Fetch.AI (FET) has seen a nearly 20% increase in value over the last 24 hours following a tweet from Injective hinting at a potential collaboration.
This surge comes amidst a backdrop of artificial intelligence-related cryptocurrencies gaining traction even as the broader crypto market is experiencing a significant downtrend.
What is Behind FET’s Recent Price Surge?
Yesterday, Injective tweeted that it is “brewing” something with Fetch.AI and uploaded a picture of both company logos connected by a dynamic, wavy line that suggests a flow of energy or data between them. The crypto community members perceive the image as a signal of an upcoming collaboration between the two projects. However, there is no further detail regarding the potential synergy at the time of publishing.
Despite the vagueness, this tweet has fueled speculation among the crypto community, driving FET’s price to skyrocket from $1.42 to $1.70. Yet, at the time of writing, FET is now trading at $1.66.
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A pseudonymous crypto analyst, Posty, shared his insight on FET’s current price movement. He expressed optimism due to its promising chart signs, such as the formation of a higher low.
“[FET] Currently facing local resistance at $1.70. From here to $1.95, it’s a bit of an ugly zone but it’s a start. Interested in longs above $1.95 (depending on how BTC looks at that time),” he noted.
In addition to FET, other AI-related cryptocurrencies, such as SingularityNET (AGIX), have soared over the past week. Over the past seven days, AGIX has increased by 38.4% and is now trading at $2.95.
These developments are particularly noteworthy, given that the broader crypto market declined during the same period. For instance, during the same period, Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies, fell by 7% and 2.2%, respectively.
Moreover, Nvidia, a key player in the AI space, experienced a significant drop in its market capitalization. Nvidia’s (NVDA) stock price plummeted 11.16% over the last five trading days. Typically, Nvidia’s performance significantly impacts the movements of AI-related crypto assets.
Besides the potential collaboration with Injective, Fetch.AI is also anticipating the ASI token merger with AGIX and Ocean Protocol (OCEAN). In a recent statement, the Artificial Superintelligence Alliance (ASI) confirmed that it would delay the merger to July 15, 2024.
The preparation phase for the token merger, involving complex integrations and coordination with exchanges, validators, and ecosystem collaborators, requires meticulous planning. Thus, the alliance considers the delay a strategic decision to maintain accuracy and efficiency in the merger process.
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Despite this, FET, AGIX, and OCEAN tokens still trade independently, and no immediate action is needed from token holders. The merger aims to enhance functionality and use cases, with plans firmly on track. After completing the necessary integrations, individual tokens will be consolidated into the new ASI token.
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