FET and SHIK Hold High Amidst Shifts in Market Prices
- Comprehensive Analysis of FET’s Price Growth
- Shikoku Inu Buzz Increases its Value
- Pump and Dump Strategy in Crypto
Comprehensive Analysis of FET’s Price Growth
Recent ups and downs in the cryptocurrency market have caused slight losses for most assets, including Bitcoin. Yet, some coins, like Fetch.ai (FET) and Shikoku Inu, still sustained an upward trend line during this time, giving its investors a profit.
FET has been especially noteworthy in 2023, with an impressive growth of more than 400% since the year’s start. Like other digital currencies, FET began the year with a modest price increase in January.
FET, however, saw a remarkable spike of 103% at the beginning of February, attaining a value of $0.55 due to a sharp rise in demand for artificial intelligence tokens. The price range of $0.38 provided support for the AI token even though its value later declined from this point.
FET’s value has steadily climbed recently, and a significant price breach appears imminent. In contrast to larger cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which have experienced losses over the previous seven days, FET has stood out as one of the few great performers, according to statistics from Coingecko. It has gained 4.3%.
FET is currently trading at $0.43, down a 7.22% decline. The coin has a market cap value of over $355 million and a circulating supply of 818,912,300 FET.
Santiment, an on-chain investigative platform, published research analyzing the price increase of Fetch.ai for 2023. Also, it outlined significant whale activities that drove up the price of FET. Among the three assets that have shown “rapid rises in whale transactions” activities in 2023, Fetch.ai, Cardano(ADA), and Maker(MKR) are included by Santiment.
Santiment claims that on Feb 8th and Feb 16th, consecutively, FET and ADA experienced their most notable whale spikes of 2023, while MKR most recently joined the pattern with a strong whale surge on Mar 1st. According to the research, investors are advised to prepare for major future volatility in these assets.
Shikoku Inu Buzz Increases its Value
Shikoku Inu is a meme cryptocurrency created on the Ethereum blockchain that intends to offer a decentralized marketplace for exchanging SHIK tokens for products and services. A group of seasoned programmers, community administrators, and entrepreneurs dedicated to building a vibrant and engaged society support the Shikoku Inu project.
SHIK has increased by almost 30% in the past 24 hours, which is much better than the general crypto market’s aggregate rates of 1%. Currently, SHIK is trading at $0.00000001434 have hit a low of $0.00000001075 and a high of $0.00000001669 over the past 24 hours. In addition, the market cap and circulating supply are highlighted with a hazard sign on CoinMarketCap, showing that a pump-and-dump operation likely used the SHIK token.
Pump and Dump Strategy in Crypto
Inside the world of crypto, the pump-and-dump strategy refers to the deceptive method used by some people or groups to artificially increase the value of a specific coin by intensive promotion to sell it at a higher price.
The common method entails a team working with each other to acquire substantial amounts of a minimal cryptocurrency, sometimes a “penny stock” with a small market cap. Afterward, they employ various strategies to inflate the value of the cryptocurrency, including propagating untrue stories and influencing the market through fictitious transactions.
When the value of such cryptos increases, more individuals are attracted by the buzz and start purchasing it, which drives up costs much more. Finally, the organization behind the pumping and dumping strategy sells its assets for a return, which drives down the value of the crypto.