Fetch.ai Drops $50M Bomb: Massive FET Buyback Rocks Crypto!

Fetch.ai's top dogs have been barking about FET's unrealized potential for ages. Now, they're slamming down $50 million on the table, kicking off a wild buyback spree across multiple exchanges as AI agent action reaches sky-high levels!

On June 19, Fetch.ai's fearless leader, Humayun Sheikh, hit up X to drop the bombshell: the Fetch Foundation is unleashing a $50 million buyback blitz on Artificial Superintelligence Alliance (FET) tokens across a slew of trading platforms. Sheikh's pulling no punches, calling FET's current price a total steal.

"I believe that $FET is undervalued," Sheikh declared in his post, doubling down with the support of market makers ready to back the buyback.

This ain't your grandpa's corporate buyback - it's a rare crypto move, where projects usually stick to burning tokens or dishing out staking rewards instead of snatching up their own supply on the open market.

Why the Radical FET Buyback Strategy?

The Fetch Foundation's $50 million buyback isn't just a cash grab to pump up the token's price. It's a bold, calculated play in response to Fetch.ai's explosive growth since hitting the scene in 2017.

Fetch.ai's autonomous agents, powered by the beastly ASI1 infrastructure, are taking over industries left and right, from DeFi to IoT automation. And with hot new partnerships like the one with AkedoFun to bring AI agents into gaming worlds, the demand for Fetch's tech is through the roof.

With ASI1 juicing up more complex AI moves on-chain, the foundation might be bracing for a supply squeeze as usage blows up. This buyback could be their way of keeping liquidity flowing in an ecosystem where tokens are the lifeblood, not just tradable chips.

The announcement sent FET soaring over 7% in early trading, rocketing from a daily low of $0.6434 to a high-flying $0.7045 before pulling back a bit to trade at $0.6833 when this report went live.