AI Crypto Fetch.ai Shoots Up 250%, Catches More Investors’ Attention

Christian Encila

Last Updated: February 7, 2023 8:20 am

4 mins read

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Artificial intelligence, or AI, is a technology that has seen a momentous rise in utility ever since the idea of machine learning went mainstream. According to 2021 statistics, global funding for AI ballooned to $66.8 billion. With major companies like Google pouring big money into AI projects, there is merit for AI and the world of crypto to merge, bringing value to the space.

Fetch.ai, a Binance-based blockchain project, is doing exactly that; bringing the power of both AI and blockchain technology together. FET, the project’s utility token, has reacted to recent developments on-chain positively. According to Coingecko, the token grew 250% in the monthly time frame which is in line with the crypto market boom that started last month.

How Does Fetch.ai Work?

According to their website, the network works through the use of a Multi-Agent System. This is a method of using multiple independent AI agents to solve a single problem which, in the case of Fetch, is the automation of a blockchain ecosystem.

They claim that because of their use of AI, the machine-to-machine ecosystem has reduced fees which makes it more efficient compared to other networks. With machine learning and AI being a big part of today’s technology, Fetch’s rise is inevitable.

Just this week, the network surpassed 5 million transitions in their mainnet which signifies a strong use of Fetch’s infrastructure. This attracted the attention of whales, making the platform’s smart contracts the most used by the whales, according to WhaleStat’s recent tweets.

JUST IN: $FET @fetch_ai one of the MOST USED smart contracts among top 100 #ETH whales in the last 24hrs🐳

Check the top 100 whales here: https://t.co/N5qqsCAH8j

(and hodl $BBW to see data for the top 5000!)#FET #whalestats #babywhale #BBW pic.twitter.com/j1tGtq1IYi

— WhaleStats (tracking crypto whales) (@WhaleStats) February 4, 2023

Is AI Crypto FET A Great Investment Right Now?

The network’s native token is currently at $0.5705 with support at $0.4746 and $0.2592 price ranges. FET bulls seem to be exhausted as the token hit resistance at $0.4746 which might place the token in a precarious situation. With FET’s current support being weak, we might see the token revert back to its $0.3187 support range.

However, with the whales entering the scene, we might be able to see more demand for the token in the long term. Its use of AI tech should also draw attention from outside the crypto space.

Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com

In the long term, bulls should be able to target the token’s $0.6482 resistance to regain December 2021 levels. However, this comes at the cost of short term pain in the form of temporarily reverting back to $0.3187 support with a slight possibility for the bears to claw back to $0.2592 support.

Investors and traders should then be careful of the short to medium term prospect of the token.

Featured image from MEXC Blog

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.