Fetch.ai (FET) Gains 43% After Announcement of $150 Million in Development Fund and Cosmos IBC

Development in the cryptocurrency ecosystem continues despite the daily price movements and these advancements promote public awareness of Web3 and the value of blockchain technology.

One project that has climbed the charts in a marketing push to develop better brand recognition is Fetch.ai, a protocol aimed at building a token-based decentralized machine learning network capable of supporting the smart infrastructure that runs around the digital economy is being built.

Data from Cointelegraph Markets Pro and TradingView shows that the price of FET is up 43.13% in the past two days, from a low of $0.322 on March 21 to an intraday high of $0.46 on March 23, as the 24-hour trading volume has increased fivefold.

FET/USDT 4-hour chart. Source: TradingView

Three reasons for the construction interest in Fetch.ai are the launch of a $150 million development fund, plans to further integrate the project into the Cosmos ecosystem and the recent launch of a large-scale marketing campaign.

Fetch.ai Launches $150 Million Development Fund

The biggest news to come out of the Fetch ecosystem was the March 22 launch of a $150 million ecosystem development fund, in partnership with MEXC Global, Huobi and Bybit, aimed at attracting developers and established projects to the Fetch. ai ecosystem.

Ecosystem development funds have become a hot topic in the cryptocurrency community as projects have found them to be a useful way to attract new projects and users to their protocols in a field that is becoming increasingly crowded and harder to get to grips with.

Deeper integration with Cosmos

A second major development bridging the increased focus on Fetch.ai is its continued integration with the Cosmos ecosystem and the Interblockchain communication protocol.

Fetch has officially joined the list of projects launched in February within the interoperability-focused Cosmos ecosystem, and it is currently upgrading the Fetch.ai chain to enable IBC transfers between supported networks.

Cosmos has been one of the most active and growing ecosystems over the past six months, despite weakness in the broader cryptocurrency market, which has the potential to benefit Fetch by providing increased token liquidity and access to a larger pool of investors. to take.

Related: Fetch.ai Launches NFT Platform for AI-Generated Art

A renewed marketing push

The third factor that has contributed to increasing Fetch’s exposure is an increased focus on marketing the project to the general public, including a partnership with Formula 1 driver Alex Albon.

In addition to this Formula 1 sponsorship, marketing for Fetch has also appeared in highly visible areas, including digital billboards in Times Square, New York, and advertisements for subway and bus terminals.

Fetch.ai has also started recruiting crypto influencers to raise awareness and it has benefited from its listing on the Voyager app on March 18.

VORTECS™ data from Cointelegraph Markets Pro began detecting a bullish outlook for FET on March 21, ahead of its recent price surge.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions, derived from a combination of data points, including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ score (green) vs. FET price. Source: Cointelegraph Markets Pro

As can be seen in the chart above, the VORTECS™ score for FET peaked at 80 on March 21, about an hour before the price jumped 42.56% over the next two days.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risks, you should do your own research when making a decision.

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