• Fetch AI [FET] saw its largest transaction in nearly two years, with $61.2 million worth of FET moved to an existing whale address on 14 February.
• Since the start of the year, Fetch AI [FET] has increased by over 300%.
• The crypto community’s recent embrace of AI systems has stoked even more interest in blockchains and tokens dedicated to AI, such as Fetch AI.
Largest Transaction In Nearly Two Years
Fetch AI [FET] saw its largest transaction in nearly two years, with approximately $61.2 million worth of FET moved to an existing whale address on 14 February. Since the beginning of 2021, Fetch AI [FET] has increased by over 300%, bringing it closer to the top 100 cryptocurrencies according to a 15 February tweet by Santiment.
Crypto Community’s Embrace Of AI Systems
The crypto community’s recent embrace of AI systems has stoked even more interest in blockchains and tokens dedicated to AI, such as Fetch AI. This is due mainly to the popularity of ChatGPT among the crypto community. In addition, the potential future use of AI blockchains in emerging AI platforms like BARD and ChatGPT has increased interest in their respective projects and tokens.
Netflow Reads Negative As FET Remains Bullish
The token’s Netflow indicator revealed that there had been more exchange outflows than inflows. The Netflow metric that was noticed also showed the whales‘ most recent large movement. Traders had removed over a million FET from exchanges as of the time of writing; this higher rate of token removal from exchanges is a sign of hoarding by traders and may signify a speculative rise in value.
Price Movement And Market Cap Growth
As of this writing, FetchAI was trading at about $0.44 and had lost value by just over 1%. The token had increased by over 330% from the start off its rally according to price range tool used at current price range; it was also clear that token’s value had increased by over 17% during previous trading period . The Bollinger band confirmed that coin has high volatility given current price movement and Relative Strength Index (RSI) showed it was bull trend for short term duration with strong buying pressure which could possibly extend further if trend continues .
It appears that all signs are pointing towards continued bullish momentum for FetchAI as traders continue to show confidence in this project through their continued buying activity on exchanges despite net flows showing significant outflows from exchanges . With market cap now close enough top100 cryptocurrencies , it will be interesting if momentum can sustain itself into near future & propel further growth for token & blockchain project behind it .