SingularityNET price prediction: Why is AI token struggling?

SingularityNET wants to create a future technology, but volatility has been plaguing AGIX

The SingularityNET logo on a world map                                 
SingularityNET is an ecosystem of accessible and decentralised artificial intelligence products – Photo: Shutterstock
                                

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SingularityNET is merging two technologies often linked to the future, blockchain and artificial intelligence (AI). Its decentralised approach is providing a more accessible route into AI products, whether that is for developers or users.

Helping it do this is AGIX, its governance and utility token, that is the key to accessing these products. But the token is struggling to realise a successful breakout. But what might this mean for a SingularityNET price prediction? Let’s find out. 

What is SingularityNET?

SingularityNET is building a hub for artificial intelligent services. Developers can use the platform to create, share and monetise protocols that utilise AI technology. This is to achieve its mission of making AI technology more accessible and no longer restricted to specific companies.

Its website said: “SingularityNET is a full-stack AI solution powered by a decentralized protocol and the first and only decentralized platform allowing AIs to cooperate and coordinate at scale.”

Since being founded in 2018, SingularityNET boasts a diverse portfolio of products. Its ecosystem includes the SingularityDAO DeFi protocol, the infrastructure project NuNet, and the health network Rejuve.

Ben Goertzel is SingularityNET’s co-founder and chief executive. Based in Hong Kong, he has a background in working with technology businesses, including the OpenCog Foundation and Hanson Robotics.

The AGIX governance token

Powering this hub of AI products is the AGIX cryptocurrency, which is based on the Ethereum blockchain and recently expanded into Cardano. The token is used as a governance cryptocurrency to make ecosystem decisions.

Accordig to its whitepaper documentation: “Because it is a decentralised organisation, the ongoing health and growth of SingularityNET will rely on democratic decision-making by network participants.”

As well as governance, there is other utility attached to the ERC-20 token. It is used as payment method on SingularityNET’s marketplace to access unique AI services. It can also be staked to provide liquidity and holders will receive AGIX rewards in return.

AGIX price history

AGIX launched on 19 June 2018 with an opening price of $0.53, according to CoinMarketCap, and climbed to a daily high of $1.86 the following day. But the token was unable to sustain this and eventually crashed below its launch price within a fortnight.

This bearish trend stuck with the utility token for the next three years and AGIX stooped to its all-time low of $0.007497 on 13 March 2020.

It started gaining momentum again in early 2021. This was after a governance vote passed to expand the project and token onto the Cardano blockchain. AGIX reached a peak of $0.29 on 13 February, but it continued rallying into the following months.

CoinTelegraph put this rally down to its Cardano expansion, its SingularityDAO DeFi project, and the new layer two solution that allows developers to create their own tokens using SingularityNET. AGIX next reached a high of $0.57 on 12 April.

It managed to climb even higher later in the year when it hit $0.65 on 5 September. But AGIX was once again unable to maintain this high value and crashed for the rest of that year and into the next.

It slipeped below the key psychological barrier of $0.10 on 4 March 2022, closing at $0.08968 that day, before a brief resurgence above the $0.10 level until 5 May and there it remained, downtrending even further. At the time of writing, on 12 August, SingularityNET was trading at just above $0.05 with a market cap of more than $62m, a circulating supply of 1.07 billion AGIX and a total supply of a little more than 1.178 billion. 

SingularityNET price prediction

The cryptocurrency’s volatile price history has led to a variety of AGIX token price predictions. DigitalCoinPrice said it would average out at $0.07 this year and climb to $0.11 in 2025. Its SingularityNET price prediction for 2030 said it could hit a maximum value of $0.27.

TechNewsLeader is more bullish with its AGIX price prediction. The cryptocurrency is thought to hit $0.13 in a year. Its SingularityNET price prediction for 2025 gave a maximum price of $0.27. AGIX is then thought to hit $1.72 by the next decade.

PricePrediction anticipated AGIX to average out at $0.05 this year and $0.17 in 2025. It similarly suggested the token would climb to $1.18 in 2030 and $1.76 in 2031.

CaptainAltCoin’s SingularityNET price prediction for 2022 expected the token to fall below $0.05 in December. A gradual climb is predicted for the coming years and it suggested it might eventually reach $0.2839 in 2030.

FAQs

What is SingularityNET?

SingularityNET is an organisation that is building a decentralised marketplace of AI technology. These include its AI DeFi protocol SingularityDAO and its decentralised network for health professionals Rejuve.

How and where to buy SingularityNET (AGIX) coins?

AGIX is available on centralised exchanges including Binance and DEXs such as Uniswap. Remember, whether or not it is right to invest in SingularityNET or not is a decision that you will have to make yourself. Always carry out your own thorough research before making any investment decision and don’t invest money that you cannot afford to lose.  

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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