AI Cryptocurrency Fetch Shows Resilience in Bear Market
FET, the Fetch.ai artificial intelligence (AI) network utility token, rose 13% in the last week, contrary to the rest of the market. Interest in this asset has increased since the platform’s development team confirmed that on June 29 there will be an official presentation of the Artificial Superintelligence Alliance (ASI).
CriptoNoticias already reported that the company Fetch.ai agreed to the merger of FET with SingularityNET (AGIX) and Ocean Protocol (OCEAN). As a result of the merger, this new token would have a diluted value of around $7.6 billion. The objective is to promote the development of a decentralized artificial intelligence platform.
Last June 19Fetch.ai managers reported through the ASI X account that the official presentation will be on June 29 at an event in Antalya, Türkiye. Since that moment, the price of FET increased by 13.6% in one week and its price reached $1.77. At the time of publishing this note, the price of the AI Network token is $1.45.
This rise in the FET price occurs in the midst of a bear market for most cryptocurrencies.
Unlike what happens with this asset, bitcoin (BTC) registered a drop of 6.5% from June 17 to 24 and its price, at the time of publication of this note, is $61,378.
This divergence could be an indicator that, if there is a bitcoin bull run in the future, FET could easily shoot higher until reaching a new all-time high (ATH), which is $3.45 and was recorded on March 28, 2024.
In that sense, it is worth noting that both Binance and Crypto.com, two BTC and cryptocurrency exchanges, expressed their support for the ASI project. In addition, he detailed that as of July 1, 2024, deposits and withdrawals from OCEAN and AGIX will not be accepted.
The tokens will take on the FET symbol and will be exchanged at a ratio of 1 OCEAN to 0.433226 FET and 1 AGIX to 0.433350 FET. Meanwhile, the FET conversion rate will be 1 ASI.
Binance also confirmed that investors will be able to buy ASI starting July 510 days before the official launch announced by the Fetch.ia team.
It is worth noting that this network was founded in 2017 by Toby Simpson, Humayun Sheikh and Thomas Hain, with the aim of providing an ecosystem to democratize access to artificial intelligence. Its website highlights that this platform works to “redefine the possibilities of an intelligent and connected world through its AI-based technology.” Furthermore, he adds:
“Fetch.ai’s infrastructure technology enables developers and enterprises to build, deploy and monetize through a modular agent-based platform for the next generation of AI applications.”
Fetch.IA development team.
Regarding the launch of ASI, the directors of that company stressed that “it is an alternative to the large corporations that exist and control the AI space.”
