Fetch.AI (FET) Price Skyrockets 100%: What’s Behind It?

• Fetch.AI (FET) has seen a remarkable 44.98% price surge in the past 24 hours.
• Fetch Compute initiative ignites investor interest, promising accelerated innovation.

AI Token, Fetch.AI (FET) has carved its name among the top-performing cryptocurrencies today, witnessing an unprecedented surge in its price and market cap. As of now, FET stands at $2.65, marking a significant uptick of 44.98% within the last 24 hours. This impressive rally has boosted the cryptocurrency into the top 50 by market cap and set a new all-time high of $2.77 just a few hours ago.

Meanwhile, the market capitalization of Fetch.AI has crossed the $2 billion threshold, with its trading volume also experiencing a notable surge to $1 billion, reflecting a 103% increase in the past day alone. Over the week, FET has seen a 104% rise, while the monthly figures report an astonishing 408% surge, indicating investor enthusiasm and market confidence.

FET Price Chart, Source:TradingView

What’s Behind?

Notably, the recent price rally is closely linked to the latest announcement from the Fetch.AI Foundation, which has sparked a surge in investor interest. On March 5, 2024, the foundation announced a significant $100 million infrastructure investment into “Fetch Compute,” aiming to bolster the development capabilities within the AI economy. Fetch Compute’s initiative includes deploying  Nvidia GPUs, such as the H200, H100, and A100 models, to dramatically accelerate innovation within the Fetch.AI ecosystem.

Additionally, introducing a novel incentive mechanism starting March 7, 2024, offers users staking Fetch.AI’s native coin, FET, rewards in the form of Fetch Compute Credits. This initiative allows token holders to access the computing power on the Fetch Compute network, promising to benefit FET holders and spur further development within the ecosystem.

Moreover, On-chain activity has also seen significant movements, with notable transactions including Whale 0xa7b withdrawing 1.72M FET ($4.15M) from centralized exchanges in the past five hours. This whale had previously moved 13.4M FET at approximately $1.86 ($24.9M) from exchanges over the last five days, now sitting on a profit of 49% as reported by SpotonChain.

Another noteworthy activity was from wallet 0x488, linked to Fetch.ai, which deposited 5M FET ($11.2M) into Binance about 12 hours ago, despite being inactive for six months and still holding 1.12B FET ($3B).