AI (Artificial Intelligence) tokens which are native tokens of reputable AI projects are becoming a hot trend in the sector. With AI products such as ChatGPT gaining momentum from almost every sector of the internet, any token related to AI seems to be bound to rally significantly. SingularityNET’s AGIX isn’t an exception, as the token has surged massively since the beginning of this year.
ChatGPT and many other AI systems have proved that the time for AI to enter the mainstream is either here already or just around the corner. Microsoft’s (NASDAQ: MSFT) $10 billion bet in ChatGPT indicated that artificial intelligence programs could become more mainstream in the coming years.
AGIX Rally Over 700% In 2023
Following the increasing traction surrounding AI technology, AGIX, the utility token for the first decentralized artificial intelligence market SingularityNET based on the Cardano blockchain, has amassed huge gains over the past month, cumulating to approximately 742%.
Over the past 30 days, the token has achieved new highs, moving from the range of $0.04 seen earlier this year to trading above $0.4 at the time of writing. The token surged more than 100% over three days, climbing from $0.25 on February 3 to a high of $0.48 on February 6.
AGIX price is moving sideways on the 4-hour chart. Source: AGIX/USD on TradingView.com
Looking at the price chart and based on fundamental analysis of the continuous momentum accumulation, AGIX could still rally further to the upside. The token currently ranks 91st in the global cryptocurrency market following its increase in market cap to over $517.3 million.
AGIX SingularityNET is founded by Dr. Ben Goertzel, a cognitive scientist and a pioneer in the field of artificial intelligence; the main aim of the project is to develop an AGI, also known as Artificial General Intelligence.
So far, products under the SingularityNET ecosystem have seen significant growth regarding on-chain activities. According to a blog post published by the project, SingularityNET’s goal to develop an AGI is soon to be accomplished. The programming language MeTTa, which SingularityNET will use to achieve its goal, has shown positive results.
AI Becomes The New Thing
As technology has continued to evolve every century, AI is becoming a part of its technological evolution. Big technology companies such as Google and Microsoft have expressed interest in this technology area, resulting in AI tokens outshining the top cryptocurrencies, including Bitcoin and Ethereum.
Last week Google announced its investment of nearly $400 million in artificial intelligence startup Anthropic AI, which is developing a rival to OpenAI’s ChatGPT. In 2019, Microsoft also invested $1 billion in AI startups and added a $10 billion investment round in the company behind ChatGPT, OpenAI.
These investments from big tech companies suggest artificial intelligence could continue to benefit in the coming months. This status quo could usher in a new era of adoption for SingularityNET, its native token, and the crypto industry in general.