Popular Crypto Trader Won’t Buy Top Performing AI Token – Here’s Why
February 11 2023 - 5:50AM
NEWSBTC
The rise of AI tokens has been the talk in the crypto space, with
several projects like SingularityNET, The Graph, and Fetch.ai
gaining impressive spikes in their market cap valuation. Despite
the hype, popular crypto trader Scott Melker is not convinced and
singled out SingularityNET for criticism. SingularityNET
(AGIX) Rise Due To Market Euphoria Scott Melker, who has more than
850,000 followers on Twitter, revealed in a tweet that there’s a
strong price rejection for Singularity at its all-time price high,
and the market shows a clear bearish divergence at the top after
being overbought. He further casted doubt about AGIX development by
suggesting that the project has a single developer in its entire
ecosystem and has benefited from the current euphoria surrounding
the AI token ecosystem. In this sense, the trader believes that the
current prices do not reflect the true value of AGIX token and that
the asset could dip in the future. Related Reading:
What Is SingularityNET And Why Is Its AGIX Token Exploding By 116%?
Melker’s comments have not been without scrutiny, as some crypto
community members pointed out that SingularityNET had more than 200
developers working within its ecosystem in 2022. While others noted
that AGIX has been straightforward with their developments and has
a reputable team. With this scenario, Melker maintains that
he does not believe in the SingularityNET project and won’t be
trading it. In this way, he has demonstrated the importance of
monitoring and investigating projects and doing technical and
fundamental analysis before taking the risk of investing.
What’s Behind The Rise Of AI Tokens The remarkable rise of AI
tokens within cryptocurrency has sparked much conversation. The
success of AI tokens comes in response to the growing demand for
decentralized computing capacity. Big corporations, institutions,
and research centers are starting to deploy more AI-related tasks
requiring high-end computing resources from a trusted source.
Moreover, several AI token projects have offered their platforms as
a solution for utilizing distributed computing resources that are
both cheap and safe. Additionally, these projects come with
decentralized applications and protocols that allow developers to
create and manage AI projects much more easily. Related Reading:
SingularityNET (AGIX) Shows No Signs Of Stopping, As AI Crypto
Blows Up 923% Due to this, these tokens have generated strong
interest from mainstream investors, leading to heightened demand
for AI tokens. It is expected that the demand for AI tokens will
continue to remain in the market, with leading projects such as
SingularityNET and The Graph expected to receive more attention in
the near future. AGIX Price Analysis Based on the current
technical analysis, AGIX token is trading at a bullish price after
a strong surge in the crypto space. The token is currently trading
at $0.40 with a 24-hours high of $0.429, after having its year high
at $0.65 earlier in the week. Its market cap is currently around
$525 million, with a 24-hour daily trading volume of $318 million.
The high trading volume of AGIX suggests that investors’ eagerness
has yet to dissipate, although the token has cooled off since its
all-time high. The current market sentiments indicate that
AGIX may not make another surge soon, and investors should remain
on guard for a possible price dip. Featured image from
Singularity.net, charts from TradingView.com
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