Fetch.ai CEO Humayun Sheikh has announced a $50 million buyback of FET tokens, stating the token is undervalued and that utility has increased due to rising usage of the ASI1 and agent platform. The buyback will be executed by the Fetch Foundation across multiple exchanges, with the support of market makers.
The announcement led to an increase in trading activity, with 24-hour volume up nearly 30% and a 44% jump over the past three days.
Recent Price and Market Activity
Today, FET is trading at $0.69. Over the past 24 hours, the price rose by over 5%. However, the token remains down 6% over the last seven days, and 5% over the past month. In the longer term, while quarterly data shows a 36% increase, the token has declined 46% year-over-year.
The past week’s price movement reflects mixed sentiment, with a slight recovery following the buyback news. Prior to the announcement, the token had seen steady declines over the previous 30 days.
What’s Next?
Fetch.ai’s $50 million buyback has led to increased trading volume and short-term price gains for the FET token. The announcement highlights the team’s stated belief in the project’s utility and potential undervaluation. Further developments regarding implementation of the buyback and ongoing platform usage will likely influence market response in the coming weeks, increased volume and a modest price uptick, though the long-term impact remains to be seen.
