AGIX, the native token of the SingularityNET that happens to be the first decentralized artificial intelligence (AI) market that is built on top of the Cardano (ADA) blockchain, gained more than a whopping 11% in the last 24 hours. What are the factors that have driven this surge?
The cryptocurrency market was trading in the red on Thursday despite the lower-than-expected inflation data in June. Bitcoin (BTC) dropped 0.67% in the past 24 hours to trade at $30,590, whereas, Ethereum (ETH) was below the $1,900 mark, slipping 0.35% in the same time frame. Other top crypto tokens were trading mixed with the global crypto market cap shrinking 0.53% in the last 24 hours.
This comes following the recent report that showed consumer prices increased 3% year-over-year in June, versus the 4% gain in May. On July 12, the United States Bureau of Labor Statistics released the report on the latest inflation numbers, revealing annual inflation fell to 3% in June 2023, marking the 12th consecutive month of declines and the lowest number since March 2021. Despite the positive news, the two leading digital tokens, BTC and ETH, have not witnessed a major price movement.
SingularityNET (AGIX) Fires Up Despite Gloom
Amidst the bearish gloom, some tokens have managed to capitalize on the CPI data, gaining over the past day. Among the gainers, SingularityNET (AGIX) price has skyrocketed, effectively decoupling from the growth path of the broader cryptocurrency market. According to CoinMarketCap, AGIX is up more than 11% over the past 24 hours to trade at $0.255. Meanwhile, in the last seven days, the digital token jumped nearly 4%.
It seems that a recent data release has pushed the rally. As per the data, the SingularityNET project said it has now recorded more than 250 million transacted tokens with a cumulative 450 days of uptime. The AI-driven project also boasts that it has maintained an open-source outfit with 100% uptime.
Since AGIX is a Cardano-based token, the recent uptick can also be credited to the Cardano network, which has been making progress with an uptick in decentralized finance (DeFi) activity after a scalability upgrade in May. A recent DefiLlama report suggests the total ADA deposited in DeFi applications on Cardano has risen strongly, reaching two times its peak value during the bull market of 2021.
#SingularityNET Fact Thursday.:
✅ +250m transacted tokens
✅ 450 days of uptime
✅ 100% secure
✅ Open SourceThat's our ERC-20/Cardano Converter Bridge ➡️ https://t.co/elzdUrdcRY
— SingularityNET (@SingularityNET) July 13, 2023
The trading volumes on Cardano decentralized exchanges have also recorded a major uptick since May’s Hydra upgrade. Furthermore, a Jarvis Labs report found ADA is one of the most “decentralized L1s out there” based on the Nakamoto coefficient, which measures the minimum number of entities that collectively control 33.33% of all coins staked in the network.
AI Boom Pushed AGIX to Rally
Several market experts also stipulate that the growth might be fueled by the AI boom that has taken the world by surprise. With the growing popularity of ChatGPT and other AI-based services, the industry is expected to experience further growth in the coming years.
As a result, AI-based digital tokens such as SingularityNET (AGIX) should benefit tremendously from this positive sentiment around artificial intelligence and blockchain technology.
