Fetch.ai value soars as whales turn to AI-powered crypto

Fetch.ai value soars as whales turn to AI-powered crypto

As February 2023 rolls in, Fetch.ai (FET) has become one of the leading investment choices in cryptocurrency, with whales investing more in this artificial intelligence-powered currency than any other token in the current market.

Founded in 2017 and later launched on Binance in March 2019, the altcoin has gained prominence as a cryptocurrency that creates an open-sourced machine-learning network for use in the crypto economy.

Though it has seen highs and lows in the previous years, the rise of OpenAI and other artificial intelligence has formed more interest in the technology, inspiring Fetch.aiā€™s popularity in 2023.

Cryptocurrency transaction tracker WhaleStats noted a rise in whales purchasing FetchAI tokens. Fetch.ai has since gained a 20 per cent rise, with its current price sitting above $0.33 and its 24-hour trading volume of over $116 million.

Other cryptocurrencies powered by AI, including Ocean Protocol, Phala Network and SingularityNET, have also spiked in the wake of the AI craze.

AI in cryptocurrency

Developers began programming the Fetch.ai platform in 2017 but only released it through an initial exchange offering (IEO) on Binance in the summer of 2019.

Its main net became public in 2020 and has since gained traction in the cryptocurrency community for its innovative approach to blockchain technology.

Fetch.ai uses machine learning, smart contracts, and blockchain technology to create autonomous agents in peer-to-peer interactions. The code for these autonomous agents is reusable and modular, and the firm provides an extensive client library for further retooling.

The developers aim to make sure Fetch.aiā€™s system can conduct financial searches, use advanced knowledge, and make predictions on the value of future stocks.

Their future aspirations also include optimizing trading, removing middlemen in gig economies and reconfiguring transport networks. All of these goals lead to their main goal of enabling the free flow and exchange of data in the future.

Fetch.ai has grown over 21 per cent in the past week alone, and will likely soar further in the coming days.