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Retail investors have generally been the driving force behind the cryptocurrency market’s recent bounce, which has seen the total capitalization of the cryptocurrency industry climb back above $1 trillion dollars. However, recent research reveals that whales are now in the driver’s seat and are actively purchasing and trading crypto tokens–especially Fetch.AI (FET)–which comes out as one of the most utilized smart contracts among the top 100 ETH whales.
FET’s Massive Whale Activity
FET is reportedly one of the top five altcoins that large wallet holders are more interested in purchasing and accumulating for the long term, as reported by WhaleStats, a leading whale activity tracker. In the past twenty-four hours, there has been a significant whale accumulation, which typically points to the possibility of an increase in price for the cryptocurrency as a result of a major event or the emergence of bullish technical indications.
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FET has reached new local and 2023 highs, with a rapid 20% intraday rise that brought the price to above $0.30. The price increase comes on the heels of “AI” currently setting the trend in the cryptocurrency market, following the rise of AI tools like ChatGPT and others. Not only Fetch, but also a number of other AI-based cryptocurrencies, such as SingularityNET, Ocean Protocol, and Phala Network, have all seen tremendous growth in the previous week and over the past few months.
Fetch.AI’s (FET) Growing Popularity
The unquestionable potential of OpenAI’s ChatGPT has generated considerable interest in artificial intelligence, which is helping to drive values much higher for crypto tokens tied to AI. According to industry stalwarts, the technology has sparked an “arms race” in artificial intelligence, in which the entire world of technology is rushing to jump on the bandwagon and bank upon its success.
Launched back 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 outstanding beginning to the year, as evidenced by a price increase of more than 200% in the past thirty days. As things currently stand, the price of Fetch.AI (FET) moved to $0.33 at the time of composition. And, according to the crypto market tracker published by CoinMarketCap, this results in a growth of 6% over the past 24 hours, in contrast to a jump of 21% over the last seven days.
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