a merger that would expand the FET token’s utility.
As an experienced crypto investor with a keen interest in the potential of artificial intelligence and its applications, I find myself quite optimistic about the recent developments surrounding FET and other AI-related cryptocurrencies. The support voiced by U.S. Vice President Kamala Harris for AI and digital assets has undeniably sparked renewed enthusiasm in this niche market.
The stocks of AI entities such as the Future of Humanity Institute (FET), experienced an uptick in their value over the weekend, boosted by comments made by U.S. Vice President Kamala Harris regarding Artificial Intelligence and cryptocurrencies.
At a fundraising gathering in New York scheduled for the 22nd of September, the Democratic nominee for president expressed her future administration’s stance in favor of artificial intelligence (AI) and digital currencies, should they secure the highest office.
Harris’s initial public remarks indicated a supportive viewpoint towards innovation, stirring up slight excitement within the specialized cryptocurrency market.
Currently, FET is being transacted for approximately $1.68, representing a daily increase of 6.2% and a weekly surge of 27%, according to data provided by CoinMarketCap.
Additionally today, other artificial intelligence and large data-related tokens such as Bittensor (TAO), Render (RENDER), and The Graph (GRAPH) have experienced an increase in their prices as well.
Current market responses indicate a sense of positivity towards the future development of Artificial Intelligence, given supportive regulatory frameworks.
The voting ends soon
In March, Fetch.ai, Ocean Protocol, and SingularityNET joined forces to create the Artificial Superintelligence Alliance, which led to the introduction of a new token named ASI (FET).
This month, the alliance put forward a plan for a merger that includes the incorporation of CUDOS, thereby making it the fourth entity in the alliance.
Under this agreement, the CUDOS network will offer essential decentralized cloud computing capabilities, enabling the alliance to handle their substantial AI tasks at a reduced cost.
Beyond lowering AI development expenses while maintaining top-notch computational performance, integrating CUDOS will enhance the practicality and usefulness of the ASI token.
After accounting for a 5% merger fee, the upcoming merger will employ a revised exchange rate of 119 Cudos equaling 1 Fet.
The voting for the proposal began on September 19th and will end on September 24th.
Thus far, 95.26% of community members have voted in favor, while 4.74% have opposed the move.
Significantly, the potential acceptance of the integration might boost ASI (FET) further this week.
FET/USD technical analysis
From a technical standpoint, FET remains under pressure below the resistance at the $1.77 level.
On the daily chart, the FET/USDT pair is currently trading above its significant moving averages such as the 50-day Simple Moving Average (SMA), 100-day SMA, and even the 200-day Exponential Moving Averages (EMAs). This pattern suggests a positive or bullish outlook for this pair.
At present, there seems to be a strong support level around $1.235. This significant price point could potentially act as a safety net for the token’s price should the upward trend slow down.
Read Artificial Superintelligence Alliance’s [FET] Price Prediction 2024–2025
This month, FET showed satisfactory growth, but it’s worth noting that TAO is rapidly approaching FET’s market capitalization, indicating a strong competitive presence.
According to information from CoinMarketCap, it appears that TAO could soon surpass ASI in the AI token market, indicating that TAO is a strong candidate for a leading position.
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2024-09-24 07:04