Fetch.AI, a blockchain platform focused on artificial intelligence, has announced the launch of a $50 million buyback program for FET tokens.
Objectives of the Buyback Program
According to CEO Humayun Sheikh, this move is prompted by increasing platform usage and the low valuation of the token. Sheikh stated: “As ASI1 and our agent platform grow in usage, we see its benefits continue to grow. I believe FET is undervalued at its current market cap. That’s why I’m pleased to announce that the Fetch Foundation, with the support of our market makers, will be repurchasing $50 million worth of FET across multiple exchanges.”
Market Performance of FET Tokens
Following the announcement of the buyback program, the price of FET has increased by 7%, bringing its market value to $1.66 billion. However, FET is still trading around 80% below its all-time high of $3.47, which was reached on March 28, 2024. As of now, the price of the token stands at $0.6946.
Context of Fetch.AI's Development
FET was recently formed through the merger of two other AI-focused altcoins and is named the Artificial Superintelligence Alliance, while the ticker remained as FET.
The $50 million buyback program underscores growing interest in the Fetch.AI platform and may impact its further market positioning.
