Fetch.ai’s native token, FET, has experienced a disheartening 12% decline, plummeting to $1.236.
This downward spiral has raised concerns among investors, as breaking below the critical $1.25 threshold may signal further losses.
Recent transactions have added to the uncertainty, with the Fetch.ai Foundation transferring 5M $FET ($6.4M) to wallet “0x925e” just 16 hours ago. Shortly after, wallet “0x925e” deposited 1M $FET ($1.28M) to Binance, fueling speculation about the token’s future.
The https://t.co/BJF75TJoRr Foundation transferred 5M $FET($6.4M) to wallet "0x925e" 16 hours ago.
And the wallet "0x925e" deposited 1M $FET($1.28M) to #Binance 4 hours ago.https://t.co/kfayq1tkvZ pic.twitter.com/8xKKfeF9HM
— Lookonchain (@lookonchain) August 28, 2024
Fetch.Ai Launched $10M Innovation Lab
Despite this turmoil, Fetch.ai has launched an ambitious $10M Innovation Lab, aimed at fostering projects that utilize the platform to build AI agents. The Lab will provide up to $1M per project, with an annual allocation of $10M. Additionally, Fetch.ai has introduced an internship incubator and ambassador program, underscoring its commitment to innovation and growth.
❗️@Fetch_ai $FET launches a $10M Innovation Lab
The Lab will offer $10M annually, up to $1M per project, for projects using the platform to build #AI agents. Along with the Lab, #Fetch launches an internship incubator and an ambassador program.
👉 https://t.co/We6xkrc6J7 pic.twitter.com/B0DWa0prQR
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) August 26, 2024
As FET’s price continues to fluctuate, investors will be watching closely to see if these initiatives can revitalize the token’s prospects. Will Fetch.ai’s efforts be enough to stem the decline, or will FET’s downtrend persist? Only time will tell.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!