In the month following the announcement of a partnership between Fetch.ai (FET) and SingularityNET (AGIX), the two coins have struggled to live up to the expectations that some investors set for them. A mid-December rally reported in Fatch.ai prices leveled out to reflect early December prices, which had already shown significant growth over the prior month. The
SingularityNET price, however, has remained volatile, dipping as low on Jan 7 as they had since Nov before climbing again. While both coins have demonstrated notable growth since the Autumn of last year, can this growth be attributed to the collaboration that drove speculation in December?
A Collaboration Between AI Coins
The collaboration between these two currencies is about more than driving crypto speculation. Fetch.ai is a decentralized network similar to the monstrously powerful Ethereum, which has led the crypto space in blockchain innovation. Fetch.ai is distinguished by the prevalence of AI on the network. Autonomous software agents execute tasks on the Fetch.ai network, which aspires to become a next-generation data marketplace on the cutting edge of fintech.
The collaboration between Fetch.ai and SingularityNET is meant to drive research and innovation in this space. In particular, it hopes to improve multi-step reasoning using decentralized infrastructure—the AI’s ability to make decisions using combinations of different data sets and executing steps across various network components—and decreasing the occurrence of “hallucinations,” or erroneous interpretations of events in large language models (LLM).
In theory, overcoming these hurdles would be an essential step in creating a revolutionary platform that can analyze and execute functions faster and more precisely than any human operator could, creating a potential asset for users operating decentralized finance applications or similar functions on the platform. Investors in the crypto space are used to making decisions based on long-term projections of technological possibilities, so anticipation was hot following the announcement of this collaboration.
Long-Term Stability and Momentary Vulnerability
The kind of technological innovation that Fetch.ai and SingularityNET hope to achieve is not likely to be delivered weekly or month-to-month. Investors wishing to see a continued surge in prices might take the volatile nature of cryptocurrencies for granted, hoping to ride the speculation to a high point and then evacuate to other investments. This may not materialize here, however.
The actual effect of this collaboration on the Fetch.ai and
SingularityNET prices may be seen in the long term. Both currencies saw increasing value from October to December and have remained high. SingularityNET’s current volatility resembles the same kind of short-term variation often seen in crypto markets, more due to changes in market value than any significant acquisitions or sell-offs. More importantly, a broader view shows the potential to stabilize at the highs achieved in December, when investors might have otherwise anticipated a decrease back to the previously low equilibrium.
This new, higher, long-term stability may represent more investors patiently waiting for the technological developments promised by SingularityNET and Fetch.ai. If the AI components of Fetch.ai’s platform mature as they seem to have the potential, this long patience could be rewarded. While it’s difficult to anticipate how developments in speculative new technology will affect the value of the currencies attached to them, the increased market value of the currency can be seen as a vote of confidence by many that any improvements will be worth the wait.
