Throughout much of 2018, the initial coin offering (ICO) fundraising method appeared to lose much of its gusto — with the bulk of projects failing to reach even modest funding caps.
Stemming from the Binance Launchpad, Fetch.AI managed to raise an incredible $6 million in under thirty seconds — a feat that few projects can claim, especially in the midst of a bear market.
Fetch.AI is developing a decentralized digital world in which all the different places in the real-life economy can interact, do business, and exchange information. This digital world is known as the Open Economic Framework (OEF) and provides an environment where digital entities can autonomously work together to tackle problems in practically any industry.
Binance Providing Rocket Fuel
Fetch.AI is not the first Binance Launchpad project to see such an incredible reception. BitTorrent (BTT) also launched using the platform and sold out its entire token allocation in under 20 minutes to a raise $7.1 million from 2,758 contributors.
Following the outstanding reception both BitTorrent and Fetch received, avid cryptocurrency investors are eagerly awaiting the next Launchpad project — which shouldn’t take too long, since Binance previously stated that it plans to launch at least one project per month via the platform this year.
Fetching Price Action
Shortly after listing on Binance this morning, Fetch (FET) experienced explosive gains. It initially entered the market at close to $0.40 each — equivalent to almost 450 percent growth.
Since then, the token managed to trade relatively sideways before entering a strong down-trend, falling down around $0.33 as of writing. With the selling pressure easily outweighing the buying pressure on Binance, it appears FET may fall even further before stabilizing.
During the token sale, FET tokens could be purchased for 0.008584 BNB — currently equating to around $0.09 each. Now, FET can be traded against Bitcoin (BTC), Tether (USDT) and Binance Coin (BNB), with Fetch performing very well in all three markets.
The growth Fetch.AI has seen largely mirrors that of BTT, which managed to explode to almost 10x its ICO value within just a day of listing on Binance. However, if FET continues to follow in BTT’s footsteps, it may be due for an almighty crash, since BTT is now trading 15 percent lower than its all-time high — with a price of $0.00085 each.
Currently, both BTT and FET are trading in the same bearish channel, and appear to be struggling to regain momentum after such explosive growth.
Are you bullish or bearish on Fetch.AI? Do you think the team has the technical chops to pull off such a challenging concept? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, TradingView.