FET becomes reserve asset for Binance as AI token popularity rises

On Jan 12, 2023

Fetch.ai (FET)has become a listed token on Proof of Reserves (PoR) for a number of exchanges, including Binance, Huobi and Bitfinex, according to Glassnode data.

Artificial Intelligence (AI) token popularity surged over the last three months — leading to significant increases in AI token price and active addresses, according to CryptoSlate data.

Fetch.ai

FET is a decentralized digital representation of the world in which autonomous software agents perform useful economic work. This involves delivering data or providing services, which are then rewarded with FET for their efforts.

FET posted a 1.24% increase in price over the last 24 hours, but real growth can be observed over the last seven days — where FET price pumped 80.89%.

Fetch.ai: Total Transfer Volume [USD] (Source: Glassnode.com)

FET popularity — amongst other AI coins — saw the transfer volume (USD) of FET break out as it approached $20 million.

Binance FET Proof of Reserves

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

Huobi FET Proof of Reserves

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

Bitfinex FET Proof of Reserves

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

Ocean Protocol

The AI-infused data-sharing blockchain Ocean Protocol (OCEAN) saw the number of active addresses spike three times since November 2022, according to Glassnode data.

OCEAN outflows exceeded $2.5 million in withdrawals over a 30-day period — beginning in mid-November 2022 and ramping up into mid-December 2022 — according to Glassnode data.

Ocean Protocol: Exchange Net Position Change [USD] - All Exchanges (Source: Glassnode.com) — Ocean Protocol: Exchange Net Position Change [USD] – All Exchanges (Source: Glassnode.com)

OCEAN price fell 4.67% over the last 24 hours to $0.217 from $0.209 but remains up 23.41% over the last seven days.

OCEAN saw significant gains in active addresses and price in the month leading up to 2023 but is — as of press time — now dethroned as the highest AI token market cap by FET.

AI revolution

The AI cryptocurrency sector posted steady but significant gains through December 2022, setting the foundations for 2023.

With the introduction of the AI-powered selfie editor Lensa and the prototype chatbot ChatGPT, AI quickly became a viral sensation across social media — tested by over one million users in early December 2022.

Witnessing faster uptake than Netflix, Meta, and Instagram, ChatGPT began as a fun conversation simulator but quickly evolved.

Capabilities for coding, debugging, health advice, marketing, assistant task, and more were demonstrated — stimulating both AI tokens growth and general public interest in the AI sector.

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