Large USDT transfers to ASI and key support zone timing drove a sudden bullish reaction among traders.
Fetch.ai’s token, FET, rose by over 5% to $0.6797 on Thursday, outpacing more than 30 other AI-related cryptocurrencies in market cap rankings. The increase followed news of a $50 million token buyback led by the Fetch.ai Foundation, a decision that drew immediate interest from traders and crypto observers.
CEO Humayun Sheikh confirmed that the buyback will be executed through major exchanges. He said the move reflects a belief that the current price undervalues the project. The timing of the announcement also coincides with continued work on the ASI-1 large language model and the platform’s autonomous agent system, both of which are seen as core parts of Fetch.ai’s future plans.
Market activity picked up almost immediately after the announcement. Blockchain data from Lookonchain revealed a $45 million USDT transfer from DWF Labs to the ASI Alliance, which took place just hours before the buyback. That timing added to the momentum, and some analysts noted that FET had reached a technical level seen as favorable for buyers.
Satori_BTC, a known market analyst, said, “They’re doubling down on the value of ASI & their agent platform. Technically, FET just tapped the lower Bollinger Band — a key support zone. Will the bounce follow?” His observation came amid a broader reassessment of the buyback’s long-term effect on value.
Solid Intel, a crypto news account, suggested that the ASI infrastructure is beginning to match actual market demand. This adds weight to the idea that FET’s recent rise isn’t just driven by hype. The ASI Alliance — created by Fetch.ai, SingularityNET (AGIX), and Ocean Protocol (OCP) — has been gaining momentum.
Though buybacks are often seen as a way to reduce supply and potentially boost price, a study by Messari raised questions about their actual benefit. The report stated that such efforts often lead to wasted funds if executed without precise timing and real utility behind the token.
Still, many interpret this buyback as a signal of expanding trust in the ASI project. The recent focus has been on ASI-1, a language model designed to support automated tasks across decentralized systems. This project intends to connect data and operations between networks, with support for AI-driven tasks.
The positive reaction comes despite the broader skepticism toward buybacks in crypto markets. The platform’s growth and use cases, including decentralized applications, are being closely monitored by traders seeking tangible progress.
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