SingularityNET (AGIX) has been one of the most exciting assets in the cryptocurrency market this year, with an astonishing jump of +1,109% over the five-week stretch of January 3rd to February 6th, according to data by Santiment. However, after this impressive rise, the price of AGIX has been choppy and uncertain.
Now, a massive transaction of 100M AGIX, worth approximately $50M, was made from one of the largest known exchange addresses to another. This transaction is the largest made on the network in 14 months, and it has sparked curiosity and speculation among investors.
The sending address of the transaction holds a combined $9.92B in altcoins, with its largest portion in BUSD, and it has been increasing its stake in AGIX massively throughout the past year. On the other hand, the receiving address holds a combined $1.23B worth of altcoins, and its historical accumulation of AGIX had led to price drops in the past.
It’s important to note that both addresses involved in the transaction are exchange addresses, which could indicate simple asset shuffling. However, given the amount of money involved and the history of these addresses, investors are closely monitoring the price action of AGIX in the coming days.
SingularityNET currently sits as the 75th largest market cap asset in the crypto market, and the recent transaction has added to the uncertainty surrounding its price. While the $50M transfer could be interpreted in different ways, investors are waiting to see how it will affect the market and whether it will lead to a surge or drop in the price of AGIX.
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This article was republished from azcoinnews.com
