Fetch.ai, a decentralized artificial intelligence platform, has announced a buyback program for FET tokens totaling $50 million.
Buyback Strategy
Humayun Sheikh, the CEO of Fetch.ai, announced plans for a $50 million buyback of FET tokens. This initiative aims to increase token value and their application on the ASI1 platform. The buyback will be executed across multiple exchanges with the support of market makers, indicating the company's aim to strengthen the token's market value and broaden its utility.
Market Reaction
The market reacted optimistically to this announcement, as it underscores Fetch.ai's commitment to long-term growth in the decentralized AI sector. Humayun Sheikh emphasized the importance of creating a system not controlled by single entities, which enhances positive expectations among investors and users of the platform.
Historical Context and FET Price Movement
The current price of the FET token is $0.68 with a market capitalization of approximately $1.63 billion. In the last 24 hours, the token has shown a 4.07% increase, while over the past 90 days, it has increased by 33.15%. The 24-hour trading volume reached $144.74 million. Previously, similar buyback strategies, like those employed by Binance with its BNB token, have historically led to short-term price uplift and strengthened investor confidence.
The $50 million buyback of FET tokens underscores Fetch.ai's strategic focus on enhancing their value and supporting decentralized platforms. This move appears to promise positive changes both for the platform and its users.
