- Fetch.ai (FET) has seen its price climb by a significant 30% in the past 24 hours.
- Despite this growth, many token holders are experiencing losses.
- This surge comes shortly after Nvidia became the world’s most valuable company.
Fetch.ai Makes Waves with a 30% Surge in Just 24 Hours
Unprecedented Rise in FET’s Price
Fetch.ai (FET) has recently experienced a remarkable 30% increase in its price within a single day. As of this moment, the artificial intelligence-based token is trading at a seven-day peak of $1.61. This impressive rally mirrors Nvidia’s (NVDA) ascent to becoming the world’s most valuable company, surpassing giants like Microsoft (MSFT) and Apple (AAPL).
Growth in Social Dominance
The recent surge in FET’s value has also been accompanied by a boost in its social presence. According to data from Santiment, FET’s social dominance has risen to 0.96%, a level last seen in March. This metric measures the proportion of online discussions mentioning FET relative to conversations about the top 100 cryptocurrencies by market capitalization. A rise in social dominance indicates that discussions about FET are becoming a significant part of the overall crypto market conversations.
Impact on Trading Volume
This heightened awareness has also translated into a substantial increase in trading activity. Over the past 24 hours, FET’s trading volume has surged by 92%, totaling $377 million. This indicates a growing interest and participation in the trading of FET tokens.
Profit vs. Loss Among Holders
Despite the optimistic price rally and increased social buzz, FET holders are not necessarily reaping profits. Analyzing the daily ratio of transaction volumes in profit versus loss, the data reveals that on June 19, the ratio stood at 0.98, and at present, it is at 0.38. This suggests that for every FET transaction that ended in a loss, only 0.38 transactions resulted in a profit. Over the past month, on a 30-day moving average, this value is 0.73, indicating that losses have overshadowed profits for the majority of FET holders.
Conclusion
FET’s recent price surge to $1.61 and its increased social prominence underscore the growing interest in Fetch.ai. However, the data reveals a cautionary tale for current and prospective investors: despite the recent gains, the majority of FET holders have encountered more losses than profits over the past month. As investors navigate this volatile market, it is crucial to consider both the potential for short-term gains and the risk of significant losses.
