Is Fetch.ai (FET) Price Set To Dominate The AI Crypto Market In 2023?
A recent report found that the artificial intelligence (AI) market is estimated to grow at a Compound Annual Growth Rate (CAGR) of about 22.26 percent between 2022 and 2027. Reportedly, the size of the AI market is forecasted to increase by approximately $125.3 billion.
Nonetheless, AI’s exponential growth will depend on several factors, including keeping fraudulent activities and malicious attacks under control.
Blockchain technology, which has gained global recognition due to its tamper-proof capabilities, is expected to play a crucial role in adopting AI-decentralized cloud-based projects. The future growth prospects of decentralized applications rely heavily on their ability to embrace artificial intelligence to implement smart contracts seamlessly.
Fetch.ai (FET) Gains Whale Attention
There is an old saying within the crypto community that says, ‘there is always a bull market somewhere’. During the past two months, Fetch.ai’s (FET) price has gained about 10X. At the beginning of last December, FET price was trading around $0.058 and has scaled to a new year high of about $0.58. As a result, whale traders have been attracted by the huge volatility, which analysts forecast will continue in the near term.
According to on-chain analytic firm Santiment, the Fetch.ai network has facilitated 135 million FET tokens worth about $61.2 million to an Ethereum whale account.
With a 24-hour trading volume of about $154 million, the FET ecosystem enjoys a market capitalization of approximately $450 million.
“FetchAi, now the 102 assets by market cap in crypto, after skyrocketing +395% in 2023, has seen its largest transaction in 567 days. $61.2M worth of $FET has been transferred to an existing whale address, which also holds 224.46M in $ETH,” Santiment noted.