In response to Coinmarketcap, SingularityNET (AGIX) is at present up 31% within the final 24 hours and 237% within the final seven days.
AGIX, the native cryptocurrency of the SingularityNET, a blockchain-based Al undertaking, has not too long ago been on dramatic heights. For the reason that begin of 2023, the comparatively unknown digital asset has rallied virtually 800% and appears able to proceed its upward trajectory.
What Is Boosting AGIX’s value?
The important thing issue contributing to AGIX’s value uptick is the rising reputation of Al-based platforms. Taking a look at Coinmarketcap, it may be seen that AI-related crypto tokens corresponding to Ocean Protocol (OCEAN), SingularityNET (AGIX), and Fetch (FET), amongst others, have ascended to be among the many prime 100 cryptocurrencies on the record. The elevated valuations of such Al-based tokens happen amid the continued consolidations amongst vital cryptocurrencies.
AGIX is the native cryptocurrency utilized by SingularityNET platform for group governance, transactions administration, distribution, and monetization of AI companies on the decentralized platform. For the reason that begin of the yr, the native token has skilled bullish value actions.
On Tuesday, February 7, AGIX soared its worth to hit a 17-month excessive report of $0.59 within the early hours earlier than shedding momentum to the present value of $0.56. The worth continues to be up 25.79% within the final 24 hours, as per Coinmarketcap.
AGIX started its great uptick on January 23 when Microsoft confirmed its multibillion-dollar funding price $10 billion in ChatGPT A.I.-powered chatbot. Since then, many extra establishments have introduced plans to help Al-driven platforms. As an example, on February 4, Google invested about $300 million in synthetic 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 eager on enhancing interoperability between the 2 protocols by creating a bridge to tokens.
In as we speak’s Twitter social media, SingularityNET introduced a partnership centered on Cardano’s programming language Haskell to boost excessive purposes for its builders utilizing MeTTa, an Synthetic Intelligence Area Particular Language (AI-DSL), to allow autonomous interoperability between its AI companies.
SingularityNET has about 15 Al-based platforms (these related to leisure, arts, media, biomedical, robotics, and finance industries) on its community. Customers use the platform’s native cryptocurrency (AGIX) to entry companies rendered by these Al platforms. Customers additionally stake the native token to earn incentives and use the crypto in voting to find out the platform’s governance proposals.
AGIX Worth Evaluation
AGIX began buying and selling in January 2018 when the crypto market was present process a bear market. On January 20, 2018, it surged to a stage nonetheless thought to be its all-time excessive 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 worth previous $0.50 briefly in August earlier than falling once more over the summer season. In 2022, AGIX suffered together with the remainder of the crypto market because of the extended bear market. However to this point, the token’s value has soared by 196.74% within the earlier yr. Within the final 30 days, AGIX had 20/30 (67%) inexperienced days.
Featured picture from Unsplash, Chart from TradingView.
