At popularity artificial intelligence applications have proliferated as popular platforms like SingularityNET and ChatGPT have gone mainstream.
With Microsoft invest $10 billion in ChatGPT, we should expect AI applications to become more mainstream in the next few years.
AGIX, the original token of SingularityNET, is capitalizing on this because of its huge profits from the beginning of 2023. CoinGeckothe token is up 116% in the past week (at the time of writing, Friday) with the biggest gain made in the two-week time frame at 360%.
What is SingularityNET?
SingularityNET is the first decentralized AI marketplace built on top of the Cardano blockchain. This 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 AGI or artificial general intelligence.
Image: SingularityNET/Twitter
At the time of writing, the SingularityNET ecosystem includes 13 protocols that are under construction or have been deployed as full components of the ecosystem.
Getting smarter by the day
On-chain developments have been very bullish for the SingularityNET ecosystem. According to the new ecosystem post a blogSingularityNET’s journey to make AGI is getting better and better.
The development of MeTTa, a custom coding language built specifically for the purpose of SingularityNET, has been successful so far.
Image: Thoughtworks Arts
The alpha release of the coding language will be accompanied by the release of the Distributed Atomspace (DAS) knowledge store in 2023.
This technology will allow AGI to store data for the long term. These developments in the realm of AI will certainly make the creation of AGI SingularityNET easier.
How Does This Affect AGIX?
The native token of the AGIX ecosystem is currently one of the most bullish tokens on the market. On Saturday, AGIX traded at $0.2139, up 32% over the past week, and faced rejection at two strong resistances at $0.2362 and $0.2546.
The current token rally is unsustainable and bears may retest the $0.1404 support. This support is shaky as a breakout at this level could force AGIX down to $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 release of important components of the development of AGI SingularityNET.
However, Microsoft’s investment in the development of ChatGPT will push artificial intelligence technology into the mainstream, furthering the development of AGI.
With this in mind, investors and traders must endure short-term volatility and losses in order to achieve medium-term gains.
Featured image by VentureBeat