Retail investors have generally been the driving force behind the recent uptick in the cryptocurrency market, pushing the cryptocurrency industry’s total capitalization back above $1 trillion. However, recent research shows that whales are now in the driving seat, actively buying and trading crypto tokens, most notably Fetch.AI (FET), which is coming out as one of the most used smart contracts in the top 100 ETH whales.
FET’s massive whale activity
FET is reportedly one of the top five altcoins that major wallet holders want to buy and collect more for the long term, as reported by Whale statistics, a leading whale activity tracker. There has been significant whale accumulation over the past twenty-four hours, typically indicating the possibility of a price increase for the cryptocurrency due to a major event or the emergence of bullish technical indications.
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FET has hit new local and 2023 highs, with a rapid intraday surge of 20% taking the price above $0.30. The price surge comes on the heels of “AI” currently trending in the cryptocurrency market, following the rise of AI tools such as ChatGPT and others. Not only Fetch, but a number of other AI-based cryptocurrencies, such as SingularityNET, Ocean Protocol, and Phala Network, have all experienced tremendous growth over the past week and months.
Fetch.AI’s (FET) growing popularity
The indisputable potential of OpenAI’s ChatGPT has led to significant interest in artificial intelligence, helping to push the values for crypto tokens tied to AI much higher. According to industry supporters, the technology has sparked an “arms race” in artificial intelligence, with the entire world of technology rushing to jump on the bandwagon and rely on its success.
Launched in the summer of 2018, Fetch.ai (FET) combines blockchain, smart contracts, and AI technology to create a network of autonomous software agents for AI-powered peer-to-peer applications. It had an excellent start to the year, as evidenced by a price increase of more than 200% in the past thirty days. As things stand, the price of Fetch.AI (FET) has moved to $0.33 at the time of compilation. And according to the crypto market tracker published by CoinMarketCap, this results in a 6% growth over the past 24 hours, as opposed to a 21% jump over the past seven days.
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Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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