What is SingularityNET Doubling Its Price? Why Is Everyone Buying? – Cryptokoin.com

Artificial intelligence (AI) applications are growing in popularity as popular platforms like SingularityNET and ChatGPT become more common. AI applications are expected to become more common in the next few years, with Microsoft investing $10 billion in ChatGPT. SingularityNET’s native token, AGIX, is taking advantage of this as it has posted huge gains since the beginning of the year. The token did about 4x in its two-week time frame.

What is SingularityNET?

SingularityNET is the first decentralized artificial intelligence marketplace built on the Cardano Blockchain. The project, a cognitive scientist and a leading figure in AI research, Dr. It was founded by Ben Goertzel. SingularityNET focused on creating an AGI or artificial general intelligence. As of writing, the SingularityNET ecosystem consists of 13 protocols under construction or already deployed as a full-fledged component of the ecosystem.

What’s it like to be smarter every day?

On-chain developments have been very positive for the SingularityNET ecosystem. According to the ecosystem’s latest blog post, SingularityNET’s journey to create an AGI is getting closer and closer every day. The development of MeTTa, a custom scripting language built specifically for SingularityNET’s targets, has been successful so far.

The alpha version of the scripting language will be accompanied by the release of the Distributed Atomspace (DAS) information repository in 2023. This technology will enable AGI’s long-term data storage. These advances in artificial intelligence will certainly facilitate the creation of SingularityNET’s AGI.

How did these affect AGIX?

cryptocoin.comAs you follow, the ecosystem’s native token, AGIX, is currently one of the most bullish tokens on the market. Crypto analyst Christian Encila points out the following technical levels for the altcoin. As of Saturday, AGIX is trading at $0.2139, up 32% over the past week and is rejected at two strong resistances at $0.2362 and $0.2546. The token’s current rally is unsustainable and the bears could retest the $0.1404 support. This support is weak as any breakout at this level could force AGIX to drop to $0.0822 in the medium term.

AGIX price chart / Source: TradingView

But as time goes on, investors and traders can observe how AGIX will react with the release of key components of SingularityNET’s AGI development. However, Microsoft’s investment in ChatGPT development will further strengthen AI technology into the mainstream. So this will accelerate the development of AGI. With this in mind, investors and traders will have to sustain short-term volatility and losses for possible medium-term gains.

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