SingularityNET (AGIX) token has continued to confound expectations with its extended bull run in recent weeks. Despite the bearish trend in the crypto market, AGIX has been largely immune to it, with its price increasing by 16% in the past week.
The coin recently entered the top 100 coin ranking and has seen a strong increase in price since January. According to data from Coingecko, investors have increased by 152% in the last 30 days so far.
SingularityNet benefits from surge in AI popularity
The success of ChatGPT has been a major driving force with its ability to search the web and solve problems. Tech giants such as Microsoft and Google have announced their AI-powered alternatives to ChatGPT, which has led to a ripple effect on AI tokens.
Microsoft, in particular, is set to invest $10 billion in OpenAI and integrate it into its search engine Bing. SingularityNet is one of the biggest beneficiaries of the growing demand for decentralized computing capacity for AI. Corporations, institutions and research centers have started deploying more AI-related tasks requiring high-end computing resources from a trusted source.
related reading, AI-Powered SingularityNet (AGIX) Beats Rivals in Top 100 Coin Listing with 32% Gain
AI decentralized projects such as SingularityNet have offered their ecosystems as a means to access distributed computing resources that are both cheap and secure. Additionally, these projects have decentralized applications and protocols that allow developers to more easily 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 in the market before completing the payment. In addition, users can request specific AI services through the Request for AI portal (RFAI) by consulting its extensive community of experts. Developers who fulfill these requests are paid in AGIX tokens as compensation.
SingularityNET also has the advantage of trust within the crypto space as it was launched in 2017, and its whitepaper was made public in February 2019. Its team includes top scientists and researchers making it one of the most prestigious projects in the AI industry.
SingularityNet (AGIX) Price Analysis
SingularityNET (AGIX) price has a good outlook today, 80% of the crypto community is feeling good about the token coinmarketcap data, Over the past 24 hours, AGIX has maintained its bullish trend, with its trading volume increasing by 11% and price by 9%.
AGIX has been hovering between $0.42 to $0.53 over the past month. It reached a monthly high of $0.53 on March 2, but this was short-lived, and the price corrected in line with the crypto markets.
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However, at the time of writing, AGIX is trading at $0.475 and looks set to make another move towards the $0.50 resistance level. If the coin crosses the mark in the coming days, it could start a fresh climb towards $1. With the recent trend towards AI, it would not be surprising if Aegix hits $1 before the end of March.
Featured images from SingularityNet.io, charts from Coingecko, and Tradingview.com.
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