Fetch.AI (FET) Sees 15% Price Surge After Major Announcement

10:54 am
March 6, 2024
Featured image for “Fetch.AI (FET) Sees 15% Price Surge After Major Announcement”

Fetch.AI (FET) has had an impressive performance in the cryptocurrency market today, ranking among the top three gainers. The asset experienced a notable 17% increase within the last 24 hours, surpassing the $2 mark for the first time. This surge has propelled Fetch.AI to the 64th position in the list of top cryptocurrencies by market cap, indicating a growing investor confidence and market positivity towards its technological advancements and future prospects.

What Led to the Rise in Fetch.AI Price?

The recent surge in FET’s price can be attributed to a significant announcement by the Fetch.AI Foundation. On March 5, 2024, the foundation introduced “Fetch Compute” following a $100 million investment aimed at enhancing development capabilities within the AI economy.

The initiative involves deploying cutting-edge Nvidia GPUs like the H200, H100, and A100 models to accelerate innovation within the Fetch.AI ecosystem. This strategic investment funded through the Fetch Ecosystem Fund aims to empower developers and users with the computational power required for advanced modeling and solution development, addressing the GPU shortage and setting a new benchmark for the developer community globally.

Starting March 7, 2024, users staking FET will receive Fetch Compute Credits, incentivizing continued participation in the ecosystem. These credits can be utilized to access the Fetch Compute network’s computing power, benefiting FET holders and nurturing a vibrant development environment.

Fetch.ai CEO, Humayun Sheikh, emphasized the transformative nature of Fetch Compute, stating, “Fetch Compute is not just an infrastructure investment; it’s an investment in the future of AI and the ecosystem of innovative developers pushing boundaries with our platform.”

By combining substantial compute resources with a unique compute credit system, Fetch.AI ensures that its community has the necessary support to bring visionary AI projects to fruition.

This strategic expansion enhances the utility of the FET token and strengthens Fetch.AI’s infrastructure capabilities. The platform’s DeltaV, leveraging Language Models (LLMs) and AI Agents, aims to revolutionize service connections, reshaping the search experience. With the introduction of Fetch Compute, Fetch.AI reinforces its vision for a more intelligent, efficient, and interconnected AI ecosystem.

FET Price in Price Discovery Phase

With FET surpassing $2 and concluding a bull flag pattern, it has seen a 290% increase, entering a phase of price discovery. Fibonacci extension levels may offer insights into potential price directions, with targets at $3.04, $4.18, and $4.88.

FET price, 1-week chart | Source: FETUSD on TradingView.com

Image source: MEXC Blog, chart source: TradingView.com

Disclaimer: This article is for educational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries risks, and readers are encouraged to conduct their own research before making any investment decisions.

FAQs

What is Fetch Compute?

Fetch Compute is a decentralized computing platform introduced by Fetch.AI Foundation, following a $100 million investment to enhance development capabilities within the AI economy. It aims to accelerate innovation in the Fetch.AI ecosystem by deploying advanced Nvidia GPUs.

How does staking FET benefit users?

Starting March 7, 2024, users staking Fetch.AI’s native token, FET, will receive Fetch Compute Credits, which can be used to access computing power on the Fetch Compute network. This incentivizes continued participation and supports the development of AI projects.

What potential price targets are discussed for FET?

With FET entering a phase of price discovery after surpassing $2, potential price targets include $3.04, $4.18, and $4.88, according to Fibonacci extension levels.


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