More important than the price, however, the listing itself is a “breakthrough moment” for the blockchain machine learning platform, CEO of Fetch Humayun Sheikh told CoinDesk via a spokesperson on Wednesday.
FET is an Ethereum-based token powering applications on Fetch’s platform, which gives users access to artificial intelligence and autonomous agents in manufacturing and supply chains, among others.
Prior to listing, most of Fetch’s retail investors were from the EU market.
The inscription “has a very powerful branding effect on the project,” Sheikh said. “With millions of US-based retail investors looking to invest in cryptos beyond bitcoins and ether, the FET token will gain notoriety and transaction volume thanks to the listing.
Indeed, FET prices soared days before the announcement, rising 75% from July 17 lows of around $ 0.19 to a two-day high of $ 0.42 on July 26. before the big Fetch moment, according to Binance data.
It is not unusual for a coin to be listed on one of the most famous exchanges in the world. Often referred to as the “Coinbase effect“Where a given crypto typically experiences a sharp rise in price before and after listing.
However, after the announcement, a crypto’s price tends to fall as speculative traders seek to profit from the hype surrounding its new home. On Coinbase, FET prices have fallen significantly from a local high of $ 0.65 seen on July 27. That’s $ 0.23 more than the local Binance top.
When asked if the project would liquidate some of the value of its tokens to focus on further development of the platform, the CEO said Fetch “keeps all options open” but generally focuses on investors. and partnerships.
Sheikh also said that while he was not free to discuss the registration process on Coinbase, it involved a lot of “due diligence” on security, legal, technical and compliance issues.
The “process can take months and years as they review all aspects of the project before deciding to go ahead,” Sheikh said.
FET was last seen changing hands for around $ 0.34 on Coinbase with below average hourly trading volume after price action cooled on Wednesday night.