according to CoinmarketcapSingularityNET (AGIX) is currently up 31% in the last 24 hours and 237% in the last seven days.
AGIX, the original cryptocurrency of SingularityNET, a blockchain-based Al project, has recently reached an all-time high. Since the start of 2023, the unknown digital asset has rallied nearly 800% and looks poised to continue its upward trajectory.
How much does Boosting AGIX cost?
The key contributing factors for the uptick of the price of AGIX it increases the popularity of the Al-based platform. Looking at Coinmarketcap, it can be seen that AI-related crypto tokens such as Ocean Protocol (OCEAN), SingularityNET (AGIX), and Fetch (FET), among others, have risen to become one of the top 100 cryptocurrencies on the list. The increased value of the Al-based token comes amid ongoing consolidation among significant cryptocurrencies.
AGIX is a native digital currency used by the SingularityNET platform for community governance, transaction management, distribution, and monetization of AI services on a decentralized platform. Since the beginning of the year, the native token has experienced bullish price movements.
On Tuesday, February 7, AGIX rose in value to reach a record 17-month high of $0.59 in the early hours before losing momentum to the current price of $0.56. The price is still up 25.79% in the last 24 hours, as per Coinmarketcap.
AGIX started its remarkable uptick on January 23 when Microsoft confirmed a multibillion-dollar investment valued at $10 billion in ChatGPT AI-powered chatbot. Since then, many other institutions have announced plans to support the Al-driven platform. For example, on February 4, Google invest about $300 million in artificial intelligence startup Anthropic following Microsoft’s integration of OpenAI’s ChatGPT chatbot into the Bing Search engine.
SingularityNET, which runs Cardano and Ethereum, has been keen to improve interoperability between the two protocols by developing a token bridge.
On social media Twitter today, SingularityNET declare The partnership focuses on the Cardano Haskell programming language to improve high-end applications for developers using MeTTa, Artificial Intelligence Domain Specific Language (AI-DSL), to enable autonomous interoperability between AI services..
SingularityNET has about 15 Al-based platforms (related to the entertainment, art, media, biomedical, robotics, and financial industries) in the network. Consumers use the platform’s native cryptocurrency (AGIX) to access the services provided by the Al platform. Consumers also stake native tokens to gain incentives and use crypto in voting to determine the platform’s governance proposals.
AGIX price analysis
AGIX started trading in January 2018 when the crypto market experienced a bear market. On January 20, 2018, it rose to a level that is still considered an all-time high of $1.86. On March 13, 2020, the coin dropped to $0.007497, triggered by the Covid-19 lockdown.
In early 2021, AGIX moved above $0.50 briefly in August before falling again in the summer. In 2022, AGIX suffered along with other crypto markets due to the prolonged bear market. But so far, the price of the token has increased by 196.74% over the previous year. In the last 30 days, AGIX has 20/30 (67%) green days.
Featured images from Unsplash, Charts from TradingView.