Fetch.AI’s (FET) Post-Binance Launchpad Sell-Off Continues

original via tradingview.com

Earlier this week, Fetch.AI (FET), a project using a blend of blockchain and DAG (directed acyclic graph) data structures to develop a scalable ledger, became the second token to conduct an ICO on the Binance Launchpad platform this year.

According to Binance’s recap of the token sale, 69,204,152 FET were sold to participants in 11 minutes and 14 seconds. Fetch.AI raised a total of $6.5 million and FET/BNB, FET/BTC and FET/USDT trading pairs went live on February 28 at 10:00 AM (UTC).

FET/BNB (TradingView)

At the time of the sale, 1 FET was priced at 0.008584 BNB, The token listed at 0.03797 FET/BNB, meaning token sale participants could reap an immediate 342.3% gain. The token is now down around 40.9% to 0.02294 FET/BNB, notably still 167% above its sale price.

The Binance Launchpad sale is only one of the ‘token generation’ events planned by the Fetch.AI team. Tokens have already been sold to various VC funds and other early investors. Further distributions are detailed below, including mining, which will bring the total token supply to 1,152,997,575 after 5+ years.

(Fetch.AI / Tokenomics paper)

Given its high-profile listing on Binance, team size, existing partnerships and current liquidity, FET will likely be a token worth keeping an eye on in the coming months.

More: Binance Launchpad: Fetch.AI Token Sale Results
Deep Dive: Fetch.AI Token Economics

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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