He popularity of artificial intelligence applications has been growing as popular platforms like SingularityNET and ChatGPT become popular.

with Microsoft to invest $10 billion in ChatGPT, we should expect AI applications to become more common in the next few years.

AGIX, the native token of SingularityNET, is capitalizing on this, having posted huge gains since early 2023. According to CoinGeckothe token is up 116% last week (as of this writing, Friday) with the highest gains made on the bi-weekly time frame at 360%.

What is SingularityNET?

SingularityNET it is the first decentralized AI marketplace to be built on 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 is configured to create an AGI or artificial general intelligence.

Image: SingularityNET/Twitter

At the time of writing, the SingularityNET ecosystem comprises 13 protocols that are either being built or are already being implemented as a complete component of the ecosystem.

smarter every day

On-chain developments have been very bullish for the SingularityNET ecosystem. According to the recent ecosystem blog postSingularityNET’s journey in creating an AGI is getting closer.

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

Image: Thoughtworks Arts

The alpha release of the coding language will be accompanied by the release of the Distributed Atomspace (DAS) knowledge store in 2023.

This technology would allow AGI to store data for the long term. These developments in the field of AI will certainly facilitate the creation of the AGI of SingularityNET.

How did these affect AGIX?

The native token of the AGIX ecosystem is currently one of the most bullish tokens on the market. As of Saturday, AGIX is trading at $0.2139, up 32% in the last week, and is facing rejection of two strong resistances at $0.2362 and $0.2546.

The token’s current rally is unsustainable and the bears could retest its support at $0.1404. This support is shaky as any advance at this level could force AGIX to drop to $0.0822 in the medium term.

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

But as time goes by, investors and traders should be able to see how AGIX will react to the releases of crucial components of the AGI development of SingularityNET.

However, Microsoft’s investment in the development of ChatGPT will further cement AI technology into the mainstream, boosting the development of AGI.

With this in mind, investors and traders would have to put up with short-term volatility and losses for potential medium-term gains.

Featured Image by VentureBeat

This post What is SingularityNET and why is its AGIX token growing by 116%?

was published first on https://newsbtc.com/news/what-is-singularitynet/


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