A crypto whale just caught our attention with an accumulation of Fetch.ai’s FET token, fueling speculation that the whale is positioning for major upside potential driven by AI narrative gaining traction.
On-chain data from SpotOnChain reveals that a single Ethereum whale address (0xa7b…) has scooped up a staggering 13.92 million FET tokens over the past 6 days at an average price of $1.885. With FET currently trading around $2.56, this positions the whale with over $34.5 million worth of FET and an unrealized profit of $8.84 million (33.7% gains).
The whale’s accumulation frenzy saw two particularly large transactions this week:
- Transaction 1: Withdrawal of 507,585 FET ($1.33M) from Binance and Gate.io at $2.623 average (0x0651f57461d32e93aabc59fe5b32631ea3c396feda307064082961f71476b7ba)
- Transaction 2: Withdrawal of 507,585 FET ($1.33M) from Binance and Gate.io at $2.623 average (0xca24b78c1179a0a29a12d6c43aea6675c0c5e606642ffd3b1b27de214cc5d696)
This epic FET buying spree from the whale comes amid the backdrop of surging prices for AI and machine learning-focused crypto projects like Fetch.ai. FET itself has pumped over 60% this week, riding on the coattails of the red-hot AI narrative sweeping the crypto markets.
While the motivations of the whale cannot be confirmed, the substantial bets placed on FET suggest the whale is extremely bullish on the project’s potential within the AI crypto arena. Some analysts speculate the whale may be an institutional player preparing for Fetch.ai protocol upgrades or major partnership announcements that could catalyze FET’s price higher.
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Show more +Interestingly, SpotOnChain notes that this whale had previously incurred estimated losses of around $957,000 from trading Basic Attention Token (BAT) between late 2021 and early 2023. It seems the whale is looking to recoup those losses and more with the aggressive FET accumulation.
In the high-stakes game of whales, the Fetch.ai marine giant is clearly betting big that the AI crypto wave will lift all boats.
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