The meme-coin hype has waned in the cryptocurrency market, but there’s a new trend: Artificial Intelligence (AI). Whales follow this trend, showing more attention to the AI coin Fetch.AI (FET) than meme coins like SHIB and DOGE. According to market data, crypto whales are accumulating Fetch.AI (FET) to prepare for a possible rally soon. Ripple (XRP) price and detailed market data from hereyou can see.
SHIB, DOGE fell out of favor, whales chase FET
Retail investors have generally been the driving force behind the crypto market’s recent leap that saw its total valuation rise above $1 trillion. However, recent research shows that whales are now in the driver’s seat and are actively accumulating crypto tokens. In particular, the trendy AI coin Fetch.AI (FET) stands out as one of the most used smart contracts among the top 100 Ethereum whales. As you may recall, SHIB, DOGE and similar meme-coins once blew up the market. However, lately that wind seems to have subsided. Instead, there is a new trend: Artificial Intelligence (AI).
According to data from whale watching platform WhaleStats, FET has become one of the top five altcoins that big wallet holders are more interested in buying and saving over the long term. This typically points to the possibility of an increase in the price of the coin as a result of a major event or the emergence of bullish technical indicators. Meanwhile, FET hit new local and 2023 highs with a rapid 20% intraday gain that pushed the price above $0.30.
cryptocoin.com As you follow, the price increase comes right after ‘AI’, which is currently trending in the crypto market, following the rise of AI tools like ChatGPT and others. Not only Fetch, but also a number of other AI-based altcoin projects such as SingularityNET, Ocean Protocol, and Phala Network have seen tremendous growth over the past week and last few months.
.AI is growing in popularity
The unquestionable potential of OpenAI’s ChatGPT has aroused great interest in artificial intelligence. This has helped push the values of altcoin projects connected to AI much higher. According to industry leaders, technology has sparked an ‘arms race’ in artificial intelligence. Now here the entire tech world is rushing to jump on the bandwagon and rely on its success.
Launched in the summer of 2018, Fetch.ai (FET) combines Blockchain, smart contracts and artificial intelligence technology to create a network of autonomous software agents for AI-powered peer-to-peer applications. The altcoin has proven the popularity of the trend with more than 200% price gains in the last thirty days. Thus, he had an extraordinary start to the new year. Fetch.AI (FET) was trading at $0.3443, up 7.14% on a daily basis at press time. In addition, the token has jumped 21% in the last seven days.
FET 1-month price chart / Source: CoinMarketCap
