Why is Fetch.AI surging?
Here's what you need to know about the Fetch.ai, SingularityNET and Ocean Protocol merger
So recently, a couple of the AI tokens I’m invested in AGIX (SingularityNET) and Fetch.AI started to surge. That’s one of the reasons I hold longer positions as the why stocks and tokens surge on news suggests to me, at least, that there is insider knowledge of what’s going on beforehand.
That’s why when the money inflows are clearing coming into the market, it’s a good time to invest. You’re going with the flow, so to speak.
For me, I think it’s a good idea to not only leverage and use AI as a creative, but to invest in it also. With the rise of stocks like NVIDIA, and the obvious need to more and better chips to handle LLM’s, it just makes sense.
While the news was already out on NVIDIA last year, there is clearly more room in sight.
NVIDIA stock is up significantly this year (2024), rising over 82% year-to-date as of the end of the first quarter of 2024. The stock hit an all-time high closing price of $950.02 on March 25, 2024.
Smart money is betting on the future.
But for retail investors, I think the potential for crypto tokens makes even more sense. Clearly, there are sectors of the population (think:old) that will not invest in crypto no matter what. It’s just too much of a paradigm shift for some retail investors.
(Note: This is not the case with institutions and professionals.)
On my crypto newsletter, I have been bullish about FET and NEAR in particular.
So what’s the deal with Fetch.ai in particular?
Fetch.ai (FET) has seen a significant price increase this year, rising over 402% year-to-date as of the end of the first quarter of 2024. The token hit an all-time high closing price of $3.45 on March 28, 2024.
.The recent price surge in Fetch.ai has been driven by several factors:
Merger with SingularityNET and Ocean Protocol: Fetch.ai announced a merger with these two decentralized AI projects to form a new entity called the Superintelligence Alliance ($ASI). This has generated a lot of excitement and investment in the combined platform. I think this shows a future with a clear eye towards actual use-case, which is unlike the MEME coins that have no real-world value.
GPU rewards for stakers: Fetch.ai introduced a new program that provides GPU rewards for users who stake their FET tokens, which has helped drive up demand for the token.
Nvidia conference speculation: There is speculation that Nvidia, a major player in the AI chip market, may discuss Fetch.ai and other AI-focused cryptocurrencies during its upcoming conference. This has created increased buying interest in FET ahead of the event.
However, the token's price remains highly volatile, as seen by its previous swings from $0.35 to $0.03 in late 2019 and early 2020. Keep in mind, that this is before AI became the thing it has. And in this bull run, I would expect tokens with potential real-world use-cases to be the ones left standing in the end.
I know this is a little different from the other newsletters, but I thought I would drop some light on the subject of investing in AI tokens along with that news.
If you want to buy FET, I use Newton in Canada.
And Kraken if you are outside Canada.
And if you want better insights on stocks and crypto in general, check out Tykr:
That’s all for this week.
When I hear about the SORA beta, I’ll let you know.
The Bot…