SingularityNET (AGIX) token has continued to confound expectations with its extended bullish run in recent weeks. Despite the bearish trend that has engulfed the crypto market, AGIX has been largely immune to this, with its price up 16% in the past week.
The token recently entered the top 100 coin rankings and has seen a strong ascent in price since January. So far, investors are up by 152% in the past 30 days, according to data from Coingecko.
SingularityNET Benefiting From The Rise In AI Popularity
The success of ChatGPT has been the major driving force with its potential in web search and solving problems. Tech giants like 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 has integrated 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 are starting to deploy more AI-related tasks requiring high-end computing resources from a trusted source.
AI decentralized projects like SingularityNET have offered their ecosystems as a means of utilizing distributed computing resources that are both cheap and safe. Additionally, these projects have decentralized applications and protocols that allow developers to create and manage AI projects much more easily.
SingularityNET provides a marketplace for developers to sell their AI tools and libraries. Potential buyers can test any AI service on the marketplace before completing payment. In addition, users can request specific AI services by consulting its extensive community of specialists through the Request for AI portal (RFAI). Developers that complete these requests are paid in AGIX tokens as compensation.
SingularityNET also has the benefit of trust within the crypto space as it was launched in 2017, and its whitepaper was made public in February 2019. Its team comprises top scientists and researchers making it one of the most reputable projects in the AI industry.
SingularityNET (AGIX) Price Analysis
SingularityNET (AGIX) price has a good outlook today, with 80% of the crypto community feeling good about the token per CoinMarketCap data. AGIX has maintained its bullish trend, with its trading volume up 11% and price up 9% over the past 24 hours.
AGIX has hovered within the $0.42 to $0.53 mark in the past month. It rallied on March 2 to a monthly high of $0.53, but this was short-lived, and the price experienced a correction in line with the crypto markets.
Related Reading: Cardano (ADA) Price Down 5% In Last 7 Days – Here’s Why
However, at the time of writing, AGIX is trading at $0.475 and set to make another move at the $0.50 resistance level. If the token surpasses the mark in the next few days, it could begin a new ascent toward $1. With the recent trend towards AI, it would not be a surprise if AGIX hits $1 before the end of March.
Featured Images from SingularityNet.io, charts from Coingecko, and Tradingview.com.