The Artificial Superintelligence Alliance token has increased for the third straight day, achieving its peak since June 27.
Artificial Superintelligence Alliance coin (FET) surged to a maximum of $1.5768 on Sept. 19, marking a 127% rise from its lowest point this month. This upswing mirrored the trend of most cryptocurrencies, which gained momentum following the Federal Reserve’s interest rate cut.
FET also experienced a spike as Nansen’s data indicated that centralized exchange inflows exceeded $7.8 million within the last 24 hours, representing a 127x increase from the previous average. A significant rise in exchange inflows often suggests that some holders are beginning to sell.
Additionally, the quantity of FET tokens held by smart money wallets continued to grow, reaching a year-to-date high of 5.9 million. These smart money wallets increased to 25, up from a previous low of 21 last month.
Trade volume for FET across exchanges also surged to over $623 million, its highest level since March this year. According to CoinGlass, FET’s futures open interest rose to over $92 million, the highest level since June 9.
The Artificial Superintelligence Alliance token gained traction following several major AI-related news stories. In China, Alibaba launched a suite of AI tools, including more than 100 open-source AI models.
Meanwhile, OpenAI is reportedly seeking funding at a $150 billion valuation, reinforcing its dominance in the AI sector. The company also partnered with T-Mobile, an alliance they believe will enhance their earnings by over $39 billion in the long term.
The coin’s value also increased in anticipation of a critical vote where alliance members will decide if Cudos will join the alliance. The current alliance consists of Fetch, Ocean Protocol, and SingularityNET.
Cudos, the prospective new member, connects blockchain technology with cloud computing by offering decentralized storage solutions. Its token rose by 13%, resulting in a market capitalization exceeding $68 million.
FET, recognized as the leading AI cryptocurrency, performs well amid positive news in the industry. Other AI tokens such as Bittensor (TAO) and Akash Network (AKT) have also seen double-digit gains in recent days.
