According to Coinmarketcap, SingularityNET (AGIX) is currently up 31% in the last 24 hours and 237% in the last seven days.
AGIX, the native cryptocurrency of the SingularityNET, a blockchain-based Al project, has recently been on dramatic heights. Since the start of 2023, the relatively unknown digital asset has rallied almost 800% and looks ready to continue its upward trajectory.
What Is Boosting AGIX’s price?
The key factor contributing to AGIX’s price uptick is the increasing popularity of Al-based platforms. Looking at Coinmarketcap, it can be seen that AI-related crypto tokens such as Ocean Protocol (OCEAN), SingularityNET (AGIX), and Fetch (FET), among others, have ascended to be among the top 100 cryptocurrencies on the list. The increased valuations of such Al-based tokens occur amid the ongoing consolidations among significant cryptocurrencies.
AGIX is the native cryptocurrency used by SingularityNET platform for community governance, transactions management, distribution, and monetization of AI services on the decentralized platform. Since the start of the year, the native token has experienced bullish price movements.
On Tuesday, February 7, AGIX soared its value to hit a 17-month high record of $0.59 in the early hours before losing momentum to the current price of $0.56. The price is still up 25.79% in the last 24 hours, as per Coinmarketcap.
AGIX began its tremendous uptick on January 23 when Microsoft confirmed its multibillion-dollar investment worth $10 billion in ChatGPT A.I.-powered chatbot. Since then, many more institutions have announced plans to support Al-driven platforms. For instance, on February 4, Google invested about $300 million in artificial intelligence start-up Anthropic following Microsoft’s integration of OpenAI’s chatbot ChatGPT into their Bing Search engine.
SingularityNET, which runs on Cardano and Ethereum, has been keen on enhancing interoperability between the two protocols by developing a bridge to tokens.
In today’s Twitter social media, SingularityNET announced a partnership focused on Cardano’s programming language Haskell to enhance high applications for its developers using MeTTa, an Artificial Intelligence Domain Specific Language (AI-DSL), to enable autonomous interoperability between its AI services.
SingularityNET has about 15 Al-based platforms (those associated with entertainment, arts, media, biomedical, robotics, and finance industries) on its network. Consumers use the platform’s native cryptocurrency (AGIX) to access services rendered by these Al platforms. Consumers also stake the native token to earn incentives and use the crypto in voting to determine the platform’s governance proposals.
AGIX Price Analysis
AGIX started trading in January 2018 when the crypto market was undergoing a bear market. On January 20, 2018, it surged to a level still regarded as its all-time high of $1.86. On March 13, 2020, the coin plunged to its all-time low of $0.007497, triggered by the Covid-19 lockdown.
In early 2021, AGIX moved its value past $0.50 briefly in August before falling again over the summer. In 2022, AGIX suffered along with the rest of the crypto market due to the prolonged bear market. But so far, the token’s price has soared by 196.74% in the previous year. In the last 30 days, AGIX had 20/30 (67%) green days.
Featured image from Unsplash, Chart from TradingView.