Crypto Whales Take Fetch.AI Bait Of 135 Million FET Tokens As AI Ecosystem Expands
17 Fevereiro 2023 - 3:45AM
NEWSBTC
Artificial intelligence crypto FET has been growing in popularity
lately. According to Coingecko, the governance token of Fetch.ai is
up almost 53% in the monthly time frame. This can be attributed to
the fast growth of artificial intelligence technology today.
According to recent research, the AI industry is expected to grow
by 22% from this year to 2027 as a result of increasing popularity
of artificial intelligence applications. Big tech companies have
also invested heavily in AI, with Microsoft shelling out billions
to OpenAI’s ChatGPT. AI-related tokens have seen massive growth as
seen on FET’s impressive price movements. Whales Dive Into
The Scene Much like tech companies, cryptocurrency whales have
entered the AI space through the emergence of AI tokens. Some $61.2
million, or equivalent to 135 million FET, was transferred to an
existing whale address on Valentine’s Day. According to Santiment’s
recent tweet, the whale address that accumulated so much of FET is
also known to hold more than $224 million worth of Ethereum. These
large whale transactions are an example that investors in crypto
are highly interested in AI tech and blockchain. 🦴 #FetchAi
now the #102 asset by market cap in #crypto after skyrocketing
+395% in 2023, has seen its largest transaction in 567 days. $61.2M
worth of $FET has been transferred to an existing whale address,
which also holds 224.46M in $ETH. 👀 https://t.co/TYjwlxJpYf
pic.twitter.com/JNsYSgo3PO — Santiment (@santimentfeed) February
15, 2023 With big companies investing in AI companies, investor
interest in AI tokens is expected to increase in the coming
years. FET @ $0.4304 – Would The Crypto Continue Its
Climb? The current upwards movement of the token is currently
being stopped by FET’s $0.6007 resistance. For the token to resume
its bullish price movement, prioritizing the breakthrough on this
resistance is a must. However, the recent whale transaction didn’t
trigger a strong upwards movement. Today, February 17th, the
token is trading at a red candle. If the bearish momentum
continues, a retest of the $0.3864 support is inevitable. But with
AI-related tokens being so popular lately, we might see a
continuation of FET’s bullishness in the medium to long term.
Not to mention the increasing use cases of AI, investor interest
will increase alongside it further boosting the momentum of the
bulls. Crypto total market cap at $1 trillion on the daily chart |
Chart: TradingView.com Related Reading: Shiba Inu Whale Scoops 50
Billion SHIB In Single Day After Earlier Ditching Bigger Amount For
now, investors and traders should focus on defending the $0.3864
support in the short to medium term. Watching the movement of major
cryptocurrencies like Bitcoin and Ethereum will also benefit them
as FET is somewhat correlated with them. If the bulls are
successful in defending the token’s current support, targeting
$0.6007 will be a breeze. A breakthrough on this level could open
the $0.7334 resistance for the bulls. -Image by Jeff J
Mitchell/Getty Images
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