FET Explodes 60% After New Project Announcement – Details

Christian Encila

9 months ago

3 mins read

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FET has been red-hot of late and is touting a price increase of over 60% this week, which is greater than some of the bigger cryptocurrency players such as Bitcoin, Solana, and TRON.

A big chunk of this upward momentum is hailed directly from Fetch.ai’s new announcements, including a brand-new global Innovation Lab being opened in San Francisco, California, which is going to really push at the boundaries of AI technology.

FET muscles its way up to a 60% weekly burst. Source: Coingecko

Investors’ excitement has been driven by their ability to become a lab innovation driver, so FET is seen to gain by another 14% and most likely hit $1.537 on September 25, 2024.

The Innovation Lab is where early-stage startups could emerge with developing AI agent solutions, and Fetch.ai has earmarked $10 million yearly in support of these projects.

With probably up to $1 million spending on each project, the lab is sure to be one of the most critical drivers for Fetch.ai’s exponential growth.

No wonder that this strategy has unquestionably heated up the price surge as investors await the potential for game-changing developments emanating from this initiative.

FET Recovery And Market Sentiment

After suffering from intense selling pressure, FET was able to see a bounce with incredible strength. In the past 24 hours alone, FET has added an extra 7% to its gain, setting among the top AI cryptocurrencies.

FET market cap currently at $3.3 billion. Chart: TradingView

The good thing gets to stand out fully when it comes to the nature of this recovery, all things considered. Other focus projects on AI, such as Near Protocol and Internet Computer, have had it in the red in recent times, having shed 14% in the last 30 days. On the other hand, FET showed resilience in this period by being in the green 43% of the days.

Market sentiment towards Fetch.ai is cautiously optimistic. Currently, the Fear and Greed index is 55, which is a Greed sentimentᅳnot too overboard. This would indicate interests in Fetch.ai, though many investors are not getting carried away, and that may prove more sustainable.

Whale Activity And Trading Volume

Whale activity has also played a role in the performance of FET recently. A crypto whale has proven to regret a past sale of its FET holdings, Lookonchain reports.

The price of $FET has surged 70% in the past 7 days!

A whale seemed to regret selling before and spent 2.385M $USDT to buy 1.79M $FET back from #Binance at a higher price of $1.33 6 hours ago

This whale sold 2.33M $FET for 2.385M $USDT at $1.02 from Aug 11 to Aug 23.… pic.twitter.com/SNIbPrNp0z

— Lookonchain (@lookonchain) August 26, 2024

Over the course of the period beginning on August 11 and ending on August 23, the whale in question unloaded 2.30 million FET for a total of 2.38 million USDT at an average price of $1.02.

Particularly noteworthy is the fact that the same whale repurchased almost 1.80 million FET at an average price of $1.33, which demonstrates his confidence in the viability of the asset.

Technical Indicators And Future Outlook

Fetch.ai is currently Neutral technically, according to CoinCodex. However, the current-forecast price gap is promising: By September 25, 2024, FET should rise 14.23%. This projection and market sentiment suggest investors may consider buying Fetch.ai.

Featured image from Pexels, chart from TradingView

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.

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