Fetch.ai price is in downturn mode this week since FET lost over 20% of its value. This comes after FET hit a new all-time high (ATH) of $3.26 at the end of March.
The actions of whales, or large-scale investors, can potentially impact a coin’s price. Today, FET holders and investors should keep an eye on a massive offload of Fetch.ai (FET) tokens by a prominent whale.
At the same time, a new AI-focused crypto project, InQubeta (QUBE) broke $13 million in its crypto presale and prepares for DEX listings once final presale stage is concluded.
Fetch.ai (FET): Caught in the Whale’s Offload
As mentioned, FET hit an ATH of $3.26 on March 29th, but since then, the price has entered the “correction mode” and is now trading around $2.55, losing over 20% this week.
The token’s 20-day exponential moving average (EMA20) is now at $2.7, indicating a potential support level. However, the relative strength index (RSI) is at 48, suggesting that FET may have more room for correction before continuing its uptrend.
According to on-chain data reported by SpotOnChain, a crypto whale with the address 0x46533f26eb4080e2050e3f8a3014aedf7b5fdb12 has been making moves with its FET holdings. The whale has just deposited 3.7 million FET (worth approximately $9.62 million) to the Binance exchange at an average price of $2.60 per token.
Before the recent deposit, FET ranked as the whale’s third-largest holding. Overall, the whale is gaining an estimated total profit of $8.91 million from their FET investments.
The whale’s strategy has involved multiple transactions over the past year. They initially withdrew 4.42 million FET from Binance at an average price of $0.482 (estimated cost: $2.13 million) between February 2, 2023, and March 1, 2024. Subsequently, the whale deposited 3.96 million FET back to Binance at an average price of $2.49 ($9.83 million) on February 18 and March 5, 2024, mostly on the latter date, realizing a remarkable $7.92 million (+415%) in profit.
Even after these offloading activities, the whale still holds 464,751 FET ($1.21 million), with another $984,000 in unrealized profit. Additionally, the whale’s portfolio includes more than $120 million worth of various other tokens, including significant holdings in SHIB, LINK, RNDR, and AGIX.
To sum it up, watch out for this and similar whale movements since these can put additional pressure on the FET price before this top AI crypto continues its uptrend mode.
InQubeta (QUBE): A New AI-Focused Crypto Platform
A new AI-focused cryptocurrency project, InQubeta (QUBE) is potentially an emerging contender in the AI-crypto narrative. InQubeta is currently in the final stages of its cryptocurrency presale, having raised slightly over $13 million so far.
InQubeta is a crypto crowdfunding and NFT platform that allows users to invest in AI start-up projects using QUBE tokens. The platform operates on the Ethereum ERC-20 network, providing a transparent, secure, and decentralized investment platform for both AI technology startups and investors.
QUBE holders can purchase fractional investments in AI start-ups using reward or equity-based NFTs. This innovative approach enables investors to become part of the AI startup ecosystem and potentially benefit from the growth of these early-stage projects. The platform features a dedicated rewards pool, allowing QUBE investors to reap the rewards of this deflationary cryptocurrency.
One of the aspects of InQubeta is its focus on making AI technology investments more accessible to a wider audience. By removing the need for a broker, the platform facilitates seamless, efficient, and secure transactions within a transparent ecosystem. This democratization of AI investments aligns with the broader trend of empowering individual investors to participate in the development of emerging technologies.
The QUBE token itself is designed to support the growth of AI technology startups. A 2% tax is applied on all buy and sell transactions, with the proceeds being directed to a burning wallet. This deflationary mechanism is intended to create long-term value for QUBE holders, as the reduced token supply can potentially lead to price appreciation over time.
As the final stage of the InQubeta presale progresses, the QUBE token is currently priced at $0.028, with the listing price set at $0.0308. The platform’s successful presale, which has seen over 950 billion QUBE tokens sold out, indicates a growing investor interest in the AI-powered crypto ecosystem being built by InQubeta.
Conclusion
All in all, the massive offload of Fetch.ai (FET) tokens by a prominent whale serves as a reminder of the volatility inherent in the crypto market and the significant influence wielded by large-scale investors.
QUBE, on the other hand, potentially presents an opportunity for investors to participate in the growth of the AI technology ecosystem. With its crowdfunding model and the ability to invest in AI startups through reward and equity-based NFTs, QUBE offers a value proposition in the AI crypto sector.
Join InQubeta Presale
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