FET: On-Chain Development Fuels 44% Surge In Just A Week

Christian Encila

Last Updated: August 28, 2024 10:00 pm

3 mins read

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The Arfiticial Superintelligence Alliance (FET) continues to gain ground against the bears despite the current market environment that encourages selling rather than accumulation.

According to figures by CoinGecko, the token rose by 44% since last week making FET one of the market’s top gainers. This bullishness can be attributed to the recent developments that occurred on-chain.

FET has launched the Innovations Lab which will assist the organization in furthering its goals of supporting startups that are artificial intelligence-focused. Once the program matures, we might see its effects on FET.

FET up in the last week. Source: Coingecko

Innovation Lab To Allocate $10 Million To Support AI Startups

According to the official blog post, the newly launched San Francisco-based Innovation Lab will be used as a “catalyst for developing AI agent solutions that deliver tangible value to businesses and consumers worldwide.”

To achieve this goal, the Lab will allocate over $10 million annually to fund projects focused on AI. The Innovation Lab will have three pillars that will help achieve its goals: the Startup Accelerator, the Ambassador Innovator Club, and the Internship Incubator Program.

For now, the organization seems to be focused on gaining members of the Ambassador Innovator Club for the Lab.

FET market cap currently at $3.2 billion. Chart: TradingView

Fetch.ai recently shared some info about the Innovation Lab. It said the upcoming members of the club will have exclusive access to resources and support for their projects and many other benefits.

As of writing, Fetch is still looking for members with no official announcement yet.

After the launch of the https://t.co/kJ9URVpOul #Innovation Lab, we thought we’d break down what it’s all about.👇

The lab is focused on 3 pillars.

The first is the https://t.co/kJ9URVpOul Ambassador Innovator Club. (1/8) pic.twitter.com/1Ub7RejRCw

— Fetch.ai (@Fetch_ai) August 26, 2024

FET Trading At Narrow Range Facing Possible Pain Short-Term

As of press time, FET continues to trade at a narrow trading range between $1.2 and $1.3 which was made possible by the general market bearishness that bled into FET’s market. This will deter any attempt by the bulls to recover any ground above $1.3 in the short term.

With the token’s rejection on $1.3 and the subsequent rejection of the bears on $1.2, FET will continue this price movement in the coming weeks as the market might continue to be bearish within the coming days. Any bullish change within the market’s environment will offset the bear’s momentum, potentially opening the door towards $1.5.

However, investors and traders should be cautious of FET’s relative strength index which shows the bulls are exhausted in the short term. This means investors and traders should expect slight pain within the short and medium term, with FET dropping $1.1.

But the bulls should have enough leftover momentum. As the Innovation Lab matures and bears good fruit, investors and traders can expect the token to stabilize on its current trading range before attempting to breach $1.3 and then $1.5 in the long term.

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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