Fetch AI (FET) Price Shoots 108% After Multi-Year Breakout, What’s Cooking?

The native token of artificial intelligence (AI) lab Fetch.ai, FET, has seen an impressive surge of 108% in the past week, marking a significant breakout above $1. Within the last 24 hours alone, Fetch AI’s price has surged by an additional 42%, reaching a new all-time high of $2.75, with its market cap now standing at $2.27 billion.

With this, FET officially enters the list of top 50 cryptocurrencies by market cap. Furthermore, the 24-hour trading volumes for Fetch AI have also skyrocketed by 80% to $1.22 billion.

Fetch AI Price Can Rally 20X Says Analyst

Lately, numerous crypto analysts have been expressing optimistic views about Fetch.ai’s long-term outlook. Crypto Rover, a prominent analyst, remains bullish on $FET, suggesting that there is ample room for growth ahead.

In a recent tweet, Rover disclosed purchasing $FET at $0.70 and indicated no plans to sell in the near future. Moreover, Rover shared a bold prediction, stating, “It is now at $2b market cap. I think it will top out around $40b-$60b. 20x from here seems reasonable.”

By foreseeing Fetch.ai’s potential market capitalization reaching between $40-60 billion, Rover underscores the significant upside potential of $FET, which could surge over 20 times from its current valuation. This optimistic forecast reflects Rover’s confidence in robust demand and network expansion driving Fetch.ai toward becoming a multi-billion dollar protocol in the years to come

Securing $100 Million Investment

Earlier this week, Fetch.ai introduced Fetch Compute, a decentralized computing platform poised to revolutionize the landscape of artificial intelligence (AI) development. Bolstered by a substantial $100 million investment in infrastructure, Fetch AI has positioned itself at the forefront of innovation, offering users access to advanced AI-focused Nvidia GPUs.

Commencing from March 7, 2024, users staking the native coin FET will have the opportunity to earn Fetch Compute Credits. These credits can subsequently be utilized to cover GPU usage fees, granting users access to these invaluable resources within the decentralized Fetch compute network.

Moreover, FET serves as a means of payment for compute usage, marking a significant advancement for individuals and organizations embarking on resource-intensive decentralized AI projects. Fetch AI’s Fetch Compute platform represents a monumental leap forward in the realm of decentralized computing, promising to empower users with cutting-edge technology and unprecedented opportunities for AI innovation.

Fetch.AI, a pioneering AI research institute, is creating a decentralized machine learning network that leverages blockchain technology for open access. Moreover, the project aims to decentralize and optimize online transactions, enhancing efficiency and user experience. This year 2024 could be a strong year for Fetch AI.