AI and big data crypto tokens like Fetch.AI (FET) has embarked on a recovery campaign shortly after former OpenAI CEO Sam Altman’s layoff announcement impacted their combined market valuation.
According to data from CoinGecko, FET is up as follows over different timeframes:
The recent uptick in FET price comes on the heels of Altman’s announcement last week of layoffs at OpenAI, the AI research lab he co-founded back in 2015. The news put pressure on AI crypto tokens as investors weighed the implications of potential reduced demand in the future.
Founded in 2017 and launched via IEO on Binance in March 2019, Fetch.AI is an artificial intelligence (AI) lab building an open, permissionless, decentralized machine learning network with a crypto economy.
The Fetch.AI model is rooted in use cases like optimizing DeFi trading services, transportation networks (parking, micromobility), smart energy grids, and travel—essentially any complex digital system that relies on large-scale datasets.
Analyst Crypto Tony shared a tweet highlighting that “super solid weekly close above the resistance now support zone at $0.48.”
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However, it appears the selloff was overdone, as Fetch.AI and other AI-focused projects have started recovering lost ground this week. While macro conditions remain challenging, the long-term growth story for AI cryptos remains intact.
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