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This AI token is witnessing sky-high on-chain activity, 90% price rally in a week

source-logo  finbold.com 23 February 2024 09:43, UTC

Amid a revived hype surrounding all things artificial intelligence (AI), recently intensified by an exceptionally positive earnings report by one of the major companies in the AI field, Nvidia (NASDAQ: NVDA), one cryptocurrency has particularly stood out in its weekly gains – SingularityNET (AGIX).

Indeed, SingularityNET is currently recording a rally of nearly 90% over the week leading up to February 23, recording an even more impressive figure of +128% in the week before February 22, according to the data shared by blockchain and crypto social metrics platform Santiment in an X post on February 22.

Furthermore, AGIX recorded a surge in other areas as of February 22, including record-breaking transaction volume at $119.6 million, whale activity that saw nine transactions over $1 million, the total number of its holders reaching an all-time high (ATH) of 93,632, as well as social dominance of 0.18%.

SingularityNET price analysis

At press time, SingularityNET’s native token is changing hands at the price of $0.704, a minor decline of 0.14% in the last 24 hours but nonetheless racing 90.87% across the previous seven days, in addition to an even more significant rally of 177.29% on its monthly chart, as per data on February 23.

It is also worth noting that the crypto asset of the network, which facilitates the creation and sharing of AI tools, has nearly doubled its market capitalization this week, growing from $472.68 million on February 16 to the current $879.69 million and is presently the 85-th largest in the crypto sector by this indicator.

All things considered, the recent extraordinary spike in AGIX’s price and activity suggests a renewed interest in its creator’s technology, as well as optimism regarding its future performance. However, caution and detailed research are necessary before investing in any asset.

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