SingularityNET (AGI) rallies 1,000% as industries aim to merge AI with blockchain

The internet has reshaped society over the past 40 years, and experts are predicting that digital technologies and artificial intelligence will continue to transform how humans interact with data for the foreseeable future.

One AI-focused cryptocurrency project that has seen tremendous growth since the beginning of 2021 is SingularityNET and its talented humanoid robot named Sophia.

AI developers can utilize the SingularityNET platform to create, share and monetize their services through its AI marketplace, which allows users to browse, test and purchase those services using SingularityNET’s native AGI token.

Data from Cointelegraph Markets and TradingView shows that the price of AGI rose by nearly 1,000% in 2021, increasing from a low of $0.046 on Jan. 1 to a high at $0.50 on April 6, its highest level since February 2018.

AGI/USDT 4-hour chart. Source: TradingView

Three reasons for AGI’s impressive rally over the past few months are the growth of its cross-chain collaboration with Cardano, its entrance into the decentralized finance arena and the release of SingularityNET Layer 2 (SL2), which enables the creation of tokens on top of the SingularityNET platform.

DeFi and the SingularityDAO

DeFi has emerged as a potent source of growth for the cryptocurrency ecosystem ever since the sector exploded in June 2020 when projects like Uniswap and Yearn.finance began to reshape the industry.

SingularityDAO was first revealed in November 2020 with the mission of facilitating the growth and funding for early- and mid-stage blockchain projects by “leveraging AI and well-designed tokenomics to create radically more liquidity for the corresponding tokens,” according to the project’s website.

This DeFi-related activity along with offering the ability for AGI holders to participate in platform governance, network security and earn a yield through staking helped the token rally throughout January and February.

The robot Sophia also captured some of the nonfungible token…

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