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Fetch.ai (FET) up 43% on $150M development fund and Cosmos IBC announcement

Development across the cryptocurrency ecosystem continues to progress despite daily fluctuations in prices, and this progress is driving public awareness of Web3 and the value of blockchain technology.

One project that has been climbing the charts amid a marketing push to develop better brand awareness is Fetch.ai, a protocol focused on building a token-based decentralized machine learning network that can support the intelligent infrastructure running around the digital economy is built.

Data from Cointelegraph Markets Pro and trading view shows that the price of FET is up 43.13% over the past two days, recovering from a low of $0.322 on March 21 to an intraday high of $0.46 on March 23, as its 24th -Hourly trading volume increased fivefold.

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FET/USDT 4 hour chart. Source: TradingView

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 of a $150 million ecosystem development fund on March 22 in partnership with MEXC Global, Huobi and Bybit, aimed at attracting developers and established projects to the Fetch.ai ecosystem to win.

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Ecosystem development funds have become a popular topic across the cryptocurrency community as projects have found them to be a useful way to attract new projects and users to their protocols in an area that is becoming increasingly crowded and difficult to gain a foothold.

Deeper integration with Cosmos

A second major development bridging the increased attention to Fetch.ai has been ongoing integration with the Cosmos ecosystem and interblockchain communication protocol.

Fetch was officially added to the list of projects launched in February within the interoperability-focused Cosmos ecosystem and is currently in the process of updating the Fetch.ai chain to enable IBC transfers between supported networks.

Cosmos has been one of the most active and fastest growing ecosystems over the past six months despite the weakness in the broader cryptocurrency market, which has the potential to help fetch by bringing increased token liquidity and access to a larger pool of investors.

Related: Fetch.ai launches NFT platform for AI generated art

Another marketing boost

The third factor that helped raise awareness of Fetch was an increased focus on marketing the project to the general public, including a partnership with Formula 1 driver Alex Albon.

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In addition to this Formula 1 sponsorship, marketing for Fetch has also begun appearing in high-visibility areas, including digital billboards in Times Square in New York, as well as subway and bus terminal advertisements.

Fetch.ai has also started recruiting crypto influencers to raise awareness and has benefited from being listed on the Voyager app on March 18th.

VORTECS™ data from Cointelegraph Markets Pro began to see a bullish outlook for FET on March 21, ahead of the recent price rally.

Exclusive to Cointelegraph, the VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements, and Twitter activity.

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VORTECS™ Score (green) vs. FET price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score for FET peaked at 80 on March 21, about an hour before the price surged 42.56% over the next two days.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.