Connect with us

AGIX

What is SingularityNET And Why Is Its AGIX Token Exploding By 116%?

Published

on

What is SingularityNET And Why Is Its AGIX Token Exploding By 116%?

The popularity of artificial intelligence applications has been growing as popular platforms like SingularityNET and ChatGPT become mainstream.

With Microsoft investing $10 billion on ChatGPT, we should expect AI applications to become more mainstream in the next few years. 

AGIX, the native token of the SingularityNET, is capitalizing on this as it tallied huge gains since the start of 2023. According to CoinGecko, the token is up 116% in the past week (at the time of writing, Friday) with the biggest gains made at the bi-weekly time frame at 360%. 

Advertisement

SingularityNET is the first decentralized AI market that is built on top of the Cardano blockchain. The project was founded by Dr. Ben Goertzel, a cognitive scientist and one of the leading figures in AI research. The project is set to create an AGI or an artificial general intelligence. 

Image: SingularityNET/Twitter

As of writing, the SingularityNET ecosystem comprises 13 protocols that are either being built or are already deployed as a full-fledged component of the ecosystem. 

Getting Smarter By The Day

On-chain developments have been very bullish for the SingularityNET ecosystem. According to the ecosystem’s recent blog post, the journey of SingularityNET in creating an AGI is getting closer by the day. 

The development of the MeTTa, a custom coding language specifically built for SingularityNET’s goals, have been successful so far.

Advertisement
 Image: Thoughtworks Arts

The alpha release of the coding language will be accompanied by the release of the Distributed Atomspace (DAS) knowledge store this 2023.

This technology would enable the AGI to store data for the long-term. These developments in the realm of AI will certainly make the creation of SingularityNET’s AGI easier. 

How Did These Affect AGIX? 

The ecosystem’s native token AGIX is currently one of the most bullish tokens on the market. As of Saturday, AGIX is trading at $0.2139, rising 32% in the last week, and facing rejection at two strong resistances at $0.2362 and $0.2546. 

The current rally of the token is unsustainable and bears might be able to retest its support $0.1404. This support is shaky as any breakthrough on this level might force AGIX to drop at $0.0822 in the medium term. 

AGIX/US Dollar trading at $0.2139 on the weekend chart | Chart: TradingView.com

But as time progresses, investors and traders should be able to observe how AGIX will react with the releases of crucial components of SingularityNET’s AGI development.

Advertisement

However, Microsoft’s investment on ChatGPT development will further cement artificial intelligence technology in the mainstream, boosting the development of the AGI. 

With this in mind, investors and traders would have to sustain short term volatility and losses for possible medium term gains. 

Featured image by VentureBeat

Christian Encila

Freelance writing is Christian’s other cup of tea. When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons. Other than that, he’s just like everybody else who wants to be happy with their life.

Advertisement

Advertisement

AGIX

Artificial Intelligence And Cryptocurrency: The Rise Of AI-Focused Projects In 2023

Published

on

Artificial Intelligence And Cryptocurrency: The Rise Of AI-Focused Projects In 2023

Trends show that artificial intelligence (AI) will be a major topic in 2023, as data indicates a surge in interest. Since interest peaked and Microsoft invested billions into Chatgpt, demand for AI-focused cryptocurrency projects has risen dramatically. For example, the crypto project Fetch.ai has seen its native token FET rise 212% in the past 30 days, and another AI project, Singularitynet, has seen it’s token AGIX increase 293% against the U.S. dollar.

There’s Been a Surge in Interest in AI-Focused Cryptocurrency Projects

During the week of Jan. 22-28, 2023, the worldwide Google Trends score for the term “AI” was 94 out of 100. In the first week of Dec. 2022, the search term reached its highest Google Trends score of 100. It’s safe to say that the world has become increasingly focused on artificial intelligence (AI) since the release of AI-infused art platforms like Dall-E, Deep AI, Jasper Art, Starry AI, Nightcafe, and others. In the past two months, the Openai platform Chatgpt or GPT-3 has become a widely used AI phenomenon.

Google Trends shows the worldwide score for the search term “Chatgpt” was 100 during the week of Jan. 22-28, 2023, and it has been rising since the first week of Dec. 2022. Reports also show that Microsoft has entered the third phase of its long-term partnership with Openai through a “multi-year, multi-billion dollar investment,” said to be as much as $10 billion in funding. The growing trend in artificial intelligence (AI) and demand for the technology has spilled over to blockchain projects integrating AI into their protocols.

Advertisement

For instance, a crypto asset created by the project singularitynet.io has seen its native token AGIX rise 293% in the past month. Although singularitynet (AGIX) was down more than 6% on Jan. 29, 2023, it has increased 17.5% over the past two weeks. The project aims to support the next generation of decentralized AI. Another blockchain-powered AI project, Vectorspace AI (vspb.science), has a token called VXV that has risen 95.9% over the past month. The Fetch.ai project has experienced similar demand over the past four weeks.

Over the past 30 days, the Fetch.ai project’s FET token has risen 212% against the U.S. dollar. The Fetch.ai team says the project creates “autonomous agent technology” for peer-to-peer applications with automation and AI capabilities, with or without direct blockchain access.” Another AI-based blockchain project, Ocean Protocol, and its OCEAN token have risen 130% against the U.S. dollar in the past 30 days. Ocean Protocol, named a technology pioneer by the World Economic Forum, aims to unlock data at scale through encrypted data monetization.

It is uncertain how long the demand for AI-based crypto assets and the popularity of these tokens will last. All of the AI-related crypto assets are currently ranked below the top 75 in terms of market capitalization and have recently seen price surges due to increased interest in AI/Chatgpt.

Tags in this story

AGIX, ai, AI/Chatgpt, Artificial Intelligence, Blockchain, Chatgpt, cryptocurrency projects, Dall-E, Deep AI, encrypted data monetization, FET, Fetch.AI, Funding, Google trends, increased interest, Interest, Jasper Art, long-term partnership, Market Capitalization, Microsoft, multi-billion dollar investment, multi-year, Nightcafe, OCEAN, Ocean Protocol, openai, Protocols, Singularitynet, singularitynet.io, Starry AI, Surge, technology pioneer, U.S. dollar, Vectorspace AI, vspb.science, VXV, World Economic Forum, worldwide score

What do you think is driving the surge in demand for AI-focused cryptocurrency projects? Share your thoughts in the comments below.

Advertisement
Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement
Continue Reading

Top posts

Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline
Abdulrasheed Bawa1 hour ago

Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline

With just a few days left before the old naira banknotes are demonetized on Feb. 10 as scheduled, a court...

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted
Legal8 hours ago

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted Mike Dalton · 7 seconds ago...

Monero [XMR]: Can bulls defend $163 support level as bears take over Monero [XMR]: Can bulls defend $163 support level as bears take over
altcoin9 hours ago

Monero [XMR]: Can bulls defend $163 support level as bears take over

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum
altcoin10 hours ago

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum

GMX moves to Arbitrum, threatening Avalanche. Decreasing sentiment, declining TVL & NFT trades for Avalanche. According to the latest data...

Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey
aid10 hours ago

Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey

Major crypto exchanges have offered to help the people of Turkey to overcome the consequences of this week’s devastating earthquake....

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022 Robinhood saw crypto transaction revenue fall by 24% in Q4 2022
Bear Market11 hours ago

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022 Mike Dalton · 2 hours ago · 1 min...

Trust Wallet says user’s $4M hack was done via social engineering Trust Wallet says user’s $4M hack was done via social engineering
Hacks11 hours ago

Trust Wallet says user’s $4M hack was done via social engineering

Trust Wallet says user’s $4M hack was done via social engineering Oluwapelumi Adejumo · 2 hours ago · 1 min...

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains? Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?
ADA price action11 hours ago

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

Whale activity on the Bitcoin network makes up 50% of all transactions Whale activity on the Bitcoin network makes up 50% of all transactions
whale13 hours ago

Whale activity on the Bitcoin network makes up 50% of all transactions

Got a story tip? Email [email protected] Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy...

Smaller exchanges see around $200M in Bitcoin withdrawn over past week Smaller exchanges see around $200M in Bitcoin withdrawn over past week
Analysis13 hours ago

Smaller exchanges see around $200M in Bitcoin withdrawn over past week

Smaller exchanges see around $200M in Bitcoin withdrawn over past week Oluwapelumi Adejumo · 6 hours ago · 2 min...

Cardano: Whale activity and booming ecosystem propel ADA Cardano: Whale activity and booming ecosystem propel ADA
ada14 hours ago

Cardano: Whale activity and booming ecosystem propel ADA

Whale transactions on Cardano network surge, boosting ADA. Growing Cardano ecosystem drives TVL growth and increased fees. Cardano [ADA] gained...

3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery 3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery
Uncategorized14 hours ago

3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery

According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly...

SEC targets registered crypto advisors as top priority for 2023 SEC targets registered crypto advisors as top priority for 2023
Regulation15 hours ago

SEC targets registered crypto advisors as top priority for 2023

SEC targets registered crypto advisors as top priority for 2023 Liam ‘Akiba’ Wright · 7 hours ago · 2 min...

Tangem Review Tangem Review
Uncategorized15 hours ago

Tangem Review

Tangem Ratings at a Glance Product Offerings Customer Service Customer Pricing User Benefits User Experience Overall Rating Tangem wallet is...

The 5 Best Cryptos To Buy This Week For 30x Gains! The 5 Best Cryptos To Buy This Week For 30x Gains!
Cryptocurrency15 hours ago

The 5 Best Cryptos To Buy This Week For 30x Gains!

One of the main reasons behind the crypto rally we have seen in January is Fed’s report that has shown...

ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner
altcoin15 hours ago

ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner

Yuga Labs’ new game boosts NFT collections and APE coin’s popularity. Increased funding for grants and growing NFT interest could...

3AC liquidators files against Kyle Davies for ignoring Subpoena order 3AC liquidators files against Kyle Davies for ignoring Subpoena order
Bankruptcy16 hours ago

3AC liquidators files against Kyle Davies for ignoring Subpoena order

3AC liquidators files against Kyle Davies for ignoring Subpoena order Christian Nwobodo · 8 hours ago · 1 min read...

Top 10 Stablecoins To Buy In 2023 Top 10 Stablecoins To Buy In 2023
Cryptocurrency16 hours ago

Top 10 Stablecoins To Buy In 2023

The article will suggest you the top 10 stablecoins to buy in the beginning of 2023 Stablecoins are becoming more...

Trending