🌎 FET Token Soars 11.7% Amid Fetch.ai Innovations and Nvidia Anticipation

FET, the native token of Artificial Superintelligence Alliance, has surged 11% on Aug. 26, making it the top gainer among the leading 100 cryptocurrencies.

At the time of writing, FET was up 11.7% in the last 24 hours, trading at $1.32—a high not seen since July 27. At its highest price on Aug. 26, it traded at $1.39, 93% higher than its drop to $0.72 on Aug 5, when the global crypto market witnessed a massive crash, leading to over $1 billion in liquidations.

Despite the significant recovery, the crypto asset is still trading 62% lower than its all-time high of $3.45, reached on March 28, 2024.

Fetch.ai’s Recent Developments

The recent surge in FET comes as Fetch.ai, a leader in autonomous digital ecosystems and a core member of the Artificial Superintelligence Alliance, recently launched its new Innovation Lab in San Francisco. The company has committed $10 million annually to support startups developing on its platform, with potential investments reaching up to $1 million for each project. Additionally, Fetch.ai is launching an internship incubator aimed at nurturing talent in decentralized technology, artificial intelligence, and machine learning.

Anticipation for Nvidia’s Results

Another key factor driving the rise in FET price is the growing anticipation for Nvidia’s release of its second-quarter results after the market close on Aug. 28. Nvidia’s stock has climbed more than 176% this year, pushing its market capitalization over $3.1 trillion and making it the world’s third-largest company by market value.

The upcoming earnings are expected to provide insights into the continuing demand for AI. Nvidia saw its revenues soar by more than 240% to over $26 billion in the first quarter. Analysts are predicting that revenues will increase to $28.6 billion for the second quarter.

Strong revenue figures and positive future projections are good signs for the AI industry, likely leading to higher prices for related assets. However, if the results fall short of expectations, there could be a sharp market pullback.

Artificial Superintelligence Alliance and Market Overview

The Artificial Superintelligence Alliance, which operates at the intersection of the blockchain and semiconductor industries, has a business model that complements Nvidia’s. The Alliance is a partnership among three AI initiatives: Fetch.ai, SingularityNET, and Ocean Protocol. This collaboration aims to accelerate the creation of decentralized Artificial General Intelligence and, ultimately, Artificial Superintelligence.

According to CoinGecko, the total market cap for all AI tokens stood at $25.9 billion on Aug. 26, with trading volume reaching $1.3 billion.