Fetch.ai (ASI Alliance) (FET)
ASI Alliance merger token (FET+AGIX+OCEAN). AI agent narrative intact but protocol revenue minimal and merger synergies unclear.
Ranked 97th of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
FET scores 109 of 250 across the 25-variable framework, which places it 97th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
FET is a top-10 name in the set on one variable. The score rests on Holder Concentration 5/10, 10th of 251, Social Mindshare 6/10, 23rd of 251, Circulating / FDV Ratio 8/10, 27th of 251 and Developer Activity 6/10, 33rd of 251.
Against the same universe, FET sits in the bottom third on BTC Alpha Potential 1/10, 240th of 251, Competitive Moat 2/10, 223rd of 251, Protocol Revenue 1/10, 221st of 251 and P/S Multiple 3/10, 182nd of 251. These are the variables that would have to move for the verdict to change.
85.2% of eventual supply is already circulating, so vesting is not a live risk for FET. Price has to be justified by demand rather than absorbed against a cliff.
FET trades 93.5% below its all-time high of $3.45. Recovering that level is a 15.4x move, not a 93.5% one, which is the arithmetic most drawdown charts hide.
FET is strong on Circulating / FDV Ratio. The market prices those variables only partly, so the score is neither fully reflected in the price nor fully ignored by it. Its weaknesses sit in P/S Multiple and Buyback and Burn, none of which the market is currently punishing. A risk nobody is charging for is still a risk.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 1 | 221st of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 3 | 182nd of 251 | |
| Real Staking Yield | 4 | 82nd of 251 |
Supply
| Supply Inflation | 6 | 43rd of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 8 | 27th of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 3 | 111th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 4 | 87th of 251 | |
| Competitive Moat | 2 | 223rd of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 6 | 23rd of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 5 | 50th of 251 | |
| BTC Alpha Potential | 1 | 240th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 5 | 74th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
ASI Alliance AI marketplace revenue; partnerships with major AI labs
Principal risk
Merger integration complexity; AI narrative may be priced in; actual AI revenue de minimis
Market and supply
| Price | $0.2261 |
| Market cap | $522.8Mrank 112 |
| All-time high | $3.4528 Mar 2024 |
| Circulating supply | 2,311,508,384 |
| Eventual supply (max supply) | 2,714,384,547 |
| Dilution to full supply | 1.17x |
| Listed on | Binance, OKX, Bybit, Coinbase |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to FET measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
FET compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Sources
- [ASI Alliance] ASI Alliance formed by merger of Fetch.ai, SingularityNET and Ocean Protocol in 2024
- [Fetch.ai Blog] FET rebranded to ASI with unified token representing merged AI network
- [CoinDesk] AI agent token narrative drove 300%+ gains in early 2024 before correction
Common questions
- What is the Early Thunder score for Fetch.ai (ASI Alliance) (FET)?
- FET scores 109 out of 250 on the 25-variable framework, ranking 97th of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are FET's strongest fundamentals?
- FET ranks highest on Holder Concentration 5/10, 10th of 251, Social Mindshare 6/10, 23rd of 251, Circulating / FDV Ratio 8/10, 27th of 251 and Developer Activity 6/10, 33rd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the FET thesis?
- FET scores in the bottom third of the universe on BTC Alpha Potential 1/10, 240th of 251, Competitive Moat 2/10, 223rd of 251, Protocol Revenue 1/10, 221st of 251 and P/S Multiple 3/10, 182nd of 251. The single risk carried on the scorecard is: Merger integration complexity; AI narrative may be priced in; actual AI revenue de minimis
- How much FET supply is still to enter circulation?
- 85.2% of eventual FET supply is circulating today, leaving 1.17x the current float still to arrive. At a flat price per token that is 14.8% of fully diluted value ahead of current holders.
- How far is FET from its all-time high?
- FET trades 93.5% below its all-time high of $3.45. Returning to that high requires a 15.4x move from the level used in this scoring pass.
- Which tokens have a similar profile to FET?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to FET are RENDER (127), THETA (105), ADA (113) and COMP (119). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for FET?
- ASI Alliance AI marketplace revenue; partnerships with major AI labs
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.