Cryptocurrency investors and traders were extremely happy with an impressive increase in the overall trading volume of SingularityNET (AGIX) on 14th April 2025. The increase was kicked off by a surprise announcement from SingularityNET. They announced the addition of a large new language model to their platform. The trading volume of AGIX increased by 120% within a 24-hour period, reaching a peak of $45 million at 9:00 AM UTC. This event is a clear sign of the increasing demand for AI-based cryptocurrencies, demonstrating their potential to shape the larger market.
In retrospect, this increase in AGIX trading volume carried several implications. It underscored the growing correlation between AI tokens and top crypto assets and served as a bellwether for changing market dynamics. Traders should be careful to keep this negative correlation in mind when establishing strategies to trade AI tokens.
On April 14, 2025, at 10:30 AM UTC, Milk Road Daily reported a significant event in the cryptocurrency market via Twitter. In the wake of SingularityNET’s announcement, Fetch.ai (FET) pumped hard, soaring 85% to give it a trading volume of $22 million. Ocean Protocol (OCEAN) experienced a significant increase of 70%, with its trading volume reaching $18 million.
The AGIX/BTC trading pair demonstrated a breakout from a consolidation pattern at 10:45 AM UTC on April 14, 2025. This breakout further fueled the trading activity. Simultaneously, the Relative Strength Index (RSI) for AGIX jumped from 60 to 72, indicating overbought conditions.
For AGIX, on-chain metrics indicated a remarkable spike in active addresses. The daily increase in active addresses went from 1,200 to 2,500 in just that 24-hour period. Samson Mow This boom in network activity was further evidence of the spike in trading volume and overall market speculation in AGIX.
In contrast, during this same period AGIX had a much tighter correlation with large cap cryptos. Bitcoin (BTC) and Ethereum (ETH) were the main cryptocurrencies driving this correlation. This correlation implies that fluctuations in the largest cap cryptos, like bitcoin or ether, may be able to influence AI tokens more directly than they could before. AI is already having a profound impact on trading strategy and market analysis.
The surge in AGIX's trading volume was a direct result of SingularityNET's announcement of a new AI model integration. This integration probably indicated improved platform capabilities or increased functionality use cases, enticing investors and traders to the platform. The volume increase to $45 million at 9:00 AM UTC on April 14, 2025, served as a clear indicator of heightened market interest and confidence in AGIX.
The movement of the RSI from 60 to 72 at 10:45 AM UTC on April 14, 2025, indicated that AGIX had entered overbought territory. This technical indicator is one reason why AGIX’s price looks like it may have shot up too fast. A correction may be coming soon. Market participants typically use RSI to help find buy and sell signals.
This strong increase in active addresses on the AGIX network indicates a rising user interest and adoption of this innovative platform. The on-chain data is indicative of a swelling market interest. This suggests that the massive increase in trading volume was more than simply a byproduct of meme-style speculative trading. The increase in active addresses reflects a real use of the SingularityNET platform.
This surge in correlation between AGIX and other large cap cryptocurrencies showcases the growing landscape of the crypto markets today. As AI tokens gain prominence, their performance may become more closely tied to the overall market sentiment and movements of established cryptocurrencies. Traders should account for this correlation when creating trading strategies for AI tokens.
