It is perhaps something of an unfortunate truth that people who were really excited about Web3 in late 2021 and early 2022 have now become really excited about artificial intelligence (AI). However, the fact remains that there are links between the two, and one of them is the SingularityNET platform.
SingularityNET and its native AGIX token aim to cross the divide between the blockchain and AI, although its price has been somewhat volatile over the past few weeks.
But what is SingularityNET (AGIX)? How does SingularityNET work? Let’s see what we can find out, and also take a look at some of the SingularityNET Price Predictions that were being made as of 18 July 2023.
SingularityNET is a platform designed to allow people to build their own AI programs on the blockchain.
Created in 2017 by tech experts and entrepreneurs Ben Goertzel, David Hanson and Simone Giacomelli, SingularityNET, which is based on the Ethereum (ETH) blockchain and also has a connection to the Cardano (ADA) blockchain.
It is supported by the SingularityNET cryptocurrency, known by the ticker handle AGIX.
SingularityNET is, in basic terms, a development platform for AI programs and services. People can sign up and create their AI systems, supported by the power and privacy that the blockchain provides.
In terms of AGIX, people who hold it can take part in votes on the future of SingularityNET, while it is also used to pay to access AI services on the system’s marketplace. AGIX can also be staked, or set aside in order to provide liquidity, with the people who do that entitled to rewards.
It is important to mention here that, because AGIX is based on Ethereum, it is a token, not a coin. You might see references to such things as a SingularityNET price prediction, but these are wrong.
Let’s now take a look at some of the highlights and lowlights of the SingularityNET price history . While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting a SingularityNET price prediction.
When AGIX first came onto the open market in January 2018. The crypto market was enjoying a bubble, which helped the token trade at an all-time high of $1.86 on 20 January.
After that, it fell and it reached an all-time low of $0.007497 on 13 March 2020, just as the world was starting to cope with the introduction of Covid-19 lockdowns.
In 2021, the crypto market flourished and AGIX responded well, topping $0.50 in the late summer and early autumn before closing the year at $0.2019.
Things did not go so well in 2022, with a series of market crashes leaving it at $0.03354 on 13 July. Even though there was some recovery after this, the collapse of the FTX exchange in November left SingularityNET trading at $0.03733 on 31 December, a year-on-year loss of more than 80%.
With AI being 2023’s biggest tech craze, AGIX was able to thrive somewhat, shooting up in value to reach $0.6637 on 8 February, its best price in five years.
Following that, the price slid down and, following the news that Crypto.com was to suspend its US institutional operations on 10 June, after the United States Securities and Exchange Commission announced that it was to sue the Binance and Coinbase crypto exchanges, it sank to $0.174.
In the weeks after that, though, the price recovered somewhat and, on 18 July 2023, SingularityNET was trading at about $0.2405. At that time, there were 1.2 billion AGIX in circulation out of a total supply of 1.3 billion. This gave the token a market cap of around $295 million, making it the 106th-largest crypto by that metric.
Before the SEC announced it was taking legal action against Binance on 5 July, AGIX was worth $0.294. It lost about 40% over the following five days, but, since then, has recovered by more than 35%. It is, however, down by nearly 20% from pre-crash levels.
With that all out of the way, let’s take a look at some of the SingularityNET price predictions that were being made as of 18 July 2023. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
First, CoinCodex had a short-term SingularityNET price prediction that said the token would be in for a tough time in the weeks ahead, dropping to $0.2298 by 22 July and continuing to fall to reach $0.2266 on 16 August. The site’s technical analysis was bearish, with 22 indicators sending negative signals and just seven making bullish ones.
When it came to other sites making a SingularityNET price prediction for 2023, DigitalCoinPrice was out in the lead, saying that the token would trade at $0.50 this year. PricePrediction.net was more cautious, predicting the crypto would reach $0.29, while CaptainAltCoin was bearish, saying AGIX would fall to $0.1668 in September and then get to $0.1862 by the end of the year.
In terms of a SingularityNET price prediction for 2025, CaptainAltCoin said it would reach $0.4698 that year, while PricePrediction.net said AGIX would get to $0.59 and DigitalCoinPrice had it at $0.82 in two years time.
Moving on to a SingularityNET price prediction for 2030, PricePrediction.net was the most upbeat, saying it would stand at $3.93 that year, while CaptainAltCoin said it would trade at $1.17, while DigitalCoinPrice made an AGIX price prediction that saw it stand at $2.45 at the start of the next decade.
It is hard to say. While AGIX has done well so far this year, its success is linked to 2023’s AI boom. With governments across the world understandably concerned about the human impact of artificial intelligence, it could be that regulation will end up damaging the token’s value in the future.
On the other hand, there is no doubt that AI is the hottest thing in the world of tech right now, so SingularityNET is in a very strong position to take advantage of the trend.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in AGIX.
No one can really tell right now. While the SingularityNET crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in SingularityNET, you will have to do your own research, not only on AGIX, but on other, related, coins and tokens such as The Graph (GRT). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
On 18 July 2023, there were 1.2 billion AGIX in circulation out of a total supply of 1.3 billion.
It could do. PricePrediction.net says it will happen by 2027, while DigitalCoinPrice thinks it can get there a year earlier. CaptainAltCoin, meanwhile, has it break past the dollar in 2030.
Keep in mind that AGIX has traded above the dollar before, but not since early 2018.
The AGIX token supports the SingularityNET platform, which helps people develop artificial intelligence programs on the blockchain.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.