What is SingularityNET and why is its AGIX token exploding by 116%?
Artificial intelligence applications are growing in popularity with popular platforms like SingularityNET and ChatGPT becoming mainstream.
With Microsoft investing $10 billion in ChatGPT, we should expect AI applications to become more mainstream in the next few years.
AGIX, SingularityNET’s native token, is capitalizing on this as it has made massive gains since the start of 2023. According to CoinGecko, the token has gained 116% in the past week (at the time of writing, Friday). Gains made at 360% in a bi-weekly time frame.
What is SingularityNET?
SingularityNET is the first decentralized AI marketplace built on top of the Cardano blockchain. This project was founded by Dr. It was done by Ben Goertzel, a cognitive scientist and one of the leading figures in AI research. This project is geared towards creating AGI or Artificial General Intelligence.
As of writing, the SingularityNET ecosystem comprises 13 protocols that are either being built or are already deployed as a full-fledged component of the ecosystem.
Getting smarter by the day
On-chain development for the SingularityNET ecosystem has been booming. According to Ecosystem’s recent blog post, SingularityNET’s journey to build AGI is getting closer by the day.
Development of MeTTa, a custom coding language created specifically for the goals of SingularityNET, has so far been successful.
The alpha release of the coding language will be accompanied by the release of the Distributed Atomspace (DAS) knowledge store this 2023.
This technology would enable the AGI to store data for the long-term. These developments in the realm of AI will certainly make the creation of SingularityNET’s AGI easier.
How Did These Affect AGIX?
The ecosystem’s native token AGIX is currently one of the most bullish tokens on the market. As of Saturday, AGIX is trading at $0.2139, rising 32% in the last week, and facing rejection at two strong resistances at $0.2362 and $0.2546.
The current rally of the token is unsustainable and bears might be able to retest its support $0.1404. This support is shaky as any breakthrough on this level might force AGIX to drop at $0.0822 in the medium term.
But as time progresses, investors and traders should be able to observe how AGIX will react with the releases of crucial components of SingularityNET’s AGI development.
However, Microsoft’s investment on ChatGPT development will further cement artificial intelligence technology in the mainstream, boosting the development of the AGI.
With this in mind, investors and traders would have to sustain short term volatility and losses for possible medium term gains.
