Between the overall market rally and the hype around AI tokens, the SingularityNet (AGIX) cryptocurrency has performed stellar with a 428% rally in seven days. But how far can a project promoting decentralized AI go?
AGIX on the cloud: +428% in 7 days!
Since the beginning of the year, the cryptocurrency market has been trying to recover after it faced a terrible end to 2022 due to FUD around the exchanges. In general, the sector’s capitalization is approaching the symbolic bar of $ 1,000 billion. And both giants in the universe, Bitcoin and Ethereum, have caused resistance levels to drop, seeding a lot of hope for a long-term uptrend.
However, ETH and BTC are far from the best performers at the start of the year. Through an in-depth analysis of the overall market development, we can see that there is indeed a class of tokens that have benefited greatly from the recovery context. These are indeed AI codes.
By the way, you can learn more about the good performance of AI tokens by reading our following article:
🤖 AI tokens, the new vein of cryptocurrency?
Among them is AGIX from SingularityNet. In fact, this cryptocurrency has been on cloud nine since the beginning of the year. during the last 7 days, AJEX price increased by 428% from $0.056 to $0.24. On an annual basis, its growth has already reached 460%. Volume data indicates strong demand for the cryptocurrency. Within 7 days, the turnover reached more than 500 million.
What is the project behind the SingularityNet cryptocurrency?
Contrary to what one might imagine, SingularityNet (AGIX) is not a new industry project. In fact, the cryptocurrency was created in 2017 by computer scientists Dr. Ben Gurtzl, Simon Giacomelli, and Dr. David Hanson. As revealed by the founders, the project raised nearly $36 million in one minute during its ICO.
SingularityNet defines itself as an initiative whose mission is to make this happen Create a decentralized, democratic, inclusive, and useful artificial general intelligence (AGI). To achieve this goal, you create a market that allows anyone who wants to ” Create, share and invest Artificial intelligence services.
AGIX is the token of the SingularitNet utility, and serves as the currency for its AI marketplace. According to data collected on Coinmarketcap, AGIX will have a limited supply of 2 billion tokens. Currently, there are 1.17 billion tokens in circulation, roughly 59% of the total supply.
AJEX recorded the highest market capitalization (ATH) for shares during January 2018, at $1.49, which is the base price of the coin. Then the cryptocurrency continued to decline. As can be seen from the chart below, even when the market saw its bullish impulse, the token did not show such a big upside, with its price only rising towards $0.49.
However, with the current hype around AI, will the SingularityNet token be able to reach its January 2018 levels? In all cases, There is still a long way to go because with its current price of $0.17 it remains at -88.59% of ATH.
What is the future of the AGIX token?
Given the current context, the future price of AGIX will depend on the development of the general trend of the crypto market. Then, if netizens continue to be interested in artificial intelligence, the token will certainly hope to maintain its good performance.
As predicted by the Cocodex algorithm, the price of AGIX is expected to rise around $0.26 per month. As for DigitalCoinPrice, it is expected to end the year at $0.38. WalletInvestor, for its part, sees a somewhat bearish future for the AI token. The algorithm is based on a forecast of $0.06 by February.
Moral of the story: Stay tuned, AGIX may be the crypto world’s gold coin for collectors
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