The Elon Musk Effect: SingularityNET (AGIX) Shatters Records With 15% Surge

The post The Elon Musk Effect: SingularityNET (AGIX) Shatters Records With 15% Surge appeared first on Coinpedia Fintech News

The SingularityNET token, AGIX, witnessed a significant surge of more than 15% today, following a tweet from Twitter CEO and Tesla founder, Elon Musk. The tweet, which featured a humorous motivational poster referencing the SingularityNET project name, sent AGIX soaring above its major sector rivals in the last 24 hours.

Musk’s Interest in AI and Cryptocurrency

Musk has previously shown his affinity for cryptocurrency memes, with his tweets about the Shiba Inu dog breed associated with the popular Dogecoin cryptocurrency. Now, the eccentric billionaire’s interest in artificial intelligence has apparently extended to SingularityNET, making it the talk of the crypto market in 2023.

SingularityNET’s Success Story

With a successful narrative surrounding the project, AGIX has skyrocketed by almost 1,100% since the beginning of the year. Its capitalization has now reached $650.3 million, and the AGIX tag has hit the Twitter trends.

The SingularityNET project, one of the top blockchain projects seeking to become a major player in the artificial intelligence industry, runs a marketplace for AI applications that investors believe will play a significant role in the sector. The number of dApps in the SingularityNET ecosystem is growing, with Rejuve.ai, Cogito, Awakening Health, and Nunet among the top players.

AGIX’s Performance

AGIX has been one of the top-performing cryptocurrencies this year, soaring by over 1,088% so far. Its price continued to rise as AI crypto tokens staged a strong comeback, with AGIX hitting a high of $0.5556, the highest point since February 8.

The rally in AGIX price is mostly due to the ongoing crypto resurgence. Bitcoin price has jumped above $26,000 for the first time in months, and the total market cap of all cryptocurrencies has risen to over $1.08 trillion. Additionally, most AI-associated assets have also jumped in the past few days, with Fetch.ai (FET) price rising by over 20% in the past 24 hours, and CryptoGPT seeing its price soar.

Technical Analysis

On the daily chart, SingularityNET price has been marking a strong comeback in the past few days, rising for four straight days. AGIX has moved slightly above the key resistance point at $0.5564, the highest point on March 1, and has moved above the 50-day and 100-day moving averages. The Stochastic Oscillator and Relative Strength Index (RSI) have continued rising, indicating that buyers are targeting the year-to-date high of $0.6653.