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

gave popularity Popular platforms like SingularityNET and ChatGPT are growing in the mainstream of artificial intelligence applications.

With Microsoft investment 10 billion dollars on ChatGPT, we should expect AI applications to become more mainstream in the next few years.

AGIX, SingularityNET’s native token, is taking advantage of this as it has made huge gains since the start of 2023. Coin GeckoThe token is up 116% in the past week (at the time of writing, Friday) with the largest gain in the two-week timeframe at 360%.

What is SingularityNET?

SingularityNET The first is a decentralized AI market built on top of the Cardano blockchain. The project was founded 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.

Image: SingularityNET/Twitter

As of writing, the SingularityNET ecosystem consists of 13 protocols that are either being developed or already deployed as a full component of the ecosystem.

Getting smarter by the day

On-chain progress has been very rapid for the SingularityNET ecosystem. According to the current of the ecosystem Blog postSingularityNET’s journey to build AGI is getting closer by the day.

The development of MeTTa, a custom coding language designed specifically for the purposes of SingularityNET, has so far been successful.

 Image: Thoughtworks Arts

The alpha release of the coding language will coincide with the release of the Distributed Atomic Space (DAS) knowledge store in 2023.

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

How does this affect AGIX?

The ecosystem’s native token AGIX is currently one of the fastest growing tokens on the market. As of Saturday, AGIX is trading at $0.2139, up 32% over the past week, and is facing rejection at two strong resistances at $0.2362 and $0.2546.

The token’s current rally is unsustainable and bears may be able to retest its $0.1404 support. This support is volatile as a breakthrough at this level could force the AGIX to fall to $0.0822 in the medium term.

AGIX/US Dollar trading at $0.2139 on the weekend chart | Chart: TradingView.com

But as time progresses, investors and traders should be able to observe how AGIX will react with the release of 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, furthering the development of AGI.

With this in mind, investors and traders have to sustain short-term fluctuations and losses for potential medium-term gains.

Featured image by VentureBeat

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