The AI token, $FET, experienced a 6% decline in value today as it approached the $2 mark, reflecting ongoing outflows from wallets associated with the Fetch.ai Foundation.
This movement in price coincided with significant deposit activity on Binance, shedding light on potential market dynamics influencing $FET’s performance.
Wallet 0x633, linked to the Fetch.ai Foundation, recently deposited 1 million $FET, valued at $2.46 million, to Binance at a price of $2.461 per token.
This deposit follows a larger inflow of 5 million $FET, totaling $11.97 million, received from Fetch.ai Foundation at an average price of $2.394 just three hours prior. Despite these transactions, the wallet still retains 4 million $FET, valued at $9.84 million.
In the past five hours, two wallets associated with the Fetch.ai Foundation, namely 0x633 and 0xbb0, collectively deposited 1.47 million $FET, equivalent to $3.59 million, to Binance at an average price of $2.44 per token using the same deposit address, 0x5bb.
Notably, these wallets have deposited a total of 4.9 million $FET to Binance over the past month at an average price of $2.26 per token, often preceding price declines.
Furthermore, it is worth mentioning that the Fetch.ai Foundation recently minted an additional 1.48 billion $FET tokens, valued at $2.96 billion, to support the ASI Token Exchange Mechanism just five days ago.
This influx increased the total supply of $FET to 2.63 billion tokens, underscoring the foundation’s commitment to advancing its ecosystem and initiatives.
As $FET continues to navigate market fluctuations, investors and observers will monitor ongoing developments closely to gauge the token’s performance and broader implications for the cryptocurrency market.
With outflows and supply adjustments impacting price dynamics, market participants will remain vigilant to seize opportunities and manage risks effectively.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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