Fetch.AI (FET) has shown remarkable performance in today’s cryptocurrency market, landing in the top three. The asset has seen an impressive 17% gain in the last 24 hours, hitting a major milestone by breaking the $2 threshold for the first time ever. This surge, which pushed Fetch to 64th place among the top cryptocurrencies by market capitalization, is evidence of growing investor confidence and market optimism surrounding technological advancements and future potential.
Why is Fetch price rising today?
This surge in FET prices appears to have been sparked by investor interest following a pivotal announcement from the Fetch.AI Foundation. On March 5, 2024, the Foundation announced significant infrastructure investments with the introduction of ‘Fetch Compute’, following an investment of $100 million aimed at strengthening development capabilities within the AI economy.
Introducing: Fetch Compute 🖥️
After investing $100 million in infrastructure, we have secured the future of our growing ecosystem with a decentralized computing platform that delivers advanced AI-centric capabilities. @Nvidia #GPU 🚀⚡
But wait a minute. There’s more. $FET Striker! 🙌👇 pic.twitter.com/i9FYkJnkLZ
— Fetch.ai (@Fetch_ai) March 5, 2024
Fetch Compute’s plans to deploy cutting-edge Nvidia GPUs, including the H200, H100 and A100 models, aim to significantly accelerate the pace of innovation within the Fetch.AI ecosystem. This strategic investment, funded through the Fetch.AI Ecosystem Fund, provides developers and users with the computing power they need to explore and develop sophisticated models and solutions, address the urgent GPU shortage, and set a new standard for the global developer community. designed to provide
A new incentive mechanism has also been announced where, starting March 7, 2024, users who stake FET, Fetch.AI’s native coin, will be rewarded with Fetch Compute Credits. These credits can be used to access the computing power of the Fetch Compute network, directly benefiting FET token holders and fostering a robust development ecosystem.
Humayun Sheikh, CEO of Fetch.ai, emphasized the innovative nature of Fetch Compute, saying, “Fetch Compute is not just an infrastructure investment. “This is an investment in the future of AI and an innovative developer ecosystem that is pushing the boundaries of what is possible with our platform.”
Sheikh explained the importance of this initiative: “By combining our significant compute resources with our unique compute credit system, we are ensuring our community has the support and tools they need to bring their visionary AI projects to life.”
This strategic expansion not only enhances the utility of FET tokens, but also strengthens Fetch.AI’s infrastructure capabilities. DeltaV, a platform that leverages language models (LLMs) and AI agents, aims to redefine the search experience by revolutionizing the way users connect to services. With the launch of Fetch Compute, Fetch solidifies its vision for a more intelligent, efficient, and interconnected AI world.
FET Price Enters Price Discovery
As FET price rose above the $2 mark, it successfully completed the bullish flag pattern discussed in the previous price analysis, resulting in a 290% gain. Now, the price of FET is entering the price discovery stage. Fibonacci extension levels can provide insight into the potential future direction of price. Potential price targets are $3.04 (2.618 Fib), $4.18 (3.618 Fib), and $4.88 (4.236 Fib).
Featured image from MEXC blog, chart from TradingView.com
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