Development in the cryptocurrency ecosystem continues to advance despite daily price movements, and this progress is furthering public awareness of Web3 and the value of blockchain technology.
One project that has risen up the charts amid a marketing push to develop better brand recognition is Fetch.ai, a protocol focused on building a decentralized token-based machine learning network capable of supporting the intelligent infrastructure that is being built around the digital economy.
Data from Cointelegraph Markets Pro and TradingView shows that the FET price has risen 43.13% over the past two days, rising from a low of $0.322 on March 21 to an intraday high of $0.46 on March 23. March, as its 24-hour trading volume quintupled.
Three reasons for the growing interest in Fetch.ai are the launch of a $150 million development fund, plans to further integrate the project into the Cosmos ecosystem, and the recent launch of a large-scale marketing campaign.
Fetch.ai Launches $150 Million Development Fund
The biggest news from the Fetch ecosystem was the launch on March 22 of a $150 million ecosystem development fund, together with MEXC Global, Huobi and Bybit.which aims to attract established developers and projects to the Fetch.ai ecosystem.
Ecosystem development funds have become a popular topic throughout the cryptocurrency community as projects have found them a useful way to attract new projects and users to their protocols in an increasingly crowded and difficult field in the one to gain traction.
Greater integration with Cosmos
A second major development that has brought increased attention to Fetch.ai has been its ongoing integration with the Cosmos ecosystem and the Interblockchain Communication Protocol.
A new governance proposal is live!
This proposal seeks to upgrade the @Fetch_ai chain to Cosmos SDK v0.45 & IBC v2.2.0. With this, we can be enabled on Osmosis DEX/allow IBC transfers between us and other chains like @osmosiszone @cosmos
vote now! https://t.co/eWUOE9WQdn
— Fetch.ai (@Fetch_ai) March 21, 2022
Fetch officially joined the list of projects being launched within the interoperability-focused Cosmos ecosystem in February, and is currently in the process of updating the Fetch.ai chain to allow IBC transfers between supported networks.
Cosmos has been one of the most active and growing ecosystems in the last six months, despite the weakness of the cryptocurrency market in general, which has the potential to benefit Fetch by bringing greater token liquidity and access to a largest group of investors.
A renewed business boost
The third factor that has helped raise Fetch’s notoriety has been an increased focus on marketing the project to the general public, including a partnership with Formula 1 driver Alex Albon.
In addition to this Formula 1 sponsorship, Fetch marketing has begun to appear in highly visible areas, such as digital billboards in New York’s Times Square, and advertisements in subways and bus terminals.
Fetch.ai has also started recruiting crypto influencers to help raise awareness and has benefited from being featured on the Voyager app on March 18.
Cointelegraph Markets Pro’s VORTECS™ data began spotting a bullish outlook for FET on March 21, prior to the recent price rally.
Cointelegraph’s exclusive VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter.
As seen in the chart above, the VORTECS™ Score for FET reached a high of 80 on March 21, about an hour before the price surged 42.56% over the next two days.
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