Close
The emergence of AI tokens has generated a lot of discussion in the cryptocurrency community, with companies like SingularityNET, The Graph, and Fetch.ai experiencing notable increases in market capitalization. Popular cryptocurrency trader Scott Melker is not persuaded despite the buzz and has criticized SingularityNET specifically.
There is a significant price rejection for Singularity at its all-time price high, and the market exhibits a clear bearish divergence at the top after being overbought, according to Scott Melker, who has more than 850,000 followers on Twitter.
He added fuel to the fire by claiming that AGIX has only one developer across the board and has profited from the current enthusiasm around the AI token ecosystem. In this regard, the trader thinks that the AGIX token’s present values do not accurately reflect its worth and that the asset may decline in the future.
Melker’s remarks came under fire when certain members of the cryptocurrency community pointed out that SingularityNET will employ more than 200 people by the year 2022. Others pointed out that AGIX has a trustworthy crew and has been open about their developments.
Melker asserts that he does not support the SingularityNET project and will not trade it in light of this hypothetical. In this way, he has shown the value of tracking initiatives, looking into them, and conducting technical and fundamental research before accepting the risk of investing.
Much discussion has been generated by the astonishing emergence of AI tokens in the cryptocurrency space. The popularity of AI tokens is a result of the rising need for decentralized computing power. Large organizations, businesses, and research institutes are beginning to use more high-end computer resources from reputable sources for AI-related work.
Additionally, a number of AI token initiatives have promoted their platforms as a way to use affordable and secure distributed computing resources. These projects also include decentralized applications and protocols that make it more simpler for developers to construct and maintain AI initiatives.
As a result, conventional investors have shown a lot of interest in these tokens, which has increased demand for AI tokens. Leading projects like SingularityNET and The Graph are anticipated to get more attention in the near future, and it is anticipated that there will still be a need for AI tokens on the market.
AGIX token is currently trading at a positive price following a significant increase in the cryptocurrency market, according to the technical analysis. The token’s year high was $0.65 earlier this week, and it is presently trading at $0.40 with a 24-hour high of $0.429.
With a daily trading volume of $318 million over the course of 24 hours, its market cap is now about $525 million. Despite the fact that AGIX has cooled off since its all-time high, the huge trading volume of the token implies that investors’ excitement hasn’t yet subsided.
Investors should be on the lookout for a potential price decrease given the present market attitude, which suggests that AGIX may not see another boom very soon.
