In a surprise announcement, the founder of the altcoin stated, "The price is very low," indicating that he will make a significant purchase of his own Token!

The artificial intelligence-focused blockchain platform Fetch.AI has announced a FET token buyback program worth 50 million dollars.

The company's CEO, Humayun Sheikh, stated in a social media announcement that this move was made due to the increasing platform usage and the low valuation of the token.

The Sheikh stated the following in his statement:

"With the increasing use of ASI1 and our agent platform, we see that the utility it provides is also increasing. I believe that FET is undervalued at its current market value. That's why I'm pleased to announce that the Fetch Foundation, with the support of our market makers, will be repurchasing a total of $50 million in FET across multiple exchanges."

Following this development, the FET price increased by 7% today. The token's market value reached 1.66 billion dollars. However, FET is still trading about 80% below its all-time high of 3.47 dollars seen on March 28, 2024. At the time of writing this article, the token price is at 0.6946 dollars.

FET was formed a short time ago by the merger of two other artificial intelligence-focused altcoins and was named the Artificial Superintelligence Alliance. The ticker continued to remain FET.

*This is not an investment advice.

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