AI Token SingularityNET (AGIX) has been one of the best-performing cryptocurrencies in 2023. As of the end of the first quarter of this year, the token had spiked by more than 800% due to a high-profile partnership, and adherence to the completion of its roadmap.
AI Token AGIX, the novel token of SingularityNET, a decentralized artificial intelligence (AI) marketplace which runs on blockchain technology soared by 817% during the first quarter (Q1) of 2023, data from cryptocurrency price tracker CoinMarketCap showed.
Thriving on the trend of how AI is impacting the crypto world and its economy, AGIX closed the 90-day period with a trading price of $0.418 after opening the year with a much lower price of $0.04556 on January 1. Bringing triple percentage returns to holders has shed light on the significance of SingularityNET and its novel token AGIX. But, what were the primary drivers behind the price spike?
AI Token AGIX benefitted from SingularityNET’s ecosystem expansion
AI Token AGIX benefitted from SingularityNET’s post about its ecosystem overview on February 5. Through this, it was revealed that in their quest to build the foundations for artificial general intelligence (AGI), it is also bootstrapping an ecosystem of organizations that will create massive use cases for AGIX.
Aside from that, the ecosystem of organizations will play an invaluable role in fueling the platform with AI services. Some of the products being developed cut across several markets such as enterprise-level AI, biotech and longevity, gaming and media, arts and entertainment (music), robotics, and decentralized finance (DeFi).
Among some of the projects already in its ecosystem were SingularityDAO (a decentralized portfolio management protocol) which helps anyone to easily and safely manage their crypto assets.
NUNET, a platform that allows the building of infrastructure that provides globally distributed computing power and storage for decentralized networks was also featured.
Singularity Studio which offers next-generation AI solutions for enterprises across all markets and Mindplex, a decentralized media platform that connects content creators and consumers by combining an AI-enhanced media experience were also highlighted.
The effect of the announcement was felt strongly by AGIX as the token rose by 45% to an intraday high price of $0.4579. Despite a mild sell-off by holders who wanted to lock in gains, the crypto asset closed the day with a new price of $0.447.
After seeing below-average trading volumes due to competition from Bitcoin (BTC), Ethereum (ETH), other altcoins, big data, and AI tokens, increased investor demand led to a yearly high volume of approximately $374 million. This took the project’s market capitalization to $536 million.
AI Token SingularityNET (AGIX) partnership with Cardano led to a new uptrend
AI Token AGIXs parent company SingularityNET announced on February 7 that it has partnered with popular blockchain protocol Cardano with a primary focus on tapping into Charles Hoskinson’s (founder of the protocol) technology to enhance high applications for developers using a domain-specific language (DSL) with strong ties to AI called MeTTa (Meta Type Talk). Overall, MeTTa will allow what has been described as autonomous interoperability between several services in the AI industry.
Picking up from where it left off on February 5, AGIX ascended to a new yearly high in daily trading volume of about $450 million on February 7. This took the token to a new price of $0.5839 after opening the day at $0.4261, a 37% rise in a few hours.
Riding on positive market sentiment amid increasing liquidity, AGIX reached a yearly high price of $0.6637 on February 8, and at the time the boom took its year-to-date (YTD) return above 1,000%.
AI Token AGIX maintains its position in the market cap ranks
AI Token AGIX is an integral part of the AI and big data market. AGIX’s market value of more than $500 million has contributed to the overall top AI and big data market capitalization of over $5 billion.
This valuation has seen the token climb the ranks to become the largest-AI token by market capitalization, trailing only big data token The Graph (GRT) in the combined ranks of AI and big data cryptocurrencies.
As of April 2023, AGIX continues to see mainstream acceptance as it is supported by more than 20 cryptocurrency exchanges including centralized exchanges Binance, Huobi Global, MEXC Global, and HitBTC as well as decentralized exchange Uniswap.