SingularityNET, known for its integration of artificial intelligence in blockchain, is poised to significantly expand its circulating token supply. An upcoming event is slated for February 28, 2024, where the network will release 8.97 million AGIX tokens, valued at approximately $6.74 million, into circulation. This addition represents a modest 0.71% increase in the total tokens available to the market.
AGIX-ADA Utility Program to Receive New Tokens
The tokens becoming available will fund the AGIX-ADA Utility program, a cornerstone of the SingularityNET framework. This strategic move aims to bolster the token’s use cases, fostering both adoption and network growth. The initiative signifies a step towards enhancing SingularityNET’s offerings and impact within the AI-powered blockchain ecosystem.
Market Watches As Token Unlock May Sway AGIX Value
Amid the planned expansion of the token supply, stakeholders and crypto enthusiasts are observing how this event might affect AGIX’s market value. With a recent drop in price to $0.712, marking a 1.24% decrease, the community awaits the market’s response to the increase in token availability. Despite the broader market’s optimistic trend propelled by Bitcoin‘s surge, AGIX faces speculative pressure as the unlock date approaches.
The broader context shows that nearly 70% of SingularityNET’s planned token unlocks have already occurred, with 598.18 million tokens still locked. The platform has previously introduced 1.4 billion tokens to the market. This phased release suggests that the supply-induced price pressures might dissipate in the foreseeable future, possibly stabilizing the token’s valuation.
As the token unlock event nears, market participants remain vigilant, assessing potential shifts in AGIX’s market dynamics. The gradual release of locked tokens aims to strike a balance between supply growth and sustainable market performance for SingularityNET’s native cryptocurrency.