Cryptocurrencies to Watch: Week of Feb. 6

Keep an Eye on These Coins

The cryptocurrency market's recent momentum subsided a bit in the latest week as Bitcoin fell back to about $22,000.1 While that's an improvement from where the market was trading a few months ago, there may be a few more resistance points to break through before the market can enter a bull run. Still, there some crypto tokens are outperforming the market.

This week, we examine SingularityNET (AGIX), Render Token (RNDR), MAGIC (MAGIC), Shiba Inu (SHIB), and The Graph (GRT). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.

KEY TAKEAWAYS

• SingularityNET’s AGIX token was one of the biggest gainers this week, jumping 150%, likely related to interest in artificial intelligence (AI) arising from discussion of chatbot ChatGPT.
• Render Token’s RNDR posted a 51% price increase after the launch of a new tokenomics model and the creation of the Render Network Foundation.
• Magic (MAGIC)'s price also increased abut 50%, possibly in connection with persistent interest in the metaverse.
• Meme token Shiba Inu (SHIB)'s price rose 23%, likely resulting from a growing burn rate and more transactions on the network.
• The Graph (GRT)'s price gained by more than 48% after reports of growth across several of its metrics.
  

SingularityNET (AGIX)

SingularityNET (AGIX), a project focused on decentralized AI, is feeding off growing interest in free chatbot ChatGPT.2 The project's AGIX token recorded a 150% jump in price in the week, possibly due to the curiosity and influx of ChatGPT users.3 The token is priced at around 44 cents (see chart below).

SingularityNET allows users to browse and pay for AI services using the AGIX currency. It is essentially a decentralized marketplace for AI and is seeing heavy development in its ecosystem.