Fetch AI (or Fetch.ai) is a crypto that has been around for almost four years.
He was born in 2019which was in the crypto future in the previous cycle, with the aim of creating a decentralized infrastructure to implement digital “autonomous economic agents”.
The launch of the FET token took place on the Binance Launchpad, but it was not very successful.
In fact, in March 2019 the crypto market was just emerging from the severe bear market of the previous year, so it was hardly a time for great optimism.
Take the crypto AI project
Fetch.ai has planned to create machines, data, services and infrastructure with digital representation called Autonomous Economic Agents.
In fact, “AI” stands for Artificial Intelligence, and the idea is precisely to bring artificial intelligence to it crypto sector by creating autonomous software that can trade with total autonomy and without human supervision.
The development of the project is not yet complete, partly because much of the work did not start until after the 2019 ICO.
In fact, the 2022 roadmap has been full of activities, while the 2023 road map has not been published.
Regardless, the main goal remains to develop an infrastructure that allows users to create their own applications and platforms.
Fetch.ai’s Autonomous Economic Agent can be used in these applications and platforms, and can perform its own operations recorded on the blockchain.
At this time, the Fetch.ai protocol is still in the process of being implemented in the world DeFiand in the mobility, supply chain, and transportation sectors.
It’s worth noting, though, that final official release was in March 2021, or almost two years ago, so it can be imagined that the development of this ecosystem is slowing down.
FET token from the Fetch AI crypto project
On the other hand, the price of the FET token after its launch in March 2019 entered a period of trouble that continued until the beginning of the last big bull in January 2021.
In nearly two years, it fell from an initial price of around $0.40 to $0.01 in March 2020, when the financial market collapsed due to the pandemic.
A -97% during the first year of being in the crypto market has cast a deep shadow on the project.
But at the beginning of July of that year, it seemed to have the potential to rise again, although this potential in September seemed to fade again.
The turning point occurred in January 2021, which is when the last altcoins started, followed by Bitcoin which started in December 2020.
Not only in March 2021, the price of FET returned to the initial level of $0.40, but in September it was close to $1.20, which is three times higher than the initial level.
Indeed, between the lowest in March 2020 and the highest in September 2021, the growth is almost 12,000%.
Therefore, the initial sales price seems to be inflated, until twelve months later it drops significantly.
But at that time, if all the excess of euphoria is exhausted, the price can finally start to rise, with a truly amazing parabola over the next twelve months.
However, during the bear market in 2022, the price fell back below $0.10, reaching a low of $0.6 in November.
In other words, from $0.01 in March 2020 a large speculative bubble inflated and burst at the end of 2021, but after the burst of the bubble, the FET price still has not returned to $0.01, remaining at least six times above that threshold.
The current price is around $0.20 more than three times lower in 2022.
Therefore, tokens with very volatile prices are easily subject to speculative bubbles.
Artificial intelligence is back in the news in early 2023, mainly thanks to ChatGPT.
The problem is that it generates too much enthusiasm, because the big innovation that strikes the collective imagination can produce the illusion of a real mass.
Artificial intelligence will certainly revolutionize the world, but it may do so in a different way than expected.
Because of this, excess enthusiasm is created, which eventually spreads to the market, for example, to projects like Fetch.ai that may revolutionize, but may fail.
And thus, excess enthusiasm is almost always followed by fear, resulting in high volatility in these assets that promise to be revolutionary thanks to artificial intelligence.
It is not strange that in the end, the revolution of artificial intelligence will be carried out by projects that do not exist now, or are still unknown.
It is impossible to know the future. So, in fact, what is in the FET token is a bet: it can be a winner, but it can also be a loser. And in such cases, the probability of the second scenario occurring is often greater.