FET token surges by 10% as AI market heats up

Fetch.ai (FET) has been rising for the past 24 hours. It started the day trading at just about $0.34. This token continued to gain prices exemplary during the period, rising to about $0.37 at the time of writing.

The token has surged in value by over 13.9% over the past trading day. For most of the past 24 hours, FET has been trading in the green, according to charts.

FET token surges by 10% as AI market heats up - 1 — FET price actions | Source: Coinmarketcap

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The price action over the past 30 days indicate that the coin has lost around 22%. For most of March, FET has been trading in the red.

However, the coin briefly rose in value in the middle of the month before continuing its current positive price actions.

Many investors may ask about the triggers of the coin’s recent positive price movements.

The funding

DWF Labs has provided $40 million in new funding to Fetch.ai, a blockchain platform that employs artificial intelligence to help individuals automate activities.

According to a statement released by the company, Fetch will utilize the funding to implement decentralized machine learning, autonomous agents, and network architecture on its platform.

By offering an autonomous machine-to-machine environment, Fetch.ai aims to give developers the tools to publish and make money from their applications.

The investment was made as traders began to stake their bets on the possibilities of AI and cryptocurrency in the wake of the recent popularity of AI-powered chatbots like ChatGPT and the image-generating program DALL-E.

However, a surge in institutional interest in their parent company, OpenAI, which recently raised $10 billion from Microsoft at a $29 billion valuation, has created a compelling case for cryptocurrency traders to bet on AI-focused tokens as the next growth sector.

Both of these are traditional software that does not use cryptocurrencies or blockchains.