SingularityNET (AGIX) Rallies 128% As On-Chain Activity Heats Up

AI Token SingularityNET (AGIX) has recently observed a rally of 128% as on-chain data shows activity-related metrics have heated up for the coin.

SingularityNET Has Seen Sharp Growth In Volume & Whale Activity

In a new post on X, the on-chain analytics firm Santiment has talked about how SingularityNET has fared in its underlying metrics, with its market cap more than doubling in its latest rally.

In particular, the analytics firm has shared data for four of the AI token’s indicators. The chart below shows their trend over the past month.

SingularityNET AGIX On-Chain Data

The first indicator on the chart is the “Transaction Volume,” which keeps track of the total amount of AGIX (in USD) involved in network transfers every day.

This metric tells us about the amount of activity the users on the blockchain are displaying currently. The graph shows that this metric has climbed as SingularityNET has gone through its rally.

Generally, many traders must continue participating in the market for any rally to be sustainable. As the transaction volume has been rising, this is clearly what has been going on. If the volume shows any signs of cooling off, though, that’s when the coin might slow down.

The second metric of interest here is the “Whale Transaction Count,” which measures the total number of transactions on the SingularityNET blockchain worth at least $1 million in value.

Only the whales can make transfers so large, so this metric can provide hints about the current activity level of these humongous holders. As the chart shows, this metric has also been high recently, implying that the current transaction volume isn’t just because of smaller hands showing interest in the asset but also from these titans.

AGIX’s adoption also appears to be proceeding swiftly as the “Total Amount of Holders” metric has also been climbing up recently. This indicator keeps track of the number of addresses on the network carrying a non-zero balance.

Adoption is naturally a constructive sign for any cryptocurrency, as a large user base can provide a stronger foundation for sustainable moves to occur in the future. This constant influx of users would also contribute to the uptrend in the Transaction Volume.

Finally, Santiment has listed the “Social Dominance” in the chart, which, in short, tells us about the portion of social media talks around the top 100 cryptocurrencies that SingularityNET alone is contributing.

It would appear that the coin’s mindshare on social media has also skyrocketed with its price surge. This metric may be one to keep an eye on, as excessive hype has historically been something that has led rallies to top out.

AGIX Price

SingularityNET is trading around the $0.76 level after its incredible run over the past week.

SingularityNET AGIX Price Chart

Altcoins Watchlist: Market Expert Spotlights ETH, BLUR, MATIC, And More For Explosive Gains

Crypto analyst Miles Deutscher has spotlighted several altcoins, with a special focus on artificial intelligence (AI) tokens, that demonstrate strong breakout potential in the current market rebound. 

ETH On The Rise

In a recent post on X (formerly Twitter), Deutscher suggests that the upcoming Ethereum (ETH) Dencun upgrade, along with advancements in the AI industry, could drive significant price movements in related tokens. 

Deutscher emphasizes the upcoming ETH Dencun upgrade, noting that while much attention has been directed towards Bitcoin (BTC) and exchange-traded fund (ETF) flows, ETH has been steadily rising against BTC. 

Altcoins

Interestingly, the analyst expects an “aggressive” upward movement in ETH at some point, particularly with the first set of ETF decision dates approaching in May. 

Deutscher also highlights the strong performance of AI tokens, including AGIX, FET, WLD, and RNDR, attributing their recent success to significant advancements within the AI industry. According to the analyst, the upcoming earnings report from NVIDIA (NVDA) on Wednesday could further bolster the bullish sentiment surrounding AI coins. 

Highlighted Altcoins And Their Catalysts

  • BLUR: BLUR is nearing a significant announcement, and Deutscher notes the token’s recent strength, suggesting the $1 mark may soon be within reach. The founder’s association with BLAST, another project, adds to the intrigue.
  • BEAM: Deutscher points out that BEAM’s treasury holds large MAVIA bags, leading to increased balances. As the market begins to reevaluate the native token’s value, Deutscher is intrigued by the fact that BEAM has not gained widespread attention yet. He also mentions Pantera’s recent investment/partnership, further supporting his interest.
  • STRK: Token launch day is Tuesday for STRK, and Deutscher observes that new token launches often present opportunities for investors. He will closely monitor STRK’s performance, as success could lead to airdrop sellers buying back in at higher prices, while continuous selling pressure could result in price declines.
  • SEI: SEI is currently near all-time highs, and Deutscher notes positive sentiment surrounding the project, fueled by an “active team” and endorsements from key figures. If overall market sentiment remains positive, Deutscher sees potential for SEI to lead the way.
  • MAVIA: Deutscher highlights the buzz surrounding MAVIA, drawing parallels to Axie in its early days. The token’s successful launch and endorsements from influential figures have added to its long-term investment appeal. While acknowledging an initial strong run, Deutscher considers MAVIA a potential dip buying opportunity.

As identified by crypto analyst Miles Deutscher, various altcoins, especially AI tokens, are capturing attention due to their breakout potential. Factors such as the upcoming ETH Dencun upgrade and advancements in the AI industry are expected to influence price movements. 

Altcoins

Featured image from Shutterstock, chart from TradingView.com

The Graph (GRT) Inks 60% Rally As Network Demand Rises – Details

The past week has seen The Graph (GRT), a project facilitating decentralized access to blockchain data, skyrocket over 60% in price. This impressive rally outshines most major cryptocurrencies and aligns perfectly with the rising interest in artificial intelligence (AI) within the crypto market.

GRT has been up for five days in a row, reaching its highest level since May 2022. At its lowest point in 2023, it increased by over 163%. The demand for its network has surged in the last few months, causing the coin to rise in value.

The Graph: Recent Surge Captures Industry Focus

As a crucial infrastructure player in the AI arena, The Graph is attracting significant attention. Let’s explore the key factors driving its recent gains and examine its future prospects.

Riding the wave of AI enthusiasm, crypto markets are witnessing a surge in investment towards related projects. Advancements in technology and anticipated real-world applications fuel this trend. The Graph directly benefits from this excitement.

Its decentralized indexing protocol offers simplified access to critical blockchain data, essential for AI development and analysis. This unique value proposition resonates with investors seeking exposure to the burgeoning AI sector.

Further boosting this upbeat energy, The Graph has inked collaborations with industry giants like Coinbase and AAVE. Integrating with established platforms attracts larger audiences and drives demand for GRT tokens. These partnerships not only enhance The Graph’s reach but also demonstrate its potential for real-world use cases.

Meanwhile, a tweet from the Graph’s official account on the X platform (previously known as Twitter) highlighted a surge in query volume and advancements in Layer 2 transactions. The network’s reinforced infrastructure, underscored by over 1,500 subgraphs and the roll-out of a new Indexer, has likely reinforced investor optimism. The debut of the New Era Roadmap, along with the implementation of a Free Query Plan, has further strengthened this sentiment.

The Graph’s Promising Future

Prominent analysts are offering their insights on GRT’s future potential. Ryan Watkins of Messari, citing the growing demand for decentralized data solutions and The Graph’s strong fundamentals, predicts GRT could reach $1 by the end of 2024. This bullish prediction reflects his confidence in the project’s long-term trajectory.

However, a nuanced picture emerges from technical analysis. The recent surge has pushed GRT/USD into an uptrend on the daily chart, with the 50-day moving average acting as support. This indicator suggests sustained buying pressure and potential for further price appreciation.

Featured image from Adobe Stock, chart from TradingView

Crypto Analyst Unveils Top AI Trend And Coins This Bull Run

In a recent analysis via X (formerly Twitter), the renowned crypto analyst Miles Deutscher has cast a spotlight on artificial intelligence (AI) as the paramount sector poised for significant performance in the ongoing crypto bull run. With a keen focus on Decentralized Physical Infrastructure (DePIN), Deutscher not only forecasts this niche to burgeon into a $3.5 trillion industry by 2028 but also underscores an unprecedented opportunity for early investors.

“AI will be one of crypto’s top performing sectors this bull run,” Deutscher states, emphasizing the strategic advantage of investing in DePIN. “Instead of buying random AI coins, I’m focused on one key beneficiary: DePIN.”

Understanding The Top AI Trend: DePIN

DePIN, an abbreviation for ‘Decentralized Physical Infrastructure’, represents a groundbreaking blockchain protocol. It incentivizes decentralized communities to construct and maintain physical hardware, offering token rewards to users who contribute hardware or software resources to the network. This sector encompasses a broad range of multi-billion-dollar hardware markets, including cloud storage, computing power, and wireless sensor networks.

“Messari predicts that DePIN could add $10 trillion to the global GDP in the next decade, with the potential to reach $100 trillion the decade after,” Deutscher elaborates, highlighting the immense economic impact anticipated from the growth of DePIN.

Historically, physical infrastructure has been monopolized by Big Tech companies, characterized by significant capital and maintenance costs. Deutscher points out, “Physical infra has historically been a Big Tech monopoly […] Giants like AWS capitalize on this by selling their services at a premium.”

DePIN networks, however, offer several advantages over traditional centralized solutions, including cost reduction, the ability to scale horizontally, rewards for network contributors, and enhanced security. “DePIN (decentralized physical infra networks) has many benefits over centralized solutions due to its ability to reduce costs, horizontally scale, reward network contributors, and enhance security,” Deutscher notes.

Key Sectors Within DePIN

Deutscher dives deeper into specific sub-sectors within DePIN, identifying decentralized storage and computing, along with AI infrastructure, as critical areas of growth and innovation:

  • Decentralized Storage: Projects in this category aim to create marketplaces for unused storage capacity, offering a more accessible, secure, and cost-effective alternative to centralized storage solutions.
  • Decentralized Computing: This segment focuses on leveraging GPU power from across the globe to facilitate complex computations, thereby democratizing access to computing resources.
  • AI Infrastructure: Addressing the exponential growth and accompanying scaling challenges of AI, infrastructure projects offer solutions for specialized hardware access, effective collaboration, and data storage.

Best DePin Crypto Coins

Highlighting specific projects within the DePIN sector, Deutscher mentions Akash Network (AKT), Render Network (RNDR), Aethir Cloud, Filecoin (FIL), Arweave, and ATOR Protocol as standout projects:

  • Akash Network (AKT): Described as the ‘Airbnb for server hosting’, Akash Network facilitates an open marketplace for decentralized cloud services. “Akash’s model disrupts traditional cloud hosting, offering a cost-effective and scalable alternative,” Deutscher highlights.
  • Render Network (RNDR): Tapping into underutilized GPU power, RNDR facilitates advanced AI and 3D rendering capabilities, with network activity showing consistent month-over-month growth.
  • Aethir Cloud: Poised for a highly anticipated launch, Aethir Cloud boasts significant partnerships and infrastructure commitments, positioning it as a potentially transformative player in the DePIN landscape.
  • Filecoin (FIL): Identified as Deutscher’s top decentralized data storage pick, FIL showcases robust growth metrics across multiple verticals, including a substantial increase in storage capacity and user base.
  • Arweave: Specializing in permanent data storage on the blockchain, Arweave is highlighted for its application in projects requiring long-term data preservation.
  • ATOR Protocol: Serving as scalable privacy middleware, ATOR Protocol enhances privacy for DePIN and other crypto projects through innovative hardware solutions. “ATOR Protocol’s use of relays to maintain anonymity while rewarding users is a game-changer for privacy in the digital age,” Deutscher remarks.

Deutscher’s analysis concludes with a call to action for investors and enthusiasts alike, urging them to look beyond the surface of the burgeoning AI trend in crypto and consider the foundational shift DePIN represents. “As we stand on the brink of a new era in technology and economics, the DePIN sector offers a rare opportunity to be part of something truly transformative,” he asserts, adding that “each sub-sector disrupts a $1T dollar industry.”

Deutscher concludes, “DePIN generates more than $15 million in annual on-chain revenue, and this number is set to grow rapidly in the coming years.” This financial viability, combined with the sector’s vast potential for disruption across trillion-dollar industries, solidifies DePIN’s position as a compelling investment opportunity in the burgeoning crypto landscape.

At press time, RNDR traded at $6.15.

Render Network price

Dogecoin Adoption Rate Touches New ATH, But Why Is This AI Bearish On DOGE Price?

 

DOGE The Dogecoin network is on a roll after a particularly disappointing performance leading up to the end of January. Usage on the network is beginning to pick up once more after the price made its way above $0.08. New adoption saw the highest spikes, as almost 1 million new DOGE wallets were created in a 7-day period.

890,000 New Dogecoin Wallets In One Week

According to data from the on-chain analytics platform, IntoTheBlock, the number of new addresses created on the Dogecoin network spiked significantly in the last seven days of January. The total number of new addresses created during this one-week period came out to a total of 890,000. However, the most interesting part is the spike that took place between January 28 and 29.

In the screenshot shared by IntoTheBlock on X (formerly Twitter), we can see that the majority of new wallets creation happened in a single day. The daily wallet creation went from an average of 60,000 leading up to January 28, and by January 29, around 240,000 new wallets were created in a single day.

The next day would see a slight decline from these 2024 highs. But by January 31, the numbers picked up once more. During this time, another 200,000 DOGE wallets were created in a single day, accounting for one of the largest spikes in new wallets on the network.

IntoTheBlock offered a possible explanation for the spike in new wallets which could be related to an increased interest in Doginals. Doom, a highly anticipated project, was launched on the Dogecoin blockchain, contributing to the spike. The on-chain tracker also added that “the rumors of Xpayments could be driving new users to Dogecoin.”

Dogecoin price chart from Tradingview.com

Machine Learning Algorithm Not Convinced On DOGE Price

Despite the increased interest in the Dogecoin network over the last week, the outlook for its native DOGE coin is still not favorable, according to the machine learning algorithm at CoinCodex. The algorithm has presented the likely movements of the DOGE price over the next few days to the next month, and they are far from bullish.

For the nearest term, the CoinCodex machine learning algorithm expects that there will be a small increase in price over the next five days, with an expected 1.54% rise. However, looking out in the long term, the algorithm expects a change in this positive momentum.

Over the next month, the AI expects that there will be an around 11.13% drop in price from the current levels. This would put the DOGE price at $0.071, pointing to the current sentiment toward the meme coin being rather bearish for now.

Nevertheless, Dogecoin is still holding on to its small gains of 0.7% over the last day, while maintaining its position as the 10th-largest cryptocurrency in the space with a market cap of $11.37 billion.

These Crypto Asset Classes Could Be Future Market Drivers: Santiment

According to analytics firm Santiment, Artificial Intelligence (AI) and Real-World Assets (RWA) could be future drivers for the crypto market.

AI And RWA Crypto Tokens Have Seen High Interest Recently

As explained by Santiment in a new post on X, topics like AI and RWA have recently seen a surge in interest. The indicator of relevance here is the “Social Volume,” which keeps track of the amount of discussion related to any given topic or term occurring on social media platforms.

This metric makes this measurement by counting the number of unique posts/threads/messages that mention at least one topic in question. The indicator measures the number of posts rather than the number of mentions themselves because the latter can provide a skewed picture.

Consider a situation where many mentions are occurring on these platforms but are limited to only a few posts. Discussion around the topic is happening for sure. Still, the fact that only some users are engaging in it could imply that the average user may not have any interest in the topic.

A large number of posts being made around the topic, on the other hand, would imply discussion is happening across social media, and hence, there has to be some interest outside niche circles.

Now, here is a chart that shows the trend in the social volume of AI and RWA over the last few months:

AI And RWA Crypto

As displayed in the above graph, the Social Volume for these two topics has been at notable levels recently, implying that the crowd has been paying attention to them. Based on this increased interest, Santiment believes these topics are “projecting to be future crypto market drivers.”

“In the ever-changing climate of trader interests over the years, such as DeFi, NFT‘s, memecoins, or staking, these more recent topics have been a major focus, and many related tokens have taken turns benefiting from market decouplings,” notes the analytics firm.

Santiment has also listed some cryptos that connect with these topics. For the AI side, there is The Graph (GRT), Fetch.ai (FET), SingularityNET (AGIX), Ocean Protocol (OCEAN), and Bittensor (TAO).

Meanwhile, for RWA, the analytics firm has pointed out cryptos like Avalanche (AVAX), Chainlink (LINK), Internet Computer (ICP), and Maker (MKR). Given the high interest backing both these topics, it’s possible these assets could be ones to keep an eye on in the future.

Avalanche Price

Avalanche has observed a strong surge during the past week as the asset’s price has shot up almost 30%. Following this surge, the crypto has cleared the $35 level.

The chart below shows how AVAX has performed recently.

Avalanche Crypto Price Chart