Fetch.AI (FET) has experienced impressive growth in the cryptocurrency market, with a 15% increase in its price following a significant announcement. The asset has become one of the top performers, gaining 17% in the past 24 hours and surpassing the $2 threshold for the first time ever. This surge has propelled Fetch.AI to the 64th position among the leading cryptocurrencies, showcasing growing investor confidence and optimism regarding its technological advancements and potential for the future.
The surge in FET’s price can be attributed to a pivotal announcement by the Fetch.AI Foundation. The foundation recently revealed a substantial infrastructure investment called “Fetch Compute,” which has sparked the interest of investors. This initiative, funded by a $100 million investment, aims to enhance the development capabilities within the AI economy. Fetch Compute will deploy advanced Nvidia GPUs, including the H200, H100, and A100 models, to accelerate innovation within the Fetch.AI ecosystem. This strategic investment will empower developers and users with the computational power needed for exploring and developing sophisticated models and solutions.
Additionally, Fetch.AI announced a novel incentive mechanism for FET token holders. Starting from March 7, 2024, users staking FET will be rewarded with Fetch Compute Credits, which can be used to access the computing power on the Fetch Compute network. This incentivizes FET token holders and fosters a robust development ecosystem.
Humayun Sheikh, CEO of Fetch.ai, highlighted the transformative nature of Fetch Compute, stating that it represents an investment in the future of AI and the ecosystem of innovative developers. By combining substantial compute resources with the unique compute credit system, Fetch.ai aims to support and enable visionary AI projects.
This strategic expansion not only enhances the utility of the FET token but also strengthens Fetch.AI’s infrastructure capabilities. Through the DeltaV platform, which utilizes Language Models (LLMs) and AI Agents, Fetch.AI aims to revolutionize the way users connect with services and redefine the search experience. The introduction of Fetch Compute further solidifies Fetch.AI’s vision of a more intelligent, efficient, and interconnected AI world.
With the FET price surpassing the $2 mark and concluding the bull flag pattern, the asset is now entering a phase of price discovery. Fibonacci extension levels suggest potential future price targets at $3.04, $4.18, and $4.88.
It is important to note that this article is for educational purposes only and does not constitute financial advice. Investors are encouraged to conduct their own research before making any investment decisions.