Cryptocurrency

FET becomes reserve asset for Binance as AI token popularity rises

Hull Invest

According to Glassnode data, Fetch.ai (FET) has become a Proof of Reserve (PoR) listed token on many exchanges including Binance, Huobi and Bitfinex.

The popularity of artificial intelligence (AI) tokens has skyrocketed over the past three months, leading to significant increases in AI token prices and active addresses. crypto slate data.

Fetch.ai

FET is a decentralized digital representation of the world where autonomous software agents perform useful economic work. This includes delivering data or providing services, for which his FET is rewarded.

FET recorded a price increase of 1.24% in the last 24 hours, but real growth can be observed in the last 7 days, with FET prices up 80.89%.

Fetch.ai: total transfer volume [USD] (Source: Glassnode.com)
Fetch.ai: total transfer volume [USD] (Source: Glassnode.com)

Due to the popularity of FET among other AI coins, FET transfer volume (USD) skyrocketed as it approached $20 million.

Proof of Binance FET Reserve

Fetch.ai: Proof of Reserve [FET] - Binance (Source: Glassnode.com)
Fetch.ai: Proof of Reserve [FET] – Binance (Source: Glassnode.com)

Proof of Huobi FET Reserve

Fetch.ai: Proof of Reserve [FET] - Huobi (Source: Glassnode.com)
Fetch.ai: Proof of Reserve [FET] – Huobi (Source: Glassnode.com)

Proof of Bitfinex FET Reserve

Fetch.ai: Proof of Reserve [FET] - Bitfinex (Source: Glassnode.com)
Fetch.ai: Proof of Reserve [FET] – Bitfinex (Source: Glassnode.com)

marine protocol

Data from Glassnode shows that the AI-infused data-sharing blockchain Ocean Protocol (OCEAN) has seen three spikes in the number of active addresses since November 2022.

Ocean Protocol: Number of Active Addresses (Source: Glassnode.com)
Ocean Protocol: Number of Active Addresses (Source: Glassnode.com)

From mid-November 2022 to mid-December 2022, OCEAN outflow exceeded $2.5 million in 30 days, according to Glassnode data.

Ocean Protocol: Modification of Net Positions on Exchanges [USD] - All Exchanges (Source: Glassnode.com)
Ocean Protocol: Modification of Net Positions on Exchanges [USD] – All exchanges (Source: Glassnode.com)

The OCEAN price has fallen 4.67% over the past 24 hours, from $0.209 to $0.217, but has maintained an increase of 23.41% over the past 7 days.

OCEAN has seen significant increases in active addresses and price in the months to 2023, but is currently being displaced as the highest AI token market cap by FET.

AI revolution

The AI ​​cryptocurrency sector has laid the groundwork for 2023 with steady but significant gains through December 2022.

With the introduction of AI-powered selfie editor Lensa and chatbot prototype ChatGPT, AI will soon viral sensation Across social media — tested with over 1 million users in early December 2022.

Seeing more popularity than Netflix, Meta and Instagram, ChatGPT started as a fun conversation simulator but evolved quickly.

Capabilities such as coding, debugging, health advice, marketing, and assistant tasks were demonstrated, stimulating both the growth of AI tokens and general interest in the AI ​​sector.

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