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Fetch

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Fetch AI (FET) price, an AI-driven cryptocurrency, has been experiencing a downturn in its market value. This decline mirrors the broader negative trends across cryptocurrency markets following a significant drop in U.S. stocks. The market focuses on Nvidia’s forthcoming earnings announcement, which is eagerly awaited. This uncertainty has influenced Fetch AI’s trading activity, pushing it into a bearish pattern.
<h2 id="strong-fetch-ai-price-faces-pressure-amid-broader-market-downturn-strong">Fetch AI Price Faces Pressure Amid Broader Market Downturn</h2>
FET price has dropped 10% in the past 24 hours, currently at $1.24. This decline coincides with a broader market downturn. The <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">BTC price</a> has also fallen, now below $60,000 at $59,104, a 6% decrease. This trend reflects a bearish sentiment across the cryptocurrency market.&nbsp;
In recent cryptocurrency developments, the Fetch.ai Foundation has transferred 5 million FET tokens, valued at approximately $6.4 million, to the wallet address “0x925e”.&nbsp;
This transaction occurred 16 hours ago, as reported by the cryptocurrency tracking platform Lookonchain. Subsequently, the recipient wallet “0x925e” sent 1 million FET tokens, worth about $1.28 million, to the major cryptocurrency exchange Binance.&nbsp;
<blockquote class="twitter-tweet">
 The <a rel="noopener noreferrer nofollow" href="https://t.co/BJF75TJoRr">https://t.co/BJF75TJoRr</a> Foundation transferred 5M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24FET&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FET</a>($6.4M) to wallet “0x925e” 16 hours ago.
 And the wallet “0x925e” deposited 1M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24FET&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FET</a>($1.28M) to <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> 4 hours ago.<a rel="noopener noreferrer nofollow" href="https://t.co/kfayq1tkvZ">https://t.co/kfayq1tkvZ</a> <a rel="noopener noreferrer nofollow" href="https://t.co/8xKKfeF9HM">pic.twitter.com/8xKKfeF9HM</a>
 — Lookonchain (@lookonchain) <a rel="noopener noreferrer nofollow" href="https://twitter.com/lookonchain/status/1828620359526162470?ref_src=twsrc%5Etfw">August 28, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This sequence of large transactions could contribute to market volatility and might be among the factors influencing recent price fluctuations in the<a href="https://coingape.com/crypto-market-today-key-reasons-why-btc-eth-xrp-other-altcoins-are-dropping/" rel="noopener noreferrer nofollow"> crypto market</a>. These transfers are part of a broader pattern of significant token movements that observers and participants closely monitor in the digital currency.
Recent <a rel="noopener noreferrer nofollow" href="https://app.santiment.net/charts/nTh8WCTy__sCl">data</a> highlights notable shifts in the cryptocurrency markets, particularly concerning the supply of tokens held by exchanges. Over the past several months, there has been a marked increase in the volume of cryptocurrencies stored on trading platforms. This trend is often seen as a potential indicator of bearish sentiment among investors.
<figure id="attachment_214424" aria-describedby="caption-attachment-214424" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-214424" src="https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-8.png" alt="Fetch Price Plummets 12% After $6.4M FET Transfer, Recovery, or More Downside?" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-8.png 3840w, https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-8-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-8-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-8-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-8-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-8-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Source-Santiment-8-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
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 Source- Santiment
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With the current bearish trend, the value of the <a href="https://coingape.com/top-ai-crypto-tokens/" rel="noopener noreferrer nofollow">artificial intelligence</a> coin could plummet to approximately $1.25. If the bearish momentum persists, a further drop to the key support level of $1.2 is likely, especially if Bitcoin remains around $60,000. Under these conditions, the downward trajectory of FET might continue.
The post <a href="https://coingape.com/markets/fetch-price-plummets-12-after-6-4m-fet-transfer-recovery-or-more-downside/" rel="noopener noreferrer nofollow">Fetch Price Plummets 12% After $6.4M FET Transfer, Recovery, or More Downside?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Fetch Price Plummets 12% After $6.4M FET Transfer, Recovery, or More Downside?

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