AI-related tokens rally despite crypto market caution ahead of Fed rate decision
Quick Take
-
FET, the native token of Fetch.ai, has led a rally in artificial intelligence-related tokens.
AI-related crypto tokens are posting a sustained week-long rally despite muted performance by major digital assets as caution descended ahead of Wednesday's U.S. Federal Reserve rate decision.
Fetch.ai 
FET
-0.68%
has led the surge in value of cryptocurrencies associated with recent developments in artificial intelligence technology.
FET, the native cryptocurrency of Fetch.ai, climbed 15% in the past 24 hours to trade at $0.62 at 10:40 a.m. ET. Fetch.ai focuses on automating business tasks, particularly in data processing and trading, using AI and machine learning.
FET, the native token of Fetch.ai, has led a sustained rally for over two weeks.
Decline in FET exchange reserves
According to data from CryptoQuant, centralized exchange reserves of FET have been decreasing throughout late November and December. In the past two weeks, over 26 million FET tokens have been removed from exchanges, suggesting traders see value in holding the cryptocurrency in the longer term. The reduction in supply could also be impacting the token's price appreciation.
RELATED INDICES
"The recent AI crypto sector's rally is influenced by several factors, including growing public interest in AI, technological advancements within the sector, and the ongoing development of AI-focused blockchain projects," Sei Labs Co-Founder Jeff Fang told The Block.
FET reserves on centralized exchanges have declined for over two weeks.
Another AI-related crypto token that has outperformed the market is Render, a platform that helps artists to access computing power for rendering generative AI artwork. 
RNDR
+2.79%
, the native cryptocurrency, operates on a proof-of-work consensus mechanism. It's gained over 3% in the past 24 hours and is now trading at $4.07.
Joining the recent rally of AI-related tokens is 
GRT
+1.19%
, the native token of The Graph protocol. Its price has gained 1% in the last 24 hours to now trade at $0.16.Notably, GRT's price has increased by 20% in the past month
Both RNDR and GRT were part of over a dozen tokens listed by Binance Japan in late November.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
