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.

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.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.