The cryptocurrency market today witnessed an altcoin founder buying tokens by claiming that the price was low.
Fetch.AI, an artificial intelligence-focused blockchain platform, has announced the launch of a $50 million FET token buyback program.
The company’s CEO, Humayun Sheikh, stated on social media that this move was made due to the increasing platform usage and the low valuation of the token.
Sheikh made the following statement in his statement:
“As ASI1 and our agent platform grow in usage, we see its benefits continue to grow. I believe FET is undervalued at its current market cap. That’s why I’m pleased to announce that the Fetch Foundation, with the support of our market makers, will be repurchasing $50 million worth of FET across multiple exchanges.”
Following this development, the FET price has increased by 7% today. The token’s market value has reached $1.66 billion. However, FET is still trading around 80% below its all-time high of $3.47, which it reached on March 28, 2024. At the time of writing, the token’s price is at $0.6946.
FET was recently formed by the merger of two other AI-focused altcoins and named Artificial Superintelligence Alliance, while Ticker remained as FET.
