Crypto News

Fetch.AI Token (FET) Hits New All-Time High Amidst Fetch Compute Launch

The AI token FET has soared to unprecedented heights, reaching a new all-time high of $2.84, closely following the trajectory set by the core cryptocurrency market.

Fetch.AI Foundation’s recent announcement on March 5, 2024, unveiling “Fetch Compute” alongside a substantial $100 million investment in enhancing the AI economy, has been a catalyst for the surge in FET’s price. 

This initiative, funded by the Fetch Ecosystem Fund, introduces Fetch Compute—a groundbreaking project leveraging top-of-the-line Nvidia GPUs like the H200, H100, and A100 models.

The aim is to foster innovation within the Fetch.AI ecosystem by providing developers and users with access to enhanced computational capabilities for generating intricate models and solutions.

Notably, on-chain data during this surge has revealed intriguing movements within the FET ecosystem. Whale address 0xa7b made a significant withdrawal of 1.72 million FET, valued at $4.15 million, from a centralized exchange (CEX) in the past 5 hours.

This follows a series of withdrawals totaling 13.4 million FET, equivalent to $24.9 million, over the past 5 days, resulting in a substantial profit of $12 million, marking a remarkable 49% increase.

More FET Wallet Movements To Monitor

Additionally, wallet address 0x488 associated with deposited 5 million FET, valued at $11.2 million, into Binance approximately 12 hours ago. Despite being inactive for 6 months, the wallet still holds a substantial amount of FET, totaling 1.12 billion FET, valued at $3 billion.

Furthermore, investor “SmartMoney” with address 0xb8BA deposited 1 million FET, amounting to $2.44 million, into KuCoin just 8 hours ago to capitalize on profits. 

This move comes after a strategic withdrawal of 1.38 million FET, valued at $578,000 at the time, from Binance on April 18, 2023, when the price was a mere $0.42. The resulting profit stands at an impressive $2.27 million, reflecting a remarkable 393% increase.

Amidst the launch of Fetch Compute and the surge in FET’s price, the Fetch.AI ecosystem continues to attract attention and investment, signaling optimism and confidence in its future prospects.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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