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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.