Microsoft’s investment of billions of dollars in OpenAI, the company behind ChatGPT, has also mobilized the cryptocurrency market. AI tokens like Fetch.ai (FET), Ocean Protocol (OCEAN), and Exec RLC (RLC) gained over 250% in January alone. Despite the high demand, popular crypto analyst Scott Melker is not convinced of the trend and says “don’t buy this AI coin”.
Scott Melker won’t buy this AI coin despite rally
Scott Melker, who has more than 850,000 followers on Twitter, explained in a new tweet that there was a strong price rejection for SingularityNET (AGIX) in the price of ATH, with the market showing a clear downward trend at the peak after overbought.
He cast doubt on AGIX development by suggesting that the project has a single developer in its entire ecosystem and capitalizes on the current enthusiasm surrounding the AI token ecosystem. In this sense, the experienced trader believes that current prices do not reflect the true value of AGIX and may fall in the future. A look at the daily chart of AGIX shows that the price has been in a sharp rally since the new year.
Melker’s comments were not widely accepted, as some crypto community members pointed out that SingularityNET had over 200 developers working on its ecosystem in 2022. Others noted that AGIX has been forthright about its improvements and has a well-respected team.
With this scenario, Melker says he doesn’t believe in the SingularityNET project and will never buy it. In this way, he emphasizes that it shows the importance of following and examining the projects and making technical and fundamental analyzes before taking the investment risk.
Why are AI coins rising? Is the hype permanent?
Its remarkable rise in AI-driven cryptocurrencies has sparked a lot of controversy. The success of AI cryptocurrencies comes in response to the growing demand for decentralized computing capacity. Large companies, institutions, and research centers are starting to implement more AI-related tasks that require high-end computing resources from a trusted source.
Also, several AI token projects have presented their platform as a solution to use distributed computing resources that are both inexpensive and secure. Additionally, these projects come with decentralized applications and protocols that allow developers to create and manage AI projects much more easily.
Because of this, these tokens have sparked strong interest from mainstream investors, resulting in increased demand for AI cryptos. While leading projects such as SingularityNET and The Graph are expected to receive more attention in the near future, the demand for AI projects is expected to remain in the market. cryptocoin.com We have included Microsoft’s investment news in January and the statements of founder Bill Gates in this article.
SingularityNET (AGIX) price analysis
AGIX is rising after a strong volatility in the crypto space according to current technical analysis. After hitting a yearly high of $0.65 earlier in the week, it’s trading between $0.429 and $0.40, up around 2% over the past 24 hours.
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