AI FET Token Soars, Here's Why!
JAKARTA - In the midst of the decline in the value of the crypto market, there is one token group that actually shows extraordinary performance, namely tokens related to artificial intelligence (AI). One of the most prominent is Match.ai (FET), which in the past week recorded a significant increase, although Bitcoin and other altcoins experienced a decline.
According to data from Glassnode, crypto traders tend to be more careful and reduce the use of leverage in pursuit of large profits. This phenomenon is reflected in the level of neutral funding in most tokens, signaling that the spot market is in control for a while.
However, in the midst of this cautious attitude, FET has actually emerged as a star. Since Bitcoin decreased to 49,500 US Dollars (around IDR 765 million) on August 5, the FET has soared to 80%. What boosted this token's positive performance?
SEE ALSO:
2024 has been a brilliant year for tokens associated with AI, thanks to the advent of various AI tools and stunning performance of Nvidia's shares. Nvidia shares, which are often a benchmark for AI token performance, have a significant impact on the FET. Every time Nvidia releases a positive income report, FET prices tend to rise. Unsurprisingly, AI investors are now waiting closely for Nvidia's revenue report which is scheduled for August 28.
The FET value has increased by more than 500% in the last 12 months and 90% since the start of the year. One of the main reasons behind this growth is its use on the AgentVerse platform, where autonomous agents or digital avatars can search for, connect and transact across various markets in user and business names.
AgentVerse, which is basically the Software as a Service (SaaS) platform, is expected to change its monetization strategy and help carry out user requests, such as hotel and flight booking optimization, as well as the management of electric vehicle charging infrastructure.
On June 13, Match.ai, Ocean Protocol, and SingularityNET joined forces to form a Super Artificial Intelligence Alliance (ASI) with the aim of combining their respective AI features to create vertically integrated technology piles. News about this alliance pushed the FET price to a record high of 3.48 US Dollars (approximately IDR 53,818).
However, like many other altcoins, the price of the FET then decreased and found its lowest point at 0.70 US Dollars (around Rp10,835) on August 5, returning to the price range December 2023.