The market for artificial intelligence, presently valued at $327.4 billion, continues to expand due to the influx of investments in this sector of the technology industry.

This is largely attributable to the rising potential implementation of AI technology, ranging from content production to autonomous vehicles.

As artificial intelligence technology advances and becomes more broadly available, AI expenditures are growing in a variety of sectors.

From 2015 to 2020, the annual global corporate investment in AI climbed by $55 billion, with the majority of this surge coming from private U.S. company operations.

As popular platforms like SingularityNET and ChatGPT become mainstream, the widespread usage of artificial intelligence applications has increased.

AGIX, the native token of SingularityNET, is banking on this trend as it registered solid gains since the start of 2023.

SingularityNET Explodes 126% In The Weekly Chart

According to Coingecko, as of Sunday, February 5, AGIX is trading at $0.4374 – exploding 127% in the last week – with the coin growing 60% in the last 24 hours alone.

The market capitalization of AGIX has increased to more than $526 million from its lowest point in 2022, which represents a rally of over 204%. Coingecko statistics reveals that its 24-hour volume has increased to $252,247,987 as of this writing.

On Friday, the SingularityNET cryptocurrency surged to $0.25, its highest level since January 14. At the day’s highest point, AGIX was up an incredible 555% from its December low.

SingularityNET: Quick Definition

SingularityNET is a blockchain-powered platform that enables anybody to design, share, and sell Artificial Intelligence services with ease. The SingularityNET marketplace invites users to browse, evaluate, and purchase AI services using AGIX, its native currency.

AGIX is used to provide individuals the ability to vote on issues that may affect the network’s future. Additionally, it can be staked in exchange for incentives and is used to pay for platform services. AGIX can be purchased, sold, and traded on cryptocurrency exchanges.

#SingularityNET’s decentralized AI marketplace saw strong growth in 2022, and with projects funded by @DeepFunding (Round 2 = open) actively developing #AI agents we’ll see a massive expansion in 2023! Read our Year End review here:https://t.co/ZWJEdIDS4r#BuildingOnCardano #AGI pic.twitter.com/c8wb6s6gUt

— SingularityNET (@SingularityNET) January 8, 2023

The vast majority of SingularityNET’s crew consists of AI scientists, developers, engineers, and researchers. It was founded by Dr. Ben Goertzel (CEO and chief scientist of SingularityNET), Simone Giacomelli, and David Hanson.

The platform was made available to the public for the first time in 2017 and secured $36 million in a single minute through an initial coin offering (ICO) in December of the same year.

Similar to other cryptocurrencies, the price of AGIX has surged due to macroeconomic variables. As recent data indicates that wage inflation has begun to moderate. nvestors anticipate that the US Federal Reserve will become a bit more dovish as a result of decreasing inflation.

Featured image from Mutant Reviewers