Fetch.AI (FET) Starts to Rally after Initial Slide on Binance
Following a token sale event this Monday, FET was also listed on Binance, becoming one of the most actively traded assets.
Fetch.AI (FET) started to recover after its recent listing on Binance following a rapid token sale. It clocked volumes of more than 3,000 BTC, which is relatively high activity for a new asset. The interest in FET mirrors the performance of BitTorrent Token (BTT), which was also sold out immediately and later increased its value right upon the launch of trading.
FET was listed with a risk warning, arriving in pairs with Binance Coin (BNB), Bitcoin (BTC), and Tether (USDT). It started trading with a wild price swing and a crash from above $0.40 to $0.30 but recovered to $0.38 as of 8:30 UTC on Friday.
Binance added FET on February 27, but bots discovered the start of trading late on Thursday. Bot activity also showed a FET wallet had been opened by Binance on February 26.
FET trading began with an immediate drop in prices, and the next few days will show how the asset moves. Traders point to buying FET at 21 Satoshi, expecting a rally similar to BTT’s. However, the asset is highly risky as it is still in the price discovery stage, and the movement is unpredictable.
Traders were also eager for the asset to pump, remaining somewhat disappointed that the price is moving downward.
FET is still a relatively unknown asset, but it underlines the demand for active trading and potential fast profits. During the bear market, liquidity drained from many trading pairs, and older assets rarely had significant rallies. With the days of 1,000-fold gains in the crypto market gone, the token sales on Binance Launchpad are becoming increasingly popular for their short-term hype potential.
BTT offers an example of a price drop when the hype fizzles out. The asset peaked at $0.0012, only to slide to $0.0008, with no sign of recovery yet. It landed among the most traded pairs on Binance, but the activity was short-lived, happening only briefly after the completion of the token sale.
After the initial crash, FET seems to be going upward ahead of the weekend. Still, the plunge spooked traders, potentially making the recent token sales appear as too risky.