Fetch.ai Remains on Track in Terms of Development, but Can it Save FET

With back-to-back updates, Fetch.ai [FET] had a commendable start to the second quarter of 2022. By the second quarter, the blockchain had already completed 45% of the objectives on its roadmap. 

Fetch finished the first quarter by launching its Agentverse. It is a virtual hub designed to assist users in interacting with Fetch.ai’s autonomous agent technology, regardless of technical expertise.

Surprisingly, as the new quarter began, Fetch released the next version of Agentverse, which included several new features. Storage functionality was added to Agentverse v2, allowing users to record data between messages and internal handlers.

Fetch’s most recent update was the Fetch Super Wallet v0.9. Fetch.ai Wallet 0.9 introduces new automation features such as “Send Assets on Command,” which allows users to send assets to any address with a single command. 

According to Fetch’s roadmap, after the latest wallet update, FET will launch native staking on it. Aside from that, FET intends to add NFT and faucet support to its wallet.  Though development in the ecosystem was brisk, activity on the network was not as robust. Dune’s data revealed a number of concerning metrics indicating decreased blockchain usage.

FET’s daily active users fell after a spike in February. The chart for daily transactions showed the same trend. 

According to Santiment’s chart, demand for FET increased significantly in Q2. The number of FET holders has increased significantly in the last month.  Whales were also interested in FET, as evidenced by the increase in whale transactions. FET’s network growth has also remained high, but the graph has recently dropped. 

The bearish market has impacted the price of FET, as it has several other cryptocurrencies in recent weeks. Its value has dropped by over 10% in the last seven days. At the time of publication, the token was trading at $0.3377, with a market capitalization of more than $275 million. 

FET’s MVRV ratio remained relatively low throughout April due to the price decline. Negative feelings toward FET were also prevalent. However, exchange outflows increased, implying increased buying pressure. Furthermore, FET was among the top BNB Chain projects with the highest bullish sentiment, indicating that the token’s future looked promising.