- 61.2 million worth of FET was moved to an existing whale address on 14 February.
- Fetch AI [FET] has increased by over 300% since the beginning of the year.
According to a 15 February tweet by Santiment, Fetch AI [FET] saw its largest transaction in nearly two years. Approximately $61.2 million, worth 135 million FET, was transferred to an existing whale address on 14 February. The same whale address is said to have 224 million Ethereum [ETH] as well.
? #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
Read Fetch AI’s [FET] Price Prediction 2023-24
This most recent event added to the tremendous price movement that FET has experienced over the past few weeks. Its market cap has grown because of the price upswing, bringing it closer to the top 100 cryptocurrencies.
Source: Santiment
Dawn of the AI…tokens?
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. A higher rate of token removal from exchanges is a sign of hoarding by traders and may signify a speculative rise in value.
Source: Crypto Quant
As of this writing, Fetch AI was trading at about $0.44 and had lost value by just over 1%. The token had increased by over 330% from the start of its rally, according to the price range tool used at the current price range. It was also clear that the token’s value had increased by over 17% during the previous trading period.
How much are 1,10,100 FETs worth today?
The Bollinger band confirmed that the coin has high volatility, given the current price movement. On a daily timeframe, the Relative Strength Index (RSI) showed that it was in a bull trend at the time of writing.
Source: Trading View
The whale’s behavior, as shown by the Netflow measure, was consistent with HODLing. Despite the widespread interest in AI, the effect on blockchains that provide AI-related services remains to be seen.
