SingularityNET, a decentralized marketplace for artificial intelligence (AI) services, is seeing a huge surge in on-chain activity. AGIX, the project’s native token, has seen significant gains in the past week, with its market capitalization nearly doubling. As the market can tell, this surge coincides with renewed enthusiasm for AI technology, fueled by Nvidia’s impressive earnings report.
AGIX on-chain volume, whale trading, and social dominance have recently surged, according to data from blockchain analytics firm Santiment. The total number of AGIX holders reached an all-time high of over 93,000 wallets.
AGIX Price Rises and Record On-Chain Indicators
As of February 22, SingularityNET has achieved several remarkable milestones, highlighting its increasingly prominent reputation in the AI space. First, trading volume on the platform surged, pushing AGIX’s price to an astonishing $119.6 million, setting a new record for the network. Second, there has been a surge in whale trading exceeding $1 million, indicating significant investment activity by large holders.
AGIX on-chain indicator. Source: Sanbase
Third, there was a surge in whale activity, resulting in significant financial transactions within the ecosystem, with nine transactions worth more than $1 million each. Additionally, the total number of SingularityNET holders also reached an all-time high, exceeding 93,632. This is evidence of the platform’s growing adoption and popularity among investors and developers alike.
Importantly, SingularityNET’s surge in on-chain activity follows Nvidia’s $22.1 billion Q4 revenue report. This is an astonishing 265% increase compared to the previous year, sparking optimism about the AI sector. Nvidia’s strong performance has reignited investor interest in AI-related assets, providing a clear tailwind for projects like SingularityNET.
SingularityNET also has 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 rapid rise of SingularityNET has not gone unnoticed by the market. The price of $AGIX surged 90% in just one week, reflecting increased demand for the token and its underlying platform.