The value of FETCH.AI (FET) has risen nearly 20% in the past 24 hours after Injective posted a tweet hinting at a potential collaboration.
This surge comes against the backdrop of AI-related cryptocurrencies gaining attention even as the broader cryptocurrency market is experiencing significant declines.
What is the reason for the recent price surge of FET?
Yesterday, Injective revealed on Twitter that something was "brewing" with Fetch.AI, uploading a photo of the two companies' logos connected by a dynamic wavy line, suggesting a flow of energy or data between them. Members of the cryptocurrency community see this image as a sign that the two projects will soon collaborate. However, at the time of publication, no further details about the potential synergies were disclosed.
Something is brewingโฆ $FET $INJ pic.twitter.com/mQdYoZIIfT
โ Injective ๐ฅท (@injective) June 24, 2024
Despite its ambiguity, the tweet sparked speculation in the cryptocurrency community, sending the price of FET skyrocketing from $1.42 to $1.70. However, at the time of writing, FET is trading at $1.66.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
Posti, an anonymous cryptocurrency analyst, shared his insights on FETโs current price action. He expressed optimism due to promising chart signs, including the formation of lows.
โ[FET] is currently facing local resistance at $1.70. It's a bit of a bumpy ride from here to $1.95, but it's a start. โI am interested in a long position above $1.95,โ he noted .
In addition to FET, other AI-related cryptocurrencies such as SingularityNet (AGIX) have also surged over the past week. Over the past seven days, AGIX is up 38.4% and is currently trading at $2.95.
This development is especially noteworthy given the decline in the overall cryptocurrency market over the same period. For example, during the same period, major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) fell 7% and 2.2%, respectively.
In addition, the market capitalization of NVIDIA, a key company in the AI field, also fell significantly. Nvidia's (NVDA) stock price has plummeted 11.16% over the past five trading days. In general, Nvidia's performance has a significant impact on the movement of AI-related cryptocurrency assets.
In addition to the potential collaboration with Injective, Fetch.AI is also looking forward to merging the ASI token with Ajix and Ocean Protocol (OCEAN). In a recent statement, the Alliance for Artificial Intelligence (ASI) said it would postpone the merger to July 15, 2024.
The preparation phase for a token merger requires complex integration and coordination with exchanges, validators, and ecosystem partners, and requires careful planning. Therefore, the Alliance is considering postponing the merger as a strategic decision to maintain the accuracy and efficiency of the merger process.
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Nonetheless, FET, AGIX, and OCEAN tokens will still be traded independently and no immediate action is required for token holders. The merger aims to improve functionality and use cases, and plans are well underway. After completing the necessary integrations, the individual tokens will mint as new ASI tokens.
