#ai
Fetch.AI (FET) has experienced an astonishing surge of 44.98% in its price within the last 24 hours, reaching $2.65.
This surge has propelled FET into the top 50 cryptocurrencies by market cap and set a new all-time high of $2.77.
The recent price rally is attributed to the Fetch.
AI Foundation's announcement of a substantial $100 million investment into its "Fetch Compute" initiative, aimed at enhancing development capabilities within the AI economy.
This initiative involves deploying Nvidia GPUs, including models such as the H200, H100, and A100, to accelerate innovation within the Fetch.AI ecosystem.
Furthermore, starting March 7, 2024, a new incentive mechanism will reward users staking Fetch.AI's native coin, FET, with Fetch Compute Credits.
This mechanism allows token holders to access computing power on the Fetch Compute network, benefiting FET holders and stimulating further ecosystem development.
On-chain activity has also been notable, with significant transactions observed. Notably, Whale 0xa7b withdrew 1.72 million FET ($4.15 million) from centralized exchanges in the past five hours.
Another wallet, 0x488, associated with Fetch.ai, deposited 5 million FET ($11.2 million) into Binance about 12 hours ago, despite being inactive for six months and still holding 1.12 billion FET ($3 billion).
