Trader Makes $12M As Fetch.ai Enjoys 30-Day Surge On Heels Of $100M Infrastructure Deal

Fetch.ai FET/USD, an artificial intelligence-related cryptocurrency, fetched a 15% daily gain, bringing its 30-day surge to over 350% and pocketing a trader millions amid an AI cryptocurrency rally.

What Happened: Spot On Chain shed light on two FET whales that made substantial profits, with one of these wallets being inactive for six months. One of the whales has profited $12 million in withdrawals:

The $FET price soared 52% (24H) as impacted by #NVIDIA #GTC24!

What are the on-chain highlights?

1. Whale 0xa7b further withdrew 1.72M $FET ($4.15M) from CEX in the past 5hrs.

The whale withdrew 13.4M $FET from CEX at ~$1.86 ($24.9M) in the past 5 days, now making $12M (+49%).… pic.twitter.com/Xbfpl0ZABK

— Spot On Chain (@spotonchain) March 7, 2024

On March 5, Fetch.ai announced Fetch Compute, a $100 million infrastructure investment that involves the utilization of top-tier Nvidia GPUs, promising innovation within the Fetch.AI ecosystem.

Building on this positive momentum, the blockchain Peaq network recently joined forces with the Fetch.ai foundation to enhance AI-driven decentralized automation for decentralized physical infrastructure.

Also Read: Billionaire Investor Mark Cuban Says, 'If You Don't Know AI, You Are Going To Fail'

Why It Matters: According to CoinMarketCap data, the total market capitalization of artificial intelligence coins has surged by 14% in the past 24 hours, reaching $37.5 billion.

Fetch.ai is the second most-traded AI coin, with a 24-hour trading volume of $1.3 billion, trailing only Near Protocol's $1.7 billion. This marks an 83% increase. 

The ongoing enthusiasm for FET is further spurred by the upcoming Nvidia GPU Technology Conference (GTC) AI conference scheduled for March 18 to 21.

Notable figures in the crypto community are bullish on FET's growth potential.

Pseudonymous trader Tmv highlights significant gains from FET's primary signal, projecting a move to $3 with further potential.

Crypto Rover sees its market cap potentially reaching between $40 to $60 billion, a substantial increase from the current $2 billion. Today, he again tweeted about making 200% gains on FET in only two weeks.

Technical analyst and pseudonymous trader FlameseN has identified two price targets for FET, suggesting a continued bullish rally for the token.

Next level up for $FET is $2.91 on the fib.

If we manage to clear that it's $3.50.

This bull run I think both of these will be hit with ease.#FetchAI pic.twitter.com/1VskEGJyWT

— FlameseN アナリスト ₿ (@TraderFlameseN) March 7, 2024

With Fetch.ai positioned at the forefront of AI crypto tokens and significant developments underway, investors and traders are eyeing further gains.

Price Action: In the past week, Fetch.ai has surged over 70%, buoyed by a boom in AI-related tokens.

Read Next: Best AI Crypto Coins for 2024

Image created using artificial intelligence with Midjourney.