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SingularityNET explained

Blockchain technology is, at the end of the day, just a tool – no more, no less. The blockchain is something that we use for data storage and distribution and, as a result, it can be utilised in a variety of ways.

The problem is that the blockchain can seem like a rather arcane place, with a whole load of rules, regulations and jargon that might, at first glance, appear offputting – though if you think about it, pretty much anything can fall into that category.

One thing that you will hear over and over again from a certain kind of blockchain enthusiast is that The Blockchain Is The Future, with hype about a third or fourth industrial revolution (which is never clearly explained) issued on a seemingly non-stop basis.

That said, it is entirely possible that blockchain technology could indeed be the future. It will all depend on how it is deployed and who uses it, and for what purpose. Certainly, the fact that it can be somewhat hard to explain, and the fact that it is hard to actually tell the difference between a blockchain-based program and a normal one, might cloud the issue somewhat.

Something else that is often hyped up to be the future, but that for the layman is a little easier to explain and understand, is artificial intelligence. The idea of things being subject to computer algorithms is simpler to get hold of, and there are examples that a lot of people encounter on a regular basis, whether it is in the form of targeted online advertising or something else.

In that case, it is perhaps inevitable that someone would try to combine the blockchain with AI. One such organisation is SingularityNET.

This platform is designed to serve as a hub for artificial intelligence services. Developers are able to use it 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.

According to its website: “SingularityNET is a full-stack AI solution powered by a decentralised protocol, and the first and only decentralised platform allowing AIs to cooperate and coordinate at scale.”The system was founded in 2017 by tech experts and entrepreneurs Ben Goertzel, David Hanson and Simone Giacomelli.

Every blockchain-based network needs to have its own cryptocurrency, and SingularityNET has the conveniently-named singularitynet token, also known by its ticker handle AGIX.

The AGIX crypto is used to give people the opportunity to vote on decisions which will have an impact on the future of the network. As well as that, it can be staked in return for rewards and is used to pay for services on the platform. AGIX can also be bought, sold and traded on crypto exchanges.

Something we should mention here is that, because it is based on the Ethereum (ETH) blockchain, AGIX is a token, not a coin. You might see references to the “singularitynet coin price prediction” or similar phrases but these are, technically speaking, incorrect.

Singularitynet price history

Let’s now cast our eyes over the AGIX price history. While past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help give us some important and useful context when it comes to either interpreting a singularitynet price prediction or else making one of our own.

When AGIX first entered the open market in January 2018, the crypto market was going through a bubble and, on 20 January 2018, it traded at what still stands as its all-time high of $1.86.

After that, though, the bubble burst and the market entered a so-called crypto winter, with the AGIX price characterised by slow, low development, and the token sank to an all-time low of $0.007497 on 13 March 2020 as markets were shocked by the introduction of Covid-19 lockdowns.

In early 2021, the crypto market blossomed and AGIX broke past $0.50 briefly in the middle of August, before dropping down again over the summer. In August, things started to turn around and the token rallied to top $0.50 in early September. After that, though, things fell down and AGIX closed the year at $0.2019.

So far, 2022 has been a famine compared to 2021’s crypto feast and AGIX has suffered along with the rest of the market. The token plunged to $0.08031 on 17 March before rallying to $0.1934 on 25 March. After that, though, a slow downturn turned into a very fast one, as a series of market crashes left it at a low of $0.03354 on 13 July.

After that there was some recovery, with the token boosted by the news that Binance (BNB) was to offer an AGIX trading pair with the Binance USD (BUSD) stablecoin, leaving it trading at around $0.0856 on 14 October. The following month, the FTX (FTT) exchange collapsed and the market crashed again, leaving AGIX at a low of $0.03733 on 14 November, before it recovered somewhat to close the year at $0.03733, a yearly loss of more than 80%.

So far, 2023 has been a good year for singularitynet, with a bouyant market and an AI boom contributing to its good fortune. In early February, the price of AGIX, which had broken past $0.10 on 11 January, skyrocketed to $0.6637, its highest price for more than five years, on 8 February. Although the price dipped to $0.3377 on 13 February, the news that it would allow cardano (ADA) staking helped it maintain a price above $0.40 and, on 27 February 2023, it was worth about $0.41.

At that time, there were 1.2 billion AGIX in circulation out of a total supply of 1.26 billion. This gave it a market cap of around $494m, making it the 84th-largest crypto by that metric.

SingularityNET price prediction round-up

With that all said and done, let’s take a look at some of the singularitynet price predictions that were being made as of 14 October 2022. It is important to remember that price forecasts, especially when it comes to something as potentially volatile as cryptocurrency, often end up being wrong. Also, it is worth pointing out that long-term crypto price predictions are often made using an algorithm, which means they can change at a moment’s notice.

First, CoinCodex made a rather optimistic short-term singularitynet price prediction for 2023. It suggested AGIX could go up to reach $0.3537 by 4 March and that, it could continue to rise to trade at a potential $0.84279 by 30 March.

Despite that predicted upswing, the site’s technical analysis was neutral, finding 16 signals sending bullish messages against 13 making bearish ones.

Next, DigitalCoinPrice had an AGIX price prediction which argued that the crypto could reach $0.85 this year, $1.01 next year and $1.41 the year after that.

By 2028, the site said, singularitynet could be worth $2.13 before possibly closing the decade at $2.97. The site then went on to make a SingularityNET price prediction for 2030 of $4.19, with it then claiming it could be worth $5.80 in 2031.

Meanwhile, CaptainAltCoin had a mix of both bull and bear in terms of its singularitynet crypto price prediction, saying that the token could drop down to $0.2909 in May 2023 before recovering to $0.4948 in February next year. The site then argued that the crypto could continue to rise, with it making a singularitynet price prediction for 2025 of $0.8004. By February 2028, the suggestion was that the token could drop to $0.757.

After that, though, the site thought it possible that the token could bloom, with it forecating that AGIX could reach $2 in 2030 and making a singularitynet price prediction for 2040 of $4.

Finally, WalletInvestor made an AGIX price prediction that said the crypto could blossom over the next few years, with it suggesting singularitynet could reach $0.539 by late February 2024 and then potentially hit $1.05 in five years time.

When considering an AGIX token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns, and never trade with money that you cannot afford to lose

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