SingularityNET, a decentralized marketplace for artificial intelligence (AI) services, is experiencing a massive surge in on-chain activity. The project’s native token, AGIX, has witnessed significant gains, nearly doubling its market cap in the past week. As the market has shown, this spike coincides with renewed enthusiasm for AI technologies, further fueled by Nvidia’s impressive earnings report.
According to data from blockchain analytics firm Santiment, AGIX on-chain volume, whale transactions, and social dominance have soared recently. The total number of AGIX holders has reached an all-time high, exceeding 93,000 wallets.
AGIX Price Rally and Record-Breaking On-chain Metrics
As of February 22, SingularityNET has achieved several remarkable milestones, underscoring its growing prominence in AI. Firstly, transaction volume on the platform has skyrocketed, bringing AGIX’s price rally to an astonishing $119.6 million, marking a new record for the network. Secondly, whale transactions exceeding $1 million have surged, indicating substantial investment activity from large holders.
AGIX On-chain Metrics. Source: Sanbase
Thirdly, whale activity has surged, with nine transactions valued at over $1 million each, highlighting the substantial financial transactions within the ecosystem. Additionally, the total number of SingularityNET holders has also reached an all-time high, surpassing 93,632. This is a testament to the increasing adoption and popularity of the platform among investors and developers alike.
Importantly, SingularityNET’s on-chain activity surge follows Nvidia’s $22.1 billion revenue report in Q4. This marked a remarkable 265% increase from the previous year, fueling optimism for the AI sector. Nvidia’s robust performance has reignited investor interest in AI-related assets, providing a solid tailwind for projects like SingularityNET.
Moreover, SingularityNET holds significant growth potential as the artificial intelligence sector gains further traction. The recent surge in on-chain activity signals a potential increase in mainstream usage of SingularityNET’s decentralized AI services and a continued bullish outlook for the AGIX token.
Above all, the surge in on-chain activity and the meteoric rise of SingularityNET has not gone unnoticed by the market. The price of $AGIX has surged by an impressive 90% in just one week, reflecting the growing demand for the token and the underlying platform.
