The reason why Fetch.ai's price hasn't "gone to the moon" (meaning a very high increase) can be attributed to several factors based on market dynamics and project specifics:

The market capitalization situation during a token merge or upgrade can create confusion among investors. The merge of Fetch.ai with other tokens (e.g., Ocean, AGIX) led to a complex valuation where market caps were absorbed but not necessarily the price values. This caused uncertainty about Fetch's true market value, making a price surge less likely in the short term.

Price doesn't always reflect market cap or underlying value immediately, especially during transition phases or merges. Investors appeared to anticipate a big price jump, but the actual price remained subdued due to ongoing trading of related coins separately and insufficient communication from the project teams.

Market factors such as Bitcoin price drops and general crypto market volatility also affect Fetch.ai's price movements.

Also, private sale investors faced unfavorable conditions due to market changes and token releases, leading to selling pressure that suppresses price spikes.

Finally, the project has not revealed any major blockbuster achievements or excitement that usually catalyze rapid price gains ("to the moon" scenarios). Community activity and communications have been reported as weak, which dampens investor enthusiasm.

In summary, Fetch.ai's inability to get its price to "the moon" is due to a mix of valuation complexities during token merges, market dynamics including broader crypto market dips, lack of significant new achievements creating hype, and investor sentiment shaped by communication issues and market pressures. All these factors keep the price growth more gradual than meteoric.