FET Price Rises As CEX Inflows Rise Ahead Of Cudos Merger Vote

The Artificial Superintelligence Alliance token rose for the third consecutive day, reaching its highest point since June 27. 

Artificial Superintelligence Alliance coin (FET) jumped to a high of $1.5768 on Sept. 19, 127% above its lowest point this month. This rally mirrored the performance of most cryptocurrencies, which surged after the Federal Reserve slashed interest rates.

FET also spiked as data from Nansen showed it had over $7.8 million in centralized exchange inflows in the last 24 hours, representing a 127x jump from the previous average. A big increase in exchange inflows often signals that some holders are starting to sell.

Meanwhile, the number of FET tokens held by smart money wallets continued to rise, reaching a year-to-date high of 5.9 million. These smart money wallets increased to 25, up from last month’s low of 21.

Data also revealed that the volume of FET traded across exchanges surged to over $623 million, its highest point since March this year. According to CoinGlass, FET’s futures open interest rose to over $92 million, its highest level since June 9.

The Artificial Superintelligence Alliance token also gained momentum following several significant AI-related news developments. In China, Alibaba unveiled a series of AI tools, including over 100 open-source AI models.

Meanwhile, OpenAI is reportedly raising funds at a $150 billion valuation, solidifying its position as the biggest player in the AI industry. The company also partnered with T-Mobile, a move that the company believes will boost its earnings by over $39 billion in the long term.

The coin also rose ahead of an important vote in which alliance members will determine whether Cudos will become the next part of the alliance. The current three members of the alliance are Fetch, Ocean Protocol, and SingularityNET. 

Cudos, the potential new member, bridges the gap between blockchain and cloud computing by providing decentralized storage solutions. Its token was up by 13%, giving it a market cap of over $68 million.

FET, the biggest AI cryptocurrency, does well when there are good news about the industry. Other AI tokens like Bittensor (TAO) and Akash Network (AKT) have also jumped by double digits in the past few days.