Can AI’s “Economic Internet” Dream Survive FET’s Price Slump?

Short-term market pressure has intensified for several key digital assets, with the Virtuals Protocol and FET (Fetch.ai) experiencing consolidation in recent trading sessions. According to market data, FET, the native token of the Artificial Superintelligence (ASI) Alliance, has shown a modest 0.49% increase in a 24-hour period, despite a 2.35% decline over the past week. The token currently trades at $0.687, with a 24-hour trading volume of $3.79 million and a market capitalization of $1.63 billion [2]. While the token has seen some recovery in the short term, broader technical indicators suggest that it is still in a consolidation phase, with resistance forming near previous high levels. Market observers note that the broader crypto landscape, including Ethereum and Bitcoin, has also seen mixed performances, with Ethereum reaching a new all-time high of $4,887 in recent days [2].

The FET token is a product of the ASI Alliance, an open-source initiative formed in April 2024 through a community-driven merger of three major AI-focused projects: SingularityNET, Fetch.ai, and Ocean Protocol. The alliance aims to build a decentralized Artificial General Intelligence (AGI) ecosystem and eventually progress toward Artificial Superintelligence (ASI). The unified token, $FET, replaces the individual tokens $AGIX, $FET, and $OCEAN, consolidating the economic model under a single framework. This structure is intended to streamline development efforts and create a collaborative environment for AI innovation [1].

Despite the ambitious goals of the ASI Alliance, FET has struggled to maintain momentum in recent weeks. Over a 90-day period, the token has declined by 15.46%, reflecting broader market uncertainty and a lack of strong catalysts to drive long-term adoption. Analysts point to the token’s fully diluted market capitalization of $1.87 billion and a circulating supply of 2.38 billion tokens as factors that could contribute to price volatility. The token’s low price relative to its all-time high of $3.4742 further underscores the challenges it faces in maintaining investor confidence [2].

Market participants have also been watching for signs of a relief rally, particularly given the broader cryptocurrency market’s recent rebound. The total crypto market cap has risen above $4 trillion, with a 3.8% increase over 24 hours. This recovery has been driven by a mix of macroeconomic developments and renewed interest in AI-driven blockchain projects. However, FET’s performance has lagged behind, with trending altcoins like ETHFI and BIO seeing significant gains in the same timeframe [2].

Looking ahead, the path for FET will depend on both technical developments within the ASI Alliance and broader market sentiment. The project has positioned itself as a key player in the decentralized AI space, leveraging machine learning, multi-agent systems, and decentralized ledger technology to create an “economic internet.” If the initiative can demonstrate tangible progress in AI applications, it could attract renewed interest from institutional and retail investors alike. However, until such developments materialize, FET appears to remain in a defensive posture, with short-term traders likely to continue monitoring key support and resistance levels [2].

Source: [1] Artificial Superintelligence Alliance (FET) Price Chart Today (https://www.forbes.com/digital-assets/assets/artificial-superintelligence-alliance-fet/) [2] Live FET-to-USD Price, Chart & Market Data (https://www.mexc.com/price/FET)