19.06.2025 16:18

Fetch.AI, a blockchain platform specializing in artificial intelligence, has initiated a substantial $50 million buyback program for its native FET token. This significant move, announced by CEO Humayun Sheikh on social media, reflects the company's confidence in its future and its belief in the token's undervalued status.

Sheikh's statement highlighted the burgeoning usage of Fetch.AI's platform, particularly its ASI1 agent network, as the primary driver behind this decision. He explicitly cited the current market capitalization as failing to accurately reflect the platform's growing value and potential. The Fetch Foundation, working collaboratively with market makers, will execute the buyback across various cryptocurrency exchanges.

The immediate market reaction to this news was positive, with the FET token experiencing a 7% price surge on the day of the announcement. This boost elevated the token's total market valuation to $1.66 billion. Despite this upward movement, FET continues to trade considerably below its all-time high of $3.47, reached on March 28, 2024, currently sitting at approximately 80% below that peak. At the time of writing, each FET token is priced at $0.6946.

It is noteworthy that FET, resulting from the recent merger of two AI-focused altcoins, now operates under the Artificial Superintelligence Alliance moniker while retaining the FET ticker symbol. Information obtained from internet sources suggests that the announcement generated significant buzz within the cryptocurrency community. *This information is for educational purposes only and does not constitute financial advice.*