Fetch.AI has just announced news that it received funding as high as $100 Million to create a new feature in its ecosystem.
The integration is a new one in the ecosystem which is predicted to be a marketplace for renting computing resources focusing on AI or Artificial Intelligence projects with a potential integration of an AI feature on the platform as well.
Fetch.AI Integrates AI with DePIN
Fetch.AI just announced that it is initiating a combination between AI and DePIN, which are essentially two of the biggest categories in the crypto space.
DePIN is short for Decentralized Physical Infrastructure Network, which is a new category in the crypto space that lets people share their computing resources with other people, especially developers, to build projects or applications on top of it.
This trend came from the fact that computing resources are becoming more expensive such as GPUs and CPUs that can go as high as $3,000 to more than $10,000.
Looking at the prices of these resources, nowadays developers look for alternatives to still use them, and one of the popular ways is through sharing.
With decentralized platforms, people that have unused CPUs and GPUs especially in the crypto space, can utilize them by renting them to developers that need them.
The people that have these expensive unused CPUs and GPUs are typically miners that used it for mining before but decided to stop because it is no longer profitable.
This is why the trend is growing in the crypto space, because it is profitable to rent computing resources while at the same time developers needs them.
With Fetch.AI bringin integration of DePIN, the project is becoming more powerful, because there are potential integrations of AI features in the sharing or renting platform that will probably be built after the $100 Million funding.
Price Could go Higher 83.31%
Even though it is not new, the trend around AI and DePin seems to be rising with projects such as Render Network, IO, and Bittensor skyrocketting in the crypto space.
The announcement has led investors to think that FET, the native coin of Fetch.AI, will go even higher than it is right now.
Currently, the price of FET has risen around 83% in just two days which happened around two days ago.
The price is still going up as it is currently consolidating around $2.7 which is an increase of more than 100% in three days.
The uptrend is a continuation of the increase since the last months of 2023, giving profit to the holders that stayed loyal to the crypto.
Looking at the current price action, there is no sign of slowing down for FET which might prompt it to go even higher.
If the price goes even higher, there is a possibility that it will go to the next resistance which is around $4.6, but it will take some time to reach it.
Based on the fact that the monthly RSI gives signals of potential correction from an overbought condition, the price of FET might go down for a while before reaching the target price of $4.6.
The development of Fetch.AI is something to keep an eye out as it is currently reaching deeper into the two most advanced categories in the crypto space.
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