The crypto market has been recovering from the crypto winter for the past month. Among the top gainers was SingularityNET’s native token AGIX which is almost 800% up since the year started.
AGIX’s bullish movement
SingularityNET(AGIX) has continued its bullish movement since Jan 2023. The token is an AI token that has positioned itself in line with AI’s popularity, hence gaining a lot of traction. Even though it had sideways movement in the first week of February, it has since retraced its price to match its January prices.
Despite being around for a while, the token only started to rally this year. In addition, its interest is way higher than in the prior year.
The SingularityNET platform allows sharing, creating, and monetizing AI services. CoinGape data shows that AI tokens’ interest is yet to die down. On-chain data show AGIX was among the top 10 tokens purchased by the 100 largest ETH whales. Hence, these factors have pushed the token to rank 80 on the market cap.
In the last 24 hours, the token is trading at $0.5164, up 18% and 25% in the last week. The last 30 days have seen the token rise by 155%.
Notably, the token is the highest gainer in the last 24 hours, surpassing top tokens like bitcoin and ethereum. Bitcoin is currently trading at $23,546.43, up 1% in 24 hours, while ethereum is trading at $1,643, up 0.85% during the same time.
Incoming AGIX rally?
The recent rally has been contributed to a post by Elon Musk, the Twitter and Tesla CEO, calling out the dangers of AI. In addition, he hinted at his plan for a ChatGPT competitor.
Even though the token has nothing to do with Musk’s initiative, the pump directly contributed to the “AI narrative” that has led to other AI tokens rising from January 2023 through February.
AGIX’s pattern in the last three weeks shows a symmetrical triangle pattern showing the potential for an incoming rally for the AI token. Crypto analyst, Captain Faibik, mentioned on Twitter that the token seems to be getting ready for another bullish wave. Hence, investors should watch it closely.