AI-Related Crypto Tokens Rally Despite Muted Performance
Despite the cautious atmosphere leading up to the U.S. Federal Reserve rate decision, AI-related crypto tokens have been experiencing a sustained week-long rally. Leading this surge is Fetch.ai (FET), which has seen a 15% increase in the past 24 hours, trading at $0.62 as of 10:40 a.m. ET. Fetch.ai focuses on automating business tasks using AI and machine learning.
Decline in FET Exchange Reserves
Data from CryptoQuant reveals that centralized exchange reserves of FET have been decreasing since late November and December. Over 26 million FET tokens have been withdrawn from exchanges in the past two weeks, indicating that traders see long-term value in holding the cryptocurrency. This reduction in supply may be contributing to the token’s price appreciation.
Render and GRT Join the Rally
Another AI-related crypto token performing well is Render (RNDR), a platform for artists to access computing power for rendering generative AI artwork. RNDR has gained over 3% in the past 24 hours, now trading at $4.07. The Graph protocol’s native token (GRT) has also joined the rally, with a 1% increase in the last 24 hours and a 20% increase over the past month.
Binance Japan Listing
RNDR and GRT were among the tokens listed by Binance Japan in late November, further contributing to their recent success.
Hot Take: AI-Related Crypto Tokens Thrive Amidst Caution
Despite the muted performance of major digital assets ahead of the U.S. Federal Reserve rate decision, AI-related crypto tokens like FET, RNDR, and GRT have been on a sustained rally. The decrease in FET exchange reserves suggests that traders see long-term value in holding these tokens. This rally can be attributed to factors such as growing public interest in AI and advancements in the sector. As the AI industry continues to develop, these tokens are likely to thrive further.
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