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Cardano's AI Gem AGIX Shines Green in Sea of Red: Here's Main Reason Why

Thu, 08/24/2023 - 14:30
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Gamza Khanzadaev
Cardano-based SingularityNET eyes price rise of its token, AGIX, amid general crypto market downturn, thanks to Nvidia
Cardano's AI Gem AGIX Shines Green in Sea of Red: Here's Main Reason Why
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SingularityNET's AGIX token has emerged today as a beacon of green amid a sea of red on the crypto market. Over the course of the day, the Cardano-based token has soared by over 9%, catapulting to the forefront of the crypto market's top performers.

AGIX to USD by CoinMarketCap

The driving force behind this unprecedented surge can be traced back to Nvidia's groundbreaking quarterly report, unveiled after the closing bell on the U.S. stock market. A true pioneer in the realm of artificial intelligence, Nvidia's earnings report left the market in awe.

Tech Giant Nvidia Says Crypto Adds Zero Benefits to the World

Thus, the tech giant disclosed impressive earnings of $2.70 per share, coupled with a staggering revenue of $13.51 billion. The company's bullish outlook continued as Nvidia revealed its projection of third-quarter sales reaching a towering $16 billion, a figure significantly surpassing the anticipated $12.5 billion forecast by analysts. Adding to the fervor, Nvidia disclosed its ambitious $25 billion share buyback plan.

This seismic positive shift cascaded throughout the AI-centric cryptocurrency sector, further amplified by the 24/7 trading nature of the crypto market. AGIX and its peers in the AI domain swiftly entered the spotlight, igniting investor enthusiasm.

Year of AGI(X)

Against the backdrop of artificial intelligence's rapid mainstream integration, SingularityNET has undeniably seized the limelight in 2023's crypto market landscape. Bolstered by a masterful narrative, AGIX has witnessed an astronomic ascent of 1,372% since the start of the year. As previously highlighted by U.Today, SingularityNET functions as a decentralized AI service marketplace, with the aim of bolstering interoperability across Cardano and Ethereum.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.