Reasons Why Fetch.AIs FET Token Soared 360% and Hit All-Time High
Fetch.AIs native token, FET, has witnessed a 360% since 2023, with a notable rise from $0.6 to an all-time high of $2.84, which was partly driven by the v0.17 update in early February. As a result, FET briefly entered the list of the top 50 crypto assets market cap before sliding two positions down.
The latest rally was first fueled by the market-wide surge and was later propelled by Fetch.AI securing advanced GPUs following the $100 million infrastructure investment. As a result, FET recorded over 70% in weekly gains.
- Fetch.AI is a Cosmos-based crypto artificial intelligence project. It recently announced plans to invest $100 million in an infrastructure initiative known as Fetch Compute. It aims to enhance the resources, computational capacity, and training opportunities for developers while also offering GPU credits to users.
- According to the official announcement, Fetch Compute will integrate Nvidia H200, H100, and A100 GPUs to establish a platform accessible to developers and users for computational needs. Meanwhile, the funding for this initiative will be sourced from the Fetch.AI ecosystem fund.
- German multinational engineering giant Bosch teamed up with Fetch.aI to jointly introduce a new foundation focused on driving industrial adoption of software agents, AI, and Web3 technology last year.
- This new entity was called Fetch.AI Foundation which prioritized research and development efforts, as well as promoting the practical application and adoption of agents across various sectors.
- Later that year, crypto derivatives and copy trading platform Bitget pledged $10 million for the development of the Fetch.AI ecosystem while simultaneously announcing its intention to offer a myriad of services to the AI lab including marketing consultations and strategic directions.
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