Buy, Hold or Sell Fetch.ai? What Is All the Fuzz About This Token?

Artificial intelligence is still on everyone’s lips. Last month, we told you all about Nvidia, and how the tech company had become the fourth-largest in the world; now it’s up to No. 3 at the start of April, passing the $2-trillion mark in market cap to sit at $2.259 T as we go to press. Only Microsoft ($3.154 T) and Apple ($2.625 T) are bigger.

You know what would make the AI boom even better? If we could turn it into cryptocurrency. Oh, look: AI crypto tokens are already here – and they’re going to the moon. Fetch.ai (FET) in particular has caught everyone’s attention, surging some 200% in March and reaching a peak of $3.41 before settling back down to $2.90.

So what’s the big deal with Fetch.ai? Does this recent sell-off mean it’s time to invest elsewhere? Or should you hold onto whatever FET you’ve got, and maybe even buy some more? We’re not Morgan Stanley here, but some quick journalism should help provide some answers.

What Is Fetch.ai?

Fetch.ai is the native token for Fetch, the blockchain network that calls itself the world’s first “self-organizing smart ledger.” Launched in 2017, Fetch’s CEO is Humayun Sheikh, one of the initial investors behind what is now known as Google DeepMind; this is the London-based company that gave us AlphaGo, the computer program that made headlines in 2016 by beating world champion Go player Lee Sedol.

As with AlphaGo, the Fetch platform is heavily into machine learning. Users deploy Autonomous Economic Agents (AEAs) to communicate with each other, sharing data to help create and use smart contracts, which in turn make doing business – especially DeFi, or Decentralized Finance – more efficient. As the machine learning behind the AEAs improves, the smart contracts improve as well.

Which brings us to the tokens themselves. FET was born in March 2019 through an IEO (Initial Exchange Offering) on Binance. It was valued at 29 cents U.S. back then, and struggled for the first two years, dipping below two cents at one point. Then came the AI booms; FET hit 80 cents in March 2021, 95 cents that September, and now it’s going gangbusters.

Why Is Fetch.ai Going Up?

It’s those crazy GPUs. The graphic processing units that have fueled Nvidia’s rise will also power Fetch’s platform, thanks in part to Fetch Compute, a development fund, which the company launched last month with $100 million in seed money. According to Fetch, they’ll be using Nvidia’s new H200 Tensor Core GPU, as well as the H100 and the A100.

But there’s more to FET’s moon shot than just raw computing power. A March 27 Bloomberg report had Fetch planning a token merger with SingularityNET (AGIX) and Ocean Protocol (OCEAN). If this merger takes place, the new coin will be called Artificial Superintelligence (ASI), and will launch at $2.82 with a total supply of 2.63 billion tokens.

This is a big deal. According to the SingularityNET blog, AGIX holders will be voting “next week” on whether to accept this merger; the people at Ocean have already announced they’re going ahead with the “Superintelligence Alliance,” which they say has a combined value of $7.5 billion.

As you may have already guessed, both AGIX and OCEAN have also been red-hot this past month or so. AGIX soared from 32 cents on Valentine’s Day to $1.39 on March 28, although it’s back down to $1.20 at press time. OCEAN was available at 41 cents in early February, then topped $1.43 on March 28 before falling to $1.25.

Should I Buy Fetch.ai?

Maybe. There’s no question that AI is king, and those GPUs are the power behind the throne. Speaking of which, “samples” of the Nvidia’s H200 have just become available, and the early testing has been very positive; these GPUs have 1.4 times the memory bandwidth of the H100, and according to MLPerf, ran 45% faster when crunching the Meta Llama 2 70B LLM (Large Language Model).

Even better, Nvidia also rolled out a new software library that almost tripled the performance speed of their existing H100 GPUs when tested using the GPT-J LLM. Well now.

If this is the juice that’s going to power the Superintelligence Alliance, you might want to grab some Fetch.ai before the merger is made official – which could be as soon as this Wednesday, according to Bloomberg. Then again, maybe investing that money directly in Nvidia would be more prudent. As always, perform your own “due diligence” and see what makes the most sense for your particular portfolio; in the meantime, thanks for reading, and stay tuned for more.