Why could Fetch.ai (FET) face a major correction in April 2024?
🌏#2. Meme coin is taking most of the cash flow from retail investors
A second reason why the upward momentum of AI-themed projects is no longer strong is because the capital flows of individual investors and new investors are focusing mainly on meme coins. Recent reports said that the meme coin market capitalization exceeded $60 billion in March, and daily trading volume exceeded $10 billion.
The meme coin wave has continuously named a series of meme tokens that increased by hundreds to thousands of percent and brought with it the attention of new investors (for example: Catcoin (CAT), Dogwifhat (WIF)…) . This makes other narratives such as Real World Asset, AI, Restaking... although highly appreciated, the price increase margin cannot be compared to the meme.
♨️#3. NVDA stock price is a good indicator to track the Crypto market AI wave
The AI wave in the Crypto market is driven by the AI wave of the technology world. The most obvious manifestation is the stock price of AI-related technology companies. Leading this group is NVDA. Therefore, NDVA stock can be a good indicator for predicting AI trends in general.
🥰Fetch.ai (AI), a project to build a decentralized machine learning network, is no exception to those influences. While NVDA stock has just set its first red weekly candlestick after a series of 11 consecutive weeks of green candlesticks, although there is no sign of a reversal, it is likely that the first week of April will be a difficult fluctuation.
