Fetch.AI breaks into massive rally alongside AI tokens, FET price hits two-year high
- Fetch.AI’s token FET rallies to $0.8420, a two-year high for the AI token.
- OpenAI’s release of the text to video generator tool Sora kickstarted a rally in Artificial Intelligence tokens.
- Deutsche Telekom recently announced that it has joined hands with Fetch.AI to serve as a validator and help secure the blockchain.
FET, the native token of Fetch.AI, a platform used to build and monetize AI applications, hit a two-year peak. OpenAI’s announcement regarding its text to video generation tool likely catalyzed these gains in AI tokens.
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FET price rallies amidst AI token surge
There are two key catalysts likely fueling the recent gains in Fetch.AI. Deutsche Telekom, telecommunications giant, recently announced that it has collaborated with the AI platform Fetch.AI to support advancement of its blockchain.
Deutsche Telekom will run a validator to help secure FET’s blockchain. This news is likely one of the key catalysts driving gains in FET. The second catalyst is OpenAI’s announcement regarding its latest AI tool, Sora.
Videos generated by Sora have flooded social media platforms like X, fueling anticipation among market participants, regarding Artificial Intelligence (AI) tokens in crypto. This catalyst pushed FET price higher.
FET hit a two-year peak with its rally to $0.8420 on Sunday, February 18. The AI token rallied to this level for the first time since November 2021.
FET yielded nearly 30% gains for holders in the past week and nearly 3% gains on the day.
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.
