While the broader cryptocurrency market was catching its breath in early February 2023, a new narrative was quietly taking over: artificial intelligence. At the center of this surge was SingularityNET (AGIX), a decentralized AI marketplace token that had skyrocketed approximately 742% since the start of the year, powered by the mainstream explosion of ChatGPT and massive investments from tech giants into AI research.
TL;DR
- SingularityNET (AGIX) surged ~742% since January 1, 2023, from $0.04 to above $0.40
- AGIX gained 100%+ in just three days (Feb 3-6), reaching a high of $0.48
- ChatGPT mainstream adoption and Big Tech AI investments driving the AI token narrative
- Microsoft invested $10 billion in OpenAI; Google invested ~$400 million in Anthropic AI
- AGIX market cap surpassed $517 million, ranking 91st globally
From Obscurity to the Top 100
SingularityNET’s native token AGIX began 2023 trading in the $0.04 range — a price level that reflected months of bear market apathy. But as ChatGPT captured the world’s imagination, crossing 100 million users faster than any application in history, the AI narrative spilled over into crypto with explosive force.
By February 5, AGIX had rocketed above $0.40, representing a gain of roughly 742% year-to-date. The token’s most dramatic move came in a blistering three-day stretch: from $0.25 on February 3 to an intraday high of $0.48 on February 6 — a 100%+ surge in under 72 hours. AGIX’s market capitalization ballooned to over $517 million, propelling it to 91st place in the global cryptocurrency rankings.
The ChatGPT Effect Meets Crypto
The AGIX rally did not happen in a vacuum. It was part of a broader AI-crypto crossover driven by the cultural phenomenon of ChatGPT, OpenAI’s conversational AI platform. ChatGPT’s rapid adoption proved that artificial intelligence had reached an inflection point, and crypto investors were quick to identify tokens connected to AI development.
The biggest catalyst came from Microsoft’s announcement of a $10 billion investment in OpenAI — a bet that signaled Big Tech’s conviction that AI would reshape the global economy. Not to be outdone, Google responded with a near-$400 million investment in Anthropic AI, a startup developing a rival to ChatGPT. These massive capital flows into AI startups created a spillover effect: if the world’s largest tech companies were betting billions on AI, crypto traders reasoned, then AI-focused blockchain projects deserved a re-evaluation.
What is SingularityNET?
SingularityNET is a decentralized marketplace for AI services, allowing developers to publish, share, and monetize their AI algorithms. Founded by Dr. Ben Goertzel — a cognitive scientist and pioneer in the field of artificial intelligence — the project’s ambitious goal is to develop Artificial General Intelligence (AGI), a form of AI that can understand and learn any intellectual task a human can perform.
Built on the Cardano blockchain (with cross-chain capabilities), SingularityNET uses its native AGIX token to facilitate transactions within its ecosystem. In early 2023, the project reported significant progress with its MeTTa programming language, which Goertzel’s team was developing as the foundation for their AGI ambitions. According to a blog post from the project, MeTTa had shown positive results in testing, bringing the vision of decentralized AGI closer to reality.
AI Tokens Outshine the Rest
AGIX was not the only AI-related token experiencing a breakout. The Graph (GNT), an indexing protocol used for organizing blockchain data and increasingly relevant to AI applications, surged approximately 50% in the same period. Other AI-adjacent tokens also posted strong gains, suggesting that the market was treating AI as a distinct investment thesis — separate from the broader crypto market direction.
This divergence was notable because it occurred while Bitcoin and most major altcoins were pulling back. BTC had fallen below $23,000, and the total crypto market cap had declined roughly 4% to around $1.08 trillion. Yet AI tokens were surging, demonstrating that narrative-driven investing remained a powerful force in crypto markets.
The Risks Behind the Rally
Despite the impressive gains, questions remained about the sustainability of the AI token rally. SingularityNET’s fundamental value proposition — decentralized AI services — had yet to achieve widespread commercial adoption. While the project had an active ecosystem and a visionary founder, the gap between AGIX’s $517 million market cap and its actual revenue generation was a concern for fundamental investors.
Moreover, the correlation between ChatGPT hype and AGIX price action suggested a strong speculative component. AI tokens were benefiting from a narrative tailwind, but narratives in crypto have historically been cyclical — what was hot in February could cool by March. The rapid 100%+ surge over three days also raised concerns about volatility and the potential for sharp pullbacks.
Why This Matters
The SingularityNET rally of early February 2023 was significant for several reasons. First, it demonstrated that the crypto market could generate entirely new investment narratives independent of Bitcoin’s price action — AI tokens were surging while BTC was declining. Second, it highlighted the growing intersection of artificial intelligence and blockchain technology, a convergence that would only deepen as both fields matured throughout 2023 and beyond. Third, the AGIX surge served as an early indicator of the AI investment thesis that would eventually dominate both traditional and crypto markets. The players may have been different — Microsoft and Google in Big Tech, SingularityNET and others in crypto — but the underlying bet was the same: artificial intelligence was entering its mainstream era, and investors wanted exposure. Whether AGIX could sustain its rally depended on SingularityNET’s ability to deliver real-world utility and attract developers to its decentralized AI marketplace. But in the first week of February 2023, the market was clearly betting that the age of AI had arrived — and crypto was along for the ride.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always conduct your own research before making investment decisions.
742% ytd and i still managed to sell too early at 3x. the pain is real
the 100% move in 3 days from $0.25 to $0.48 screams top. anyone buying up here is exit liquidity
from $0.04 to $0.48 in six weeks is pure speculation. what actual revenue does SingularityNET generate? genuine question
fair point about revenue, but the same was said about ETH in 2017. sometimes narrative is enough for a cycle
microsoft dropping $10b on openai and suddenly every crypto with AI in the name does a 10x. love to see it