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What is SingularityNET and why is its AGIX token exploding by 116%?

the popularity of artificial intelligence applications is growing as popular platforms like SingularityNET and ChatGPT go mainstream.

With Microsoft invest At $10 billion for ChatGPT, we should expect AI applications to become more mainstream over the next few years.

AGIX, the native token of the SingularityNET, is benefiting as it has seen huge gains since early 2023 CoinGeckothe token is up 116% over the past week (Friday at the time of writing), with the biggest gains coming in the bi-weekly timeframe at 360%.

What is SingularityNET?

singularityNET is the first decentralized AI market based on the CardanoBlockchain builds up. The project was led by Dr. Ben Goertzel, a cognitive scientist and one of the leading figures in AI research. The project aims to create an AGI or artificial general intelligence.

What is SingularityNET and why is its AGIX token exploding by 116%?, Crypto Trading News

What is SingularityNET and why is its AGIX token exploding by 116%?, Crypto Trading News

Image: SingularityNET/Twitter

As of this writing, the SingularityNET ecosystem includes 13 protocols that are either being built or already deployed as a full-fledged component of the ecosystem.

Getting smarter every day

On-chain developments have been very optimistic for the SingularityNET ecosystem. According to the recent of the ecosystem blog entrySingularityNET’s journey to create an AGI is getting closer by the day.

The development of MeTTa, a custom programming language designed specifically for SingularityNET’s goals, has been successful so far.

What is SingularityNET and why is its AGIX token exploding by 116%?, Crypto Trading NewsImage: Thoughtworks Arts

The alpha version of the programming language will be accompanied by the release of the Distributed Atomspace (DAS) knowledge store in 2023.

This technology would allow the AGI to store data long-term. These developments in the field of AI will certainly facilitate the creation of SingularityNET’s AGI.

How did these affect AGIX?

The native token of the ecosystem AGIX is one of the most bullish tokens on the market right now. On Saturday, AGIX is trading at $0.2139, up 32% over the last week and facing rejection at two strong resistances at $0.2362 and $0.2546.

The token’s current rally is unsustainable and bears could retest its support at $0.1404. This support is shaky as any break at this level could force the AGIX to drop to $0.0822 in the medium term.

What is SingularityNET and why is its AGIX token exploding by 116%?, Crypto Trading NewsAGIX/US Dollar is trading at $0.2139 on the weekend chart | Chart: TradingView.com

But over time, investors and traders should be able to watch how AGIX will respond by releasing key components of SingularityNET’s AGI development.

However, Microsoft’s investment in the development of ChatGPT will further solidify artificial intelligence technology into the mainstream and propel the development of the AGI.

Against this background, investors and traders would have to accept short-term volatility and losses for possible medium-term gains.

Featured image by VentureBeat

Source: Crypto News Deutsch

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