Crypto Quill

Fetch.ai, a platform that enables the creation and monetization of AI applications, has seen its native token FET soar to new highs in the past week. FET reached $0.87 on Sunday, February 20, 2024, a level not seen since November 2021. The rally was driven by two major factors: the growing interest in AI tokens and the strategic partnership with Deutsche Telekom.

AI Tokens Gain Momentum with OpenAI’s Sora

One of the catalysts behind the surge in FET and other AI tokens was the release of Sora, a text to video generator tool developed by OpenAI, a research organization dedicated to creating artificial general intelligence. Sora allows users to input any text and generate realistic videos of people or animals saying or doing what the text describes. The tool has gone viral on social media platforms, sparking curiosity and excitement among the public about the potential of AI.

FET is one of the tokens that benefits from this increased attention, as it represents the value of the Fetch.ai network, which uses AI to power autonomous economic agents (AEAs) that can interact with each other and with external data sources. AEAs can perform tasks such as data aggregation, optimization, prediction, and coordination, creating value for their owners and users. FET is used to pay for the network services, such as computation, storage, and bandwidth, as well as to reward the validators who secure the network.

Deutsche Telekom Joins Forces with Fetch.ai

Another factor that boosted FET’s price was the announcement of a partnership with Deutsche Telekom, one of the world’s leading telecommunications companies. Deutsche Telekom revealed that it has joined the Fetch.ai Foundation, a non-profit organization that supports the development and adoption of the Fetch.ai network. As part of the partnership, Deutsche Telekom will run a validator node on the network, helping to ensure its security and reliability.

The partnership also opens up new opportunities for collaboration and innovation, as Deutsche Telekom can leverage the Fetch.ai network to enhance its existing services and products, as well as to explore new use cases in areas such as IoT, smart cities, mobility, and healthcare. Fetch.ai, on the other hand, can benefit from Deutsche Telekom’s expertise, resources, and customer base, expanding its reach and impact in the global market.

FET Aims for Higher Targets

The combination of these two factors has propelled FET to new heights, breaking out of a long-term downtrend and entering a bullish phase. FET has gained over 45% in the past week and over 11% in the past 24 hours, outperforming most of the major cryptocurrencies. FET’s market capitalization has also increased to over $700 million, ranking it among the top 100 coins by market cap.

FET’s technical indicators also suggest that the token has more room to grow, as it has not reached overbought levels yet. Some analysts predict that FET could reach $10 in the near future, which would represent a 500% increase from its current price. FET’s fundamentals also support this bullish scenario, as the Fetch.ai network continues to attract more users, developers, and partners, creating a positive feedback loop that enhances its value proposition.