AGIX is the token of the SingularityNET project, which itself is an Artificial Intelligence-related crypto project.
AGIX has been booming in recent times, an offspring of the Artificial Intelligence boom.
The boom in Artificial Intelligence and the AGIX crypto
Starting in December, there was a lot of talk about ChatGPT, which is OpenAI’s ChatBot based on Artificial Intelligence and Machine Learning.
It was an immediate and resounding success, not least because ChatGPT gives the impression that it could be a real revolution.
It is enough to consider that in November 2022 for example, the volume of searches for the term ChatGPT on Google was almost nil, while in the first two weeks of December alone it exploded. What’s more, around mid-January the boom started again, until ChatGPT’s search volume on Google surpassed that of Bitcoin.
This incredible boom has also caused a sharp rise in interest in artificial intelligence, so much so that the term has now also entered the everyday discourse of ordinary citizens, surpassing blockchain and metaverse.
At this time, however, it is most likely mostly a buzzword used for propaganda purposes, just as happened in past years to the words blockchain and metaverse.
For example, the volume of searches for the word blockchain on Google in the past 5 years has more than halved, while the volume of searches for the word metaverse literally collapsed after the boom in late 2021, when the company Facebook changed its name to Meta.
In contrast, in the last two months the volume of searches for “artificial intelligence” on Google has increased by 50%, dragged by the boom of ChatGPT, which has far surpassed blockchain and metaverse in search volume.
Thus this was such a huge increase in interest that it spread like wildfire to everything related to artificial intelligence.
The AGIX crypto boom related to artificial intelligence
In the crypto sector there are two major projects related to artificial intelligence in particular, namely SingularityNET and Fetch.ai. Not surprisingly, the prices of their tokens have exploded in recent times.
Moreover, this is confirmed by the explosion in the token prices of at least two other artificial intelligence-related crypto projects.
However, the one that is benefiting most from this situation is SingularityNET’s AGIX itself.
The token landed on the crypto markets in 2018 with an overly optimistic initial price. In fact, within a few months it lost 95% of its value.
Leaving aside this initial anomaly, in December 2020 before the start of the last major bull run the price of AGIX was still below $0.05.
The highest peak during the bull run was touched in June 2021, when for a very brief moment it exceeded $0.80, a 1,900% growth in just over six months. But even that was an anomaly: it is better to take as a reference the $0.63 touched in November of that year.
In 2022, the price collapsed to below $0.04 in November. At that point it seemed that AGIX’s up-and-down parabola due to the speculative bubble might be over. And instead right from the beginning of January the price started to surge, until today it has risen above $0.64, which is a price above the peak of September 2021.
In other words, in about a month it has gained 1,500%.
Two moments of boom
There were two moments in which the boom occurred.
The first was in early January, when following the trend of crypto markets it rose to above $0.2 in mid-January.
Then it momentarily stalled, again following the trend of the crypto markets, but in early February another rise began, taking it up to $0.64 today.
In other words, it first made a +400% in the first half of January, and then a further +220% in February.
However, the current value not only seems very high, since it is higher than its November 2021 peak, but also seems to have been inflated very quickly by a kind of speculative mini-bubble due to the surge of interest in artificial intelligence. What will happen when this boom inevitably passes?
The thing is that the SingularityNET project does not seem to have made any significant breakthrough since December, which is when the price of AGIX had even plunged below $0.04, so it is really possible that this is just a temporary bubble.
Fetch.ai has also exploded
The suspicion that this growth is only due to a temporary mini-bubble seems confirmed by the fact that it is also extended to at least three other artificial intelligence crypto projects, the most prominent of which is Fetch.ai.
Its token FET had debuted on the crypto markets in 2019, and like AGIX in the early months it had lost a lot.
By December 2020, FET’s price was around $0.05, in line with that of AGIX during the same period.
It peaked in September 2021, which was the same month as the peak of AGIX, when it exceeded $1.1. In other words, with the 2021 bubble FET increased in value more than AGIX.
The crash of 2022 brought the price of FET back below $0.06, but just as with AGIX. Recovery began in early January 2023, followed by a further jump in February. The two trends seem to mirror each other, confirming that they are not driven by specific reasons concerning the two projects, but rather by the general trend related to the artificial intelligence boom.
It is worth mentioning that since December 2022, the price of FET has risen by less than the price of AGIX, because it stopped at +900% versus +1,500% for the rival token.
The other two AI crypto projects
Two other crypto tokens related to artificial intelligence projects have also grown quite a bit in recent times.
The first is Artificial Liquid Intelligence’s ALI, which has been on the crypto markets for less than a year.
As of December 2022, the price of ALI had fallen below 9 thousandths of a dollar. While today it has touched 95 thousandths, with a growth of more than 900%. The upward trend in the price of ALI over the past month is almost identical to that of FET, except for some minor details.
The second AI token that is following a similar path is Ocean Protocol’s OCEAN. Like FET, it debuted in crypto markets in 2019, but with a very low initial price.
The peak reached during the last big bull run was over $1.9, which was touched in April 2021 and not in September. With the crash of 2022, OCEAN’s price fell to below $0.12, only to soar in January with a +366%, which happens to be well below the booms of AGIX, FET, and ALI.
