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Is FET crypto the best AI token on the market?

FET crypto logo on green pile of coins
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FET crypto has brought multiple percentage gains to many decentralized finance (DeFi) stakeholders.

The digital asset has achieved this feat due to growing interest in artificial intelligence (AI) chatbots such as ChatGPT, Google Bard, HuggingChat, Zapier, Perplexity, ChatSonic, ChatSpot, and Poe.

While these AI chatbots continue to simplify the work of individuals and businesses, the primary beneficiaries of the boom have been traders smart enough to recognize the potential of cryptocurrencies supported by AI companies. 

As of 14 August, there are more than one million digital currencies on the market, and several thousand are AI tokens. 

With thousands of cryptos searching for the same number of investors, let us examine if FET crypto is among the best AI tokens currently available on the market.

## What is FET crypto?

FET is the native asset of Fetch.ai, a project that tags itself as a laboratory operating under the AI banner used to build decentralized machine networks that are permissionless and open within the crypto economy.

Launched on Binance in March 2019, the project was founded in 2017. Fetch.ai makes it possible for anyone to access and connect datasets by employing autonomous AI in the execution of tasks by leveraging the protocol’s global data network. 

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What projects does Fetch.ai support?

Due to its extensive role in the transition to the modern iteration of the internet in Web3, many programs have allied with the project. 

Among them is Atomix, a stablecoin yield-generating protocol that allows LPs (liquidity providers) to supply stablecoin and earn above-average periodical yields. 

There is also Mettalex, the DEX (decentralized exchange) that doubles as a derivatives platform for crypto commodities.

Decentralized exchange Starfleit and decentralized social network Resonate are also using the possibilities of the protocol. 

Moreover, Axim, an AI-powered tool that provides data security and analyses siloed data, and Catena-X Automotive Network, a cloud-based network playing an active role in the automotive value chain, have also partnered with Fetch.ai.

Lastly, Co-Learn is an open collective learning system that makes it easy for users to build a shared MLM (machine-learning model).

In August 2021, the Colearn Paint Platform was launched. It enabled designers and collectives access to a tool that helps them mint AI-related NFTs (non-fungible tokens).

Is FET crypto a good investment?

From the numerous partnerships made by its parent company which cuts across every sphere of the internet, FET crypto is one of the cryptocurrencies you can assess for your investment portfolio. 

The digital asset has over-performed despite several pullbacks over the past months after it peaked in February.

On 8 February, the asset reached a yearly high price of $0.6004 after opening the year at $0.09166. 

Holders who bought FET and let go of the token on the day of its peak walked away with 555% gains. 

Investors who continue to hold onto their tokens are still in profit, as the asset remains in the green with more than 100% returns year-to-date (YTD).

One of the main areas you should consider in choosing a coin is liquidity. Liquidity is expressed in daily trading volume. While trading volume is not talked about much, it plays an integral role in fundamental and technical analysis. 

FET saw at least $10 million in daily trading volume in August. While this is relatively smaller compared to volumes from giants such as Ethereum (ETH) and Bitcoin (BTC), which are in the billions, it is quite impressive, considering millions of coins and tokens are fading away daily.

The other area is accessibility. You would not want a situation where you buy a cryptocurrency and millions of people do not have the same level of accessibility to include the asset in their portfolios. 

As of 11:00 UTC on 14 August, FET was supported by more than 30 centralized exchanges such as Binance, Coinbase Pro, Kraken, Huobi Global, MEXC Global, and Mandala. 

It was available in more than 60 markets where it is traded against fiat currencies (USD, EUR), stablecoins (BUSD, USDT), and other cryptocurrencies such as BTC, Binance Coin (BNB), and Osmosis (OSMO), among others.

Despite the positives, the virtual asset continues to fall off the rank of the largest big data and AI tokens by market capitalization. 

At one point, FET trailed only The Graph (GRT) and SingularityNET (AGIX). Unfortunately, others in the big data and AI token sector, such as Injective (INJ), Render Token (RNDR), Akash Network (AKT), Oasis Network (ROSE), and Ocean Protocol (OCEAN), have leapfrogged the token in recent months.

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This is due to the infinite competition that continues to grip all aspects of the market. As a result, you should do extensive research about the products supporting the cryptocurrency.

While FET is a good token, it is not the best but among the must-have digital assets for your portfolio, for now.

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Author: Raphael Minter

Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.

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