Fetch.ai has unveiled a new strategy targeting a $50 million buyback of FET tokens, drawing attention in the cryptocurrency market.
Token Buyback Announcement
On June 19, Fetch.ai CEO Humayun Sheikh announced that the Fetch Foundation would execute a $50 million buyback of FET tokens across multiple trading platforms. This decision was framed as a response to the perceived undervaluation of the tokens. Sheikh stated, 'I believe that $FET is undervalued.' The buyback will proceed with the backing of market makers.
Fetch Foundation's Buyback Strategy
The $50 million buyback is more than just a financial move to prop up the token's price. The Fetch Foundation is showing a calculated response to the tangible growth of the Fetch.ai ecosystem. Since its establishment in 2017, Fetch.ai's autonomous agents, powered by the ASI1 infrastructure, are seeing accelerated adoption across industries including decentralized finance and IoT automation. Recent partnerships, such as the collaboration with AkedoFun to integrate AI agents into gaming ecosystems, highlight the growing demand for Fetch's technology.
Market Reaction to the Announcement
The buyback announcement sent FET up over 7% in early trading, jumping from a daily low of $0.6434 to as high as $0.7045 before paring some of the gains to $0.6833 at the time of writing. This indicates heightened interest from investors.
Fetch.ai's token buyback strategy represents a significant step in an effort to enhance liquidity and strengthen the value of its assets amidst growing demand for artificial intelligence technologies.
