AI-Based Crypto Token Gains Nearly 200% – Here’s Why

SingularityNET, an Ethereum-based project focused on artificial intelligence, has seen remarkable growth recently.

The project is witnessing this growth in the wake of a rapidly increasing interest and adoption of AI technology across various industries.

AGIX reacts to AI trend

In just one week, the project’s token AGIX has skyrocketed from a low of $0.16 to a high of $0.46 – a remarkable 187% increase. At the time of writing the altcoin’s price is still climbing.

SingularityNET aims to create a blockchain-based marketplace that offers a wide range of artificial intelligence services, from individual AI algorithms to standalone AI applications. The team behind the project is working tirelessly to build an ecosystem of projects that will drive growth and token utilization in decentralized finance (DeFi), robotics, biotech, gaming, media, and enterprise-level AI.

#SingularityNET is bootstrapping an ecosystem of projects across multiple industry verticals that will drive platform growth and token utilization: #DeFi, #Robotics, Biotech & Longevity, #Gaming & Media, Entertainment, Enterprise-level #AI.

🔗Learn more: https://t.co/lhGv64iRds pic.twitter.com/XWGxUI4YDN

— SingularityNET (@SingularityNET) February 5, 2023

The project has also achieved a significant transaction milestone, with over 200 million tokens sent through its SingularityNET blockchain bridge.

This bridge has been designed to give crypto holders the ability to transfer tokens between the Ethereum (ETH) and Cardano (ADA) networks with ease.

Last month, we passed an important growth milestone on our journey toward becoming chain-agnostic, with +200m transacted tokens on the #SingularityNET ERC-20 bridge.🎉

Thanks as ever to the amazing #CardanoCommunity for the ongoing support!

Here’s to the first billion! 🥂 pic.twitter.com/rAPjzEPFc1

— SingularityNET (@SingularityNET) February 3, 2023

AI projects gaining traction

SingularityNET isn’t the only AI-focused crypto asset that has recently seen explosive growth.

Another platform that aims to combine the power of artificial intelligence and blockchain technology, Fetch.ai (FET), has also experienced substantial gains. In the last week alone, the token price of Fetch.ai has surged from $0.26 to a high of $0.47, marking an impressive 80% increase.

Fetch.ai is a decentralized platform that leverages the power of AI and blockchain technology to create a digital environment where data and computational resources can be traded and shared efficiently.

The platform’s goal is to create a more equitable and sustainable future, where data is used for the benefit of all parties involved rather than being controlled by a few large corporations.

The recent surge in interest and adoption of AI-focused crypto assets such as SingularityNET and Fetch.ai highlights the growing recognition of the potential of AI technology to transform various industries. As more and more companies adopt these solutions, we will likely see continued growth in this space in the coming years.

Author

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.