Today, a major whale has grabbed attention after resurfacing and executing substantial transaction activity in the Fetch.ai (FET) market. According to data reported by Spot on Chain today, this whale reappeared after being inactive for several months and dumped huge amounts of FET tokens.
Whale dumps 3 million FET
Today, the whale, recognized as DWF Labs, deposited 3 million FET worth $1.82 million to Bitget exchange after five months of inactivity. Data shows that these tokens are part of the 10 million FET tokens that the whale obtained from Fetch AI Foundation on September 3, 2024, when the price was $1.185.
DWF Labs, has so far, deposited 5 million FET tokens to Binance and Bitget at an average price of $0.987. The whale still holds 5 million FET valued at $3.04 million.
The recent deposit of 3 million FET into Bitget is of specific interest to crypto investors and traders. It represents a substantial inflow of FET tokens into the Fetch.ai circulating supply, which could potentially impact FET’s price in the near term.
Whales have a massive influence in the digital asset market because of the huge quantity of assets they hold. Therefore, this whale’s re-entry into the market with such large deposits attracted curiosity from the crypto market participants.
FET price updates
Fetch.ai has been in a downtrend for several months. The asset’s price has been down 22.5% and 22.4% over the past month and two weeks ago respectively.
This substantial slump follows a wider downturn trend among AI crypto assets, which have witnessed selling pressure as investor sentiment shifted to bearish.
Despite the plunge, metrics show that the downward momentum appears gradually declining, suggesting that buyers are increasingly accumulating the token though have not managed to overpower sellers. FET’s ongoing consolidation mood is a reflection of the current heightened price fluctuation and uncertainty in the digital asset market, particularly for crypto AI tokens.
An interplay of whale activity and technical factors is responsible for the decrease in FET’s price. On-chain indicators show weakness in the big investors’ behavior. Over the previous few weeks, mid-sized whales (investors holding 100,000 and 1 million FET tokens) decreased their positions. However, bigger whales (those holding between 1 million and 10 million FET tokens) have expanded their holdings. This twofold action signifies a potential change in the market dynamics as mid-sized whales are selling their FET tokens while bigger whales are acquiring more assets.
Despite the downturn, FET is still a strong asset. It is currently the 57th largest crypto asset in the entire digital asset market, with a market cap of $1.46 billion. Savvy investors can capitalize on this market dip to position themselves for future potential price growth.
