The price of Artificial Superintelligence Alliance's FET token has been under pressure today, primarily due to the anticipation of a token unlock event. Scheduled for January 5, 2025, this event will release 110.34K FET tokens, which represents a small fraction of the total supply. Such unlock events often lead to increased selling pressure as newly available tokens can be sold on the market, potentially diluting the value of existing tokens. The market's reaction to this upcoming release has likely contributed to today's downward price movement.
The FET token, which is part of a merger between Fetch.ai, Ocean Protocol, and SingularityNET, has seen changes in its tokenomics to accommodate this alliance. Despite the strategic intent behind these changes, the immediate market impact of the token unlock appears to be negative. Investors may be cautious, anticipating that the additional supply could temporarily suppress prices until the market absorbs the new tokens.
The FET token is currently trading at $1.462095, reflecting a 1.84% decrease today. It reached a high of $1.502922 and a low of $1.450510.