Fetch.AI steals spotlight with 100% weekly gains as Musk, Altman fight AI battle
- FET price has increased by 10 times since August 2023, pushing the AI token closer to a $3 billion market capitalization.
- A massive spike in whale transactions and active addresses catalyzes the AI token’s rally.
- Elon Musk vs. Sam Altman lawsuit drags on, with the former asking the OpenAI founder to change the name to “ClosedAI.”
Fetch.AI (FET), an open platform to build AI applications, has seen a massive surge in its native token’s price. FET has taken the center stage among crypto market participants, as evidenced by Santiment data on active addresses and whale transactions.
The legal battle between Elon Musk and OpenAI founder Sam Altman has reached a point where Musk asks Altman to acknowledge that “OpenAI” is “for profit” and change the organization’s name to “ClosedAI.”
Also read: Fetch.AI breaks into massive rally alongside AI tokens, FET price hits two-year high
FET price rallies as the open AI platform gains popularity
Elon Musk’s lawsuit against OpenAI founder Sam Altman alleges breach of contract and Fiduciary duty. However, the entire legal battle is focused on the fact that OpenAI’s research findings are not all disclosed to the public but rather available for Microsoft’s profit. Musk is against the company claiming to be “public” and not for profit, and has asked Altman in a recent tweet to change the organization’s name to “ClosedAI” so he can drop the lawsuit.
Fixed it pic.twitter.com/KPtYLsJU3h
— Elon Musk (@elonmusk) March 6, 2024
The high-profile lawsuit plays a key role in FET’s rising popularity, as the blockchain platform is open and focused on development of AI projects.
FET price increased 10x since August 2023
FET price climbed over 100% on a weekly time frame and nearly 13% in the past 24 hours. The AI token has observed a 10x increase in its price in the past six months. FET price rally is supported by the AI token’s on-chain metrics.
Fetch.AI’s native token has noted a massive spike in active addresses and whale transactions (those valued at $100,000 and higher) in the past two days, according to Santiment data. These on-chain metrics signal the rising relevance and demand for FET among market participants. A spike in whale transaction count alongside FET’s price rally is likely a bullish sign for the AI token.
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FET Active Addresses and Whale Transaction Count. Source: Santiment
FET price is $2.6656 at the time of writing. The AI token’s market capitalization exceeded $2.8 billion on Thursday.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
