Fetch.ai remains on track in terms of development, but can it save FET

• Fetch released multiple updates for its network and wallet in Q2 2023.
• However, daily active users declined and FET’s price remained under bears’ control.

Fetch.ai [FET] showed a commendable start to the second quarter of 2022 with back-to-back updates. The blockchain has already completed 45% of objectives on its roadmap by the second quarter. 

Realistic or not, here’s FET market cap in BTC‘s terms

Fetch.ai’s development soars 

Fetch concluded Q1 with the launch of its Agentverse. It is a virtual hub that’s designed to help users engage with Fetch.ai’s autonomous agent technology, regardless of their technical expertise.

Interestingly, as the new quarter began, Fetch

Fetch’s latest release was its Fetch Super Wallet v0.9 update. The Fetch.ai Wallet 0.9 includes new automation features like “Send Assets on Command,” which allow users to send assets to any address with a single command. 

Launches in the pipeline 

A look at Fetch’s roadmap revealed that after the latest update with the wallet, FET will launch native staking on it. Apart from this, FET also plans to provide NFT and faucet support for its wallet. 

Source: Fetch.ai

Fetch’s key metrics did not show momentum

Though development in the ecosystem was on fire, things were not as good in terms of activity on the network. Dune’s data revealed quite a few concerning metrics which suggested decreased usage of the blockchain.

After spiking in February, FET’s daily active users went down. The same trend was also seen on the chart for daily transactions. 

Source: Dune

A look at Fetch’s performance in Q2

In Q2, FET witnessed a surge in demand, which was evident from Santiment’s chart. The number of FET holders increased considerably over the last month.

 Whales also showed interest in FET, as suggested by the spike in whale transactions. FET’s network growth also remained high, but in the last few days, the graph plunged. 

Source: Santiment

FET under bearish influence

The bearish market affected FET’s price like several other cryptos over the last few weeks. Its price declined by more than 10% in the last seven days. At press time, the token was trading at $0.3377 with a market capitalization of over $275 million. 

Source: Santiment

How much are 1,10,100 FETs worth today       

Thanks to the price decline, FET’s MVRV ratio remained relatively low throughout April. Negative sentiments around FET were also dominant.

However, exchange outflow spiked, suggesting increased buying pressure. Moreover, FET was also on the list of the top BNB Chain projects with the highest bullish sentiment, which looked optimistic for the token.