$FET Tokens Flood Binance as 2 Fetch.AI Wallets Deposit Millions

Amid the crypto recovery phase, the tokens like FET are getting significant attention. Keeping that in view, 2 wallets linked to Fetch.ai, a popular AI platform offering instruments to develop cutting-edge apps, deposited huge amounts of $FET tokens to Binance. As per SpotOnChain, an on-chain insights provider, this event takes place following huge minting.

Wallets linked to @Fetch_ai are depositing $FET to #Binance after the massive minting!

In the past 13 hours, two wallets, 0x633 and 0xbb0, which received tokens from the Fetch foundation, deposited 1.47M $FET ($3.59M) to #Binance.

Notably:
• Fetch foundation minted 1.48B $FET… pic.twitter.com/JcsdbUJNOJ

— Spot On Chain (@spotonchain) May 8, 2024

Two Fetch.AI-Associated Wallets Deposit a Large Number of $FET Tokens to Binance

The analytics platform took to its official X account to reveal this development. It noted that 0xbb0 as well as 0x633 were the respective wallets that carried out the above-mentioned deposits. According to SpotOnChain, these assets obtained the FET coins from the platform of the Fetch Foundation. It added that following getting these tokens, the wallets moved on to invest them.

Hence, they selected the famous crypto exchange Binance for that purpose. In this respect, both wallets deposited up to 1.47 million FET coins to the crypto exchange. This figure reportedly equals almost $3.59 million. They made these deposits during the recent thirteen hours. In addition to this, the analytics platform also disclosed some important things that took place before this episode.

Spot On Chain pointed out that the Fetch Foundation has recently conducted a token-minting event. The company reportedly executed this five days back. During this event, the Fetch Foundation minted up to 1.48 billion FET coins. The respective amount equals approximately $2.96 billion. As the analytics provider puts it, the purpose of the minting event was to back the $ASI Token Exchange Mechanism.

The Wallets Deposited 4.9 Million FET Last Month

As a result of this, the latest cumulative supply elevated to nearly 2.63 billion FET. The aforementioned 2 wallets have reportedly deposited nearly 4.9 million FET (equaling $11 million) to Binance in the previous month. These deposits often occurred before a price drop.