Fetch.ai's FET Token Swings Wildly After Coinbase Listing

The listing of Fetch.ai's (FET) on Coinbase marked a significant milestone for the blockchain machine-learning platform, despite the token's price volatility. The listing is expected to increase FET's visibility and trading volume among U.S. retail investors, as it provides a gateway for them to invest in cryptos beyond bitcoin and ether.

Fetch.ai's FET Token Surges and Declines Following Coinbase Listing

CoinDesk Exclusive:

The price of Fetch.ai's (FET) native token has experienced significant fluctuations in the aftermath of its listing on the prominent U.S. cryptocurrency exchange Coinbase on Wednesday. While the initial surge in value sparked enthusiasm, subsequent price adjustments have led to a more nuanced market assessment.

Groundbreaking Milestone for Blockchain Machine-Learning Platform

Beyond the price action, Fetch CEO Humayun Sheikh emphasized the pivotal nature of the Coinbase listing for the blockchain machine-learning platform. According to Sheikh, this listing represents a "groundbreaking moment" that will significantly enhance the project's visibility and accessibility, particularly within the U.S. market.

FET, built on the Ethereum blockchain, is a token that fuels applications on Fetch's platform. These applications provide users with access to artificial intelligence and autonomous agents in various industries, including manufacturing and supply chains.

Retail Investor Expansion

Prior to the Coinbase listing, a majority of Fetch's retail investors hailed from Europe. The U.S. listing is expected to broaden the project's investor base, providing FET with greater recognition and trading volume.

Pre-Listing Price Run-Up

In the days leading up to the Coinbase announcement, FET's price exhibited a substantial surge. According to Binance data, the token rose by 75% from its July 17 low of $0.19 to a peak of $0.42 on Monday, two days before the listing.

This price increase is consistent with the "Coinbase Effect," a phenomenon where cryptocurrencies tend to experience a spike in value prior to and following their listing on the popular exchange.

Post-Listing Price Correction

Following the listing, however, FET's price has undergone a correction. As of Wednesday evening, the token was trading around $0.34 on Coinbase, a notable decrease from its local high of $0.65 reached on Tuesday. This decline is attributed to speculative traders liquidating their positions after the initial surge.

Long-Term Development Plans

Regarding the potential use of the increased token value for platform development, Sheikh indicated that Fetch "keeps all options open" but remains focused on attracting investors and establishing strategic partnerships.

Strict Due Diligence Process

Sheikh further disclosed that while he was unable to divulge specific details about the Coinbase listing process, it entailed comprehensive due diligence on security, legal, technical, and compliance matters. He noted that this process can be lengthy, potentially spanning months or even years, as Coinbase meticulously evaluates every aspect of a project before approving a listing.

Continuing Market Dynamics

FET's price continues to fluctuate, with lower-than-average hourly trading volume on Coinbase. The market will closely observe the token's performance in the coming days and weeks to gauge its long-term trajectory.