Expert Warns Against Underestimating AI Cryptos, Says Everything Is ‘Going Higher’; Why Is Fetch AI (FET) Pumping Hard?
The cryptocurrency market is witnessing a surge in interest and investment in the artificial intelligence (AI sector, and experts are cautioning against underestimating the potential of this emerging sector.
According to Johnny, a prominent crypto analyst known as CryptoGodJohn, the total market capitalization of AI coins currently stands at $23 billion. However, he believes this figure is just the tip of the iceberg, as the influx of capital into AI crypto is poised to skyrocket.
Johnny cites the example of Sam Altman, the CEO of OpenAI, who is reportedly raising $7 trillion for AI chips. Given this massive investment, Johnny wouldn’t be surprised to see the AI crypto market cap exceed a whopping $500 billion by the end of the current cycle, as he believes “everything is going higher.”
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Fetch AI (FET) Pumping Hard
One cryptocurrency that has been riding the wave of AI narratives and increased whale activity is Fetch AI (FET). According to Digital Franko, a crypto influencer, FET is “pumping hard,” with the AI pump “melting faces.”
Whale Movements and Exchange Activity
The on-chain data analysis platform, Spot On Chain, has shed light on some of the reasons behind FET’s impressive price surge. According to their report, a whale address (0xa7b) further withdrew 1.72 million FET tokens ($4.15 million) from a centralized exchange (CEX) in the past five hours (from when the post was made)
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Show more +This withdrawal follows a significant move by the same whale, who had previously withdrawn 13.4 million FET tokens from CEX at around $1.86 (totaling $24.9 million) in the past five days. With the current price action, the whale has made a substantial profit of $12 million, representing a 49% gain.
Additionally, a wallet address (0x488) linked to Fetch AI deposited 5 million FET tokens ($11.2 million) to Binance approximately 12 hours ago. Interestingly, this wallet had been inactive for six months and still holds a staggering 1.12 billion FET tokens, valued at $3 billion.
The combination of whale movements, exchange activity, and the AI narrative surrounding FET has undoubtedly contributed to its impressive price rally, further fueling the excitement surrounding AI cryptocurrencies.
As the AI revolution continues to gain momentum, experts like Johnny and platforms like Spot On Chain are urging investors to pay close attention to the potential of AI cryptos, as the market cap of this sector could potentially skyrocket in the current bull cycle.
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