Fetch.ai is one of the best-performing AI cryptocurrencies at the moment. In the last 24 hours, FET is up 14% to trade at $2.93. Trading volumes are rising, too, up by 39% in 24 hours to hit $1.036 billion.
Fetch.Ai is designed to ensure that machine learning remains decentralized and secure. With Fetch.ai, anyone can access decentralized AI datasets for whatever purpose they want to use in AI. Fetch.AI has many use cases, ranging from optimized trading of financial instruments to leveraging the power of AI to make transport networks work optimally.
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At the moment, Fetch.Ai is making new highs, outperforming most cryptocurrencies. At this point, Fetch.Ai is exceeding some popular meme coins, which tend to outdo the broader market by huge margins.
The key factor driving FOMO around Fetch.ai is a series of good news reinforcing the narrative that Fetch.AI is the king of AI. One of these news came late last month and touched on Fetch.AI being adopted by Bosch and Deutsche Telekom in achieving their AI ambitions. This gave the market the impression that Fetch.Ai is a serious project with actual adoption.
$100 Million For NVIDIA GPUs Secured
This week, we saw even bigger news about Fetch.AI. Through their official X account, the Fetch.Ai team announced that they had secured $100 million in funding and that the money was being used to buy cutting-edge GPUs from NVIDIA. This is a big deal as it proves two things.
Introducing: Fetch Compute 🖥️
Following a $100M investment in our infrastructure, we have secured the future for our growing ecosystem with a decentralized computing platform, offering advanced AI-focused @nvidia #GPUs 🚀⚡
But wait, there’s more for $FET stakers! 👀👇 pic.twitter.com/i9FYkJnkLZ
— Fetch.ai (@Fetch_ai) March 5, 2024
First, strategic investors are bullish on Fetch.Ai and are willing to bet big money to help fuel its expansion. Second, it proves that the Fetch.Ai team is committed to making Fetch.Ai one of the biggest players in the AI space in the future. With AI revolutionizing entire industries and market analysts stating that this is just the beginning, Fetch.Ai’s strategic positioning in the market makes the FET token one of the most sought-after cryptocurrencies.
Whales Are Buying Up FET
Another bullish factor pulling investors to FET in large numbers is that whales are buying up. Whales usually spend lots of money on a cryptocurrency based on well-calculated risk and the expectation of good returns in the future.
Today, one big news about Fetch.Ai is that a whale bought 13.92 million FET tokens at an average price of $1.885. While the whale is currently sitting at a sizeable profit of over $8 million, they are still not selling, an indicator that they expect Fetch.Ai to go much higher.
The FOMO around Fetch.Ai is also supported by this token being available on most of the top cryptocurrency exchanges. FET is available on top exchanges such as Binance, KuCoin, and Coinbase. These exchanges are available to most retail investors, and as momentum builds up around Fetch.Ai, FOMO can take the token to unprecedented levels.
In the section below, we make a FET price prediction to determine how it could trade as FOMO starts to kick in.
FET Crypto Price Prediction
At the time of going to press, Fetch.Ai was trading at $2.95 with a market capitalization of $2.49 billion. In 24 hours, FET had gained by 17.42%.
After sustained gains for more than 24 hours, FET has hit strong resistance at $3, and is struggling around this price level. If bulls can push Fetch.Ai through the $3 resistance in the day, then prices above $5 could be hit in the day as FOMO builds up.
However, if buying volumes drop, two scenarios could play out today. The first is a consolidation between $2.90 and $3. This could continue until another surge in buying volumes pushes FET through $3.
On the other hand, if short sellers manage to push FET through $2.90, then a correction could follow, and prices below $2.50 could be hit in the day.
The Case For $5 Soon
While there is a scenario where FET consolidates or turns bearish, there is so much FOMO around this token for such to happen. Besides, the broader market is currently strongly bullish, which adds extra support for FET as it matches higher.
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