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.

With the US Federal Reserve cutting interest rates by 50 basis points on September 18, the crypto market is preparing for an upward thrust. However, a few top altcoins have already surged quite a bit in anticipation of the rate cuts. So, investors should consider selling these 5 cryptos to avoid losses.

5 Crypto to Sell After Fed’s 50 bps Interest Rate Cut

These five cryptocurrency tokens are flashing sell signals after the September 18 Fed Meeting (FOMC). Investors would be better off selling these tokens now to avoid losses. 

1. Render (RENDER)
2. Polygon Ecosystem Token (POL)
3. Uniswap (UNI)
4. Optimism (OP)
5. BabyDogeCoin (BABYDOGE)

Render

Since September 6, Render price surged nearly 20%. This uptrend was a common theme across altcoins due to the anticipation of the Fed’s interest rate decision on September 18. As of September 19, Santiment data shows that the daily active addresses for RENDER dropped by 66% after noting a peak on September 13. 

This crypto will likely sell-off after the Fed has cut rates and OpenAI hype surrounding the new model has died down.

Polygon

Polygon’s recent migration and rebranding from MATIC to POL attracted a lot of eyeballs, but the hype seems to be over, so investors need to consider keeping a close eye on POL. Since the rebrand, there has been a massive uptick in supply on exchanges while the top holders continue to sell. This development shows clear signs of disinterest from whales and could be signs of a correction for MATIC price.

Uniswap

The third altcoin to sell after the Fed’s 50 basis point cut is Uniswap. While there are rumors of a potential fee switch proposal during the v4 upgrade, investors should refrain from holding UNI for one singular reason – 100% unlock. With all tokens circulating in the market, there will be a high selling pressure for this crypto and it could impact the short-term outlook of UNI price. 

Optimism

Once Optimism was considered one of the top Ethereum Layer 2 scaling solutions, but as of 2024, OP has moved out of the spotlight. The network growth for OP hovers around 500 and has slid from a peak of 2500, which is a 5x decline.

The network growth metric is used to gauge new users joining the Optimism blockchain. A spike in this indicator shows that new capital is flowing in and investors are interested in the underlying token at the current price levels. However, for OP this is the complete opposite, since the network growth is dropping. As a result of this, OP could see a further spike in selling pressure going forward. 

BabyDogeCoin 

After recent listing on Binance, this top meme coin surged 130% and is holding up well. Typically, exchange listing-based rallies are often short-lived, leading to a full reversal. However, BABYDOGE shows strength, but investors must keep a close eye for weakness. In case, the buying pressure exhausts, investors should expect this crypto to slide nearly 40% to key support level at $0.00000000132.

These 5 cryptos could see a strong reversal due to the sell signals coupled with the Federal Reserve cutting interest rates on September 18. Therefore, investors should consider selling these altcoins to avoid losses.

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Akash Girimath

Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.