Crypto News– At present, the Fetch AI (FET) price stands at $0.21, marking a 20% decline from its monthly peak of $0.27, achieved on September 3. Examining on-chain data allows us to delve into the potential implications of the recent surge in whale interest, which coincided with the resurgence in NVIDIA stock prices this week.
Fetch AI Garners 4 Million Dollars Whale Interest
FET serves as the native token of Fetch.ai, an innovative cryptocurrency protocol specializing in artificial intelligence (AI) that offers decentralized machine learning services without the need for permission.
Notably, crypto whales have been observed accumulating FET tokens throughout the week, a period in which Morgan Stanley identified NVIDIA (NASDAQ: NVDA) as a promising “buying opportunity.“
Crypto Whales Emerge, Accumulating 18 Million Tokens Over the Week
The price performance of Fetch AI’s (FET) cryptocurrency throughout September has left much to be desired. However, a noteworthy development emerged this week as a cluster of whale investors, boasting FET balances ranging from 1 million to 10 million tokens, embarked on an aggressive buying spree.
As illustrated below, these whales collectively held a total of 302.24 million FET tokens in their wallets as of September 19. Fast forward to September 26, and this figure had swelled to 320.84 million FET.
What makes this development particularly intriguing is that the 18.6 million FET tokens acquired by these whales coincide with a discernible upturn in NVIDIA stock prices. Currently valued at $0.21 per token, the 18.6 million FET tokens newly accumulated by these whale investors translate to an approximate value of $4 million. Historical patterns indicate that the buying activity of this whale cluster has often been a significant catalyst for FET price movements.
1 Comment