SingularityNET (AGIX) Scores 16% In A Week – Will It Test $1?
The SingularityNET (AGIX) token continues to disappoint with its continued bull run in recent weeks. Despite the bearish trend engulfing the crypto market, AGIX is largely immune to it, with its price up 16% in the last week.
The token recently entered the top 100 of the coin rankings and has grown in value since January. Investors are up 152% over the past 30 days, according to data from Coingecko.
SingularityNET capitalizes on the rise of AI
The success of ChatGPT has been a major driving force with its potential in web search and problem solving. Tech giants such as Microsoft and Google have announced their AI-powered alternatives to ChatGPT, resulting in a ripple effect on AI tokens.
Microsoft, in particular, is going to invest $10 billion in OpenAI and has integrated it into its Bing search engine. SingularityNET is one of the biggest beneficiaries of the growing demand for AI decentralized computing power. Corporations, institutions, and research centers are starting to deploy more AI-related tasks that require high-performance computing resources from a trusted source.
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Decentralized AI projects such as SingularityNET have offered their ecosystems as a means to leverage distributed computing resources that are both cheap and secure. In addition, these projects have decentralized applications and protocols that make it much easier for developers to create and manage AI projects.
SingularityNET provides a marketplace for developers to sell their AI tools and libraries. Potential buyers can test any AI service on the marketplace before payment is completed. In addition, users can request certain AI services by consulting with a large community of specialists through the AI Request Portal (RFAI). Developers who complete these requests are compensated in AGIX tokens.
SingularityNET is also trusted in the crypto space as it was launched in 2017 and its white paper was made public in February 2019. Its team consists of leading scientists and researchers, making it one of the most established projects in the AI industry.
SingularityNET Price Analysis (AGIX)
The price of SingularityNET (AGIX) today has good prospects: 80% of the crypto community is satisfied with the token per unit. CoinMarketCap Data. AGIX has maintained its bullish trend with trading volume up 11% and price up 9% over the last 24 hours.
Last month, AGIX stock hovered between $0.42 and $0.53. It rose to a monthly high of $0.53 on March 2, but it was short-lived and the price corrected in line with the cryptocurrency market.
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However, at the time of writing, AGIX is trading at $0.475 and is about to make another move at the $0.50 resistance level. If the token tops the mark in the next few days, it could start a new ascent towards $1. Given the recent AI trend, it wouldn’t be surprising if AGIX hits $1 before the end of March.
Featured images from SingularityNet.io, charts from Coingecko and Tradingview.com.
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