Fetch.ai, founded by Humayun Sheikh, has initiated a $50 million buyback program for FET tokens aimed at supporting their value and liquidity.
Goals of the Buyback Program
CEO Humayun Sheikh announced the launch of a $50 million FET token buyback program across multiple exchanges. This initiative, supported by market makers, aims to counteract the token's undervaluation and improve its market value.
Market Impact and Historical Examples
Previous successful buyback programs, such as those from MakerDAO with MKR, led to favorable price trends and increased liquidity. Fetch.ai aims to replicate this effect with its FET program. Currently, FET token is valued at $0.68 with a market cap of $1.62 billion.
Current FET Token Metrics
According to CoinMarketCap, over the past 24 hours, FET token increased by 0.83%, but showed a 5.90% decline over the week. The buyback is expected to decrease circulating tokens, potentially affecting staking rates and liquidity flows on Fetch.ai platforms.
Fetch.ai's token buyback program reflects a strategic approach to improving liquidity and performance of FET, continuing the tradition of successful buyback initiatives in the cryptocurrency space.
