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Artificial Superintelligence Alliance ($FET), an altcoin recently created by the merger of $FET, OCEAN, and AGIX tokens, announced that five million $FET tokens will be burned on January 10.
According to the development shared by the developers from the official X account, this will be the first token burn of the ecosystem and aims to create deflationary pressure on the ecosystem.
However, despite not being able to make a serious breakthrough after the burn news, the $FET price has increased by 14% in the last week. The altcoin, one of the important representatives of the artificial intelligence field, has a market value of $ 3.63 billion.
$FET ranks sixth among the world’s largest AI-themed altcoins, followed by NEAR with a market cap of $6.7 billion.
$FET reached an all-time high of $3.47 nine months ago and is trading 57% lower at the time of writing. The altcoin operates on Ethereum, BNB Chain, and Cosmos networks.
*This is not investment advice.