Between the overall market rise and the hype around AI tokens, the cryptocurrency SingularityNet (AGIX) has performed like crazy, rising 428% in the space of seven days. But how far can the project that promotes decentralized artificial intelligence go?
AGIX on a cloud: +428% in 7 days!
Since the beginning of the year, the crypto market has been trying to recover after experiencing a terrible end of 2022 due to the FUD around exchanges. Overall, the capitalization of the sector is approaching the symbolic $1 trillion mark. And the two behemoths of the universe, namely Bitcoin and Ethereum, have overturned resistance levels, which sows much hope for a rather prolonged uptrend.
However, ETH and BTC are far from the best performers at the beginning of the year. If we take an in-depth look at the overall market trend, we can see that there is one category of tokens that has benefited greatly from the recovery. It is indeed the artificial intelligence tokens.
By the way, you can learn more about the good performance of artificial intelligence chips by reading our following article:
Among these is AGIX from SingularityNet. Indeed, this cryptocurrency has been on a cloud since the beginning of the year. Over the past 7 days, AGIX’s price has taken 428%, going from $0.056 to $0.24. On an annualized basis, it is already up 460%. Volume data indicates strong demand for the cryptocurrency. In the space of 7 days, it has counted over 500 million in transaction volume.
What’s the project behind the SingularityNet cryptocurrency?
Contrary to what one might have imagined, SingularityNet (AGIX) is not a new industry project. In fact, the cryptocurrency was created in 2017 by computer scientists Dr. Ben Goertzel, Simone Giacomelli and Dr. David Hanson. According to what the co-founders revealed, the project raised nearly $36 million in one minute during its ICO.
SingularityNet is defined as an initiative whose mission is to “create a decentralized, democratic, inclusive and beneficial artificial general intelligence (AGI).” To achieve this goal, it is building a marketplace that allows anyone to “create, share and monetize” AI services.
AGIX is SingularitNet’s utility token, and serves as the currency for its AI marketplace. According to data collected on Coinmarketcap, AGIX reportedly has a limited supply of 2 billion tokens. Currently, there are 1.17 billion tokens in circulation, or nearly 59% of the global supply.
AGIX recorded its highest trading value (ATH) during January 2018, at $1.49, which was effectively the base price of its ICO. After that, the cryptocurrency kept falling. As can be seen in the chart below, even when the market had experienced its bull run, the token had not shown such a big rise, with its price only rising to around $0.49.
However, with the current hype around artificial intelligence, will the SingularityNet token make it to its January 2018 levels? In any case, it still has a long way to go because with its current price of $0.17, it remains at -88.59% of its ATH.
What future for the AGIX token?
Given the current environment, the future price of AGIX will depend on the overall trend development of the crypto market. Then, if the interest of internet users continues to continue in artificial intelligence, the token could certainly hope to keep its good performance.
For the Coincodex forecasting algorithm, AGIX’s price is expected to climb towards $0.26 in a month. As for DigitalCoinPrice, the asset should end the year at $0.38. For its part, WalletInvestor sees a bearish future for the AI token instead. The algorithm is banking on a forecast of $0.06 by February.
Moral of the story: stay tuned, AGIX may be the golden coin for collectors of nuggets in the crypto universe.