SingularityNET (AGIX) Rallies 128% As On-Chain Activity Heats Up
February 23 2024 - 5:00PM
NEWSBTC
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. All of these metrics seem to have blown
up in recent days | Source: Santiment on X 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. Related Reading: Polygon Could See Bull Rally To $1.73 If This
Happens: Analyst 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. Related Reading: Ethereum Breaks Back Above $3,000, Will
FOMO Lead To Top Again? 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. Looks like the price
of the asset has sharply gone up over the last few days | Source:
AGIXUSD on TradingView Featured image from Shutterstock.com,
Santiment.net, chart from TradingView.com
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