AGIX crypto did something that perhaps less than a handful of cryptocurrencies managed to achieve so far this year. It bounced back to a new historic high, compared to its highest level towards the last bull market peak in 2021.
Read AGIX crypto price prediction for 2023/2024
The reason for the strong AGIX performance is quite simple and noteworthy for those wondering about its future. Artificial intelligence has been one of the hottest topics since the start of 2023. As such, it is only logical that many in the crypto-industry would seek out projects that are AI-oriented.
AGIX happens to be among the promising coins tapping into the budding AI industry. It is native to SingularityNET, a blockchain platform designed to facilitate easy development and monetization of AI services. It is among the first projects that are currently blurring the line between AI and blockchain technology.
Why does SingularityNET exist?
The answer to the aforementioned question explains why AGIX crypto bounced back strongly this year. It may also offer some insights into what to expect in the future. Most AI solutions are currently centralized and owned by major corporations. SingularityNET’s goal is to introduce a decentralized, democratized AI solutions.
Many find the prospect of decentralized AI offerings to be quite interesting. This may explain the sudden resurgence in optimism that was observed at the start of the year. A decentralized option may open up opportunities to individuals that believe in the project. For example, a decentralized approach may allow investors to contribute their computing power and earn some passive income.
Censorship and unfair restrictions are mainstays in centralized services. This point underscores a major reason why individuals and businesses my want to approach SingularityNET.
AGIX demand drivers
Utility is among the biggest factors when considering a cryptocurrency’s long-term growth potential. AGIX serves multiple use cases on SingularityNET, which include facilitating governance, incentivizing participation, and transaction purposes.
The above factors contribute significantly to its organic demand. However, AGIX crypto’s biggest demand drivers are whale and retail demand. This may explain why it performed and delivered such a strong performance in the first few weeks of 2023.
AGIX’s price action
AGIX rallied by as much as 1380% from its lowest point in 2023 to its current YTD peak. Even more impressive is that it peaked at $0.67 in February 2023, which is slightly higher than the $0.65 peak in September 2021. It traded at $0.25 at press time after losing significant chunk of its gains achieved earlier this year.
Source: TradingView
AGIX has so far managed to retain a higher percentage of its previous 2023 gains. Most of the top cryptocurrencies have given up most of their Q1 gains. This impressive performance is testament to the strong demand that AGIX has received this year.
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As for prevailing demand, AGIX’s daily active addresses have been declining over the last 4 weeks. The same applies to SingularityNET’s network growth – Currently at its lowest level monthly level.
Source: Santiment
The declining performance reflects the slowing overall crypto-market conditions. However, there is still some good news for those interested in AGIX. SingularityNET’s development activity has been growing over the last 4 weeks and is currently at its highest monthly level.
Source: Santiment
While higher development activity may not necessarily guarantee future outcomes, it may boost investor confidence. This is because the network is still building towards its vision. We were still a bit curious about AGIX’s future, so we decided to ask AI what it thinks about it.
ChatGPT had its reservations about having opinions on such matters. Nevertheless, it offered this information when probed on its thoughts about the future and AGIX crypto.
Source: ChatGPT
Despite the above findings, SingularityNET is still a long way from fulfilling its full potential. The good thing is that it is still building towards that. AGIX crypto now has another shot at a potentially robust future since its native platform is gaining popularity as one of the top decentralized platforms venturing into AI.
The AI segment is still in its early stages. Hence, there is a lot of room for growth. While this is encouraging to investors, it does not necessarily guarantee that AGIX crypto or SingularityNET will be heavily successful.
