Cryptocurrencies to Watch: Week of Feb. 6

Coins To Watch, week ending Feb. 6: SingularityNET (AGIX), Render Token (RNDR), MAGIC (MAGIC), Shiba Inu (SHIB), and The Graph (GRT).

Alice Morgan / Investopedia

Keep an Eye on These Coins

The cryptocurrency market's recent momentum subsided a bit in the latest week as Bitcoin fell back to about $22,000. While that's an improvement from where the market was trading a few months ago, there may be a few more resistance points to break through before the market can enter a bull run. Still, there some crypto tokens are outperforming the market.

This week, we examine SingularityNET (AGIX), Render Token (RNDR), MAGIC (MAGIC), Shiba Inu (SHIB), and The Graph (GRT). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.

Key Takeaways

  • SingularityNET’s AGIX token was one of the biggest gainers this week, jumping 150%, likely related to interest in artificial intelligence (AI) arising from discussion of chatbot ChatGPT.
  • Render Token’s RNDR posted a 51% price increase after the launch of a new tokenomics model and the creation of the Render Network Foundation.
  • Magic (MAGIC)'s price also increased abut 50%, possibly in connection with persistent interest in the metaverse.
  • Meme token Shiba Inu (SHIB)'s price rose 23%, likely resulting from a growing burn rate and more transactions on the network.
  • The Graph (GRT)'s price gained by more than 48% after reports of growth across several of its metrics.

SingularityNET (AGIX)

SingularityNET (AGIX), a project focused on decentralized AI, is feeding off growing interest in free chatbot ChatGPT. The project's AGIX token recorded a 150% jump in price in the week, possibly due to the curiosity and influx of ChatGPT users. The token is priced at around 44 cents (see chart below).

SingularityNET allows users to browse and pay for AI services using the AGIX currency. It is essentially a decentralized marketplace for AI and is seeing heavy development in its ecosystem.

AGIX vs. US Dollar in week ended Feb. 6

AGIX (TradingView)

Render Token (RNDR)

Render Token's price jumped 51% over the past week, probably because of two major developments. First, the project implemented a new tokenomics model called Burn Mint Equilibrium (BME). It also launched the Render Network Foundation, a non-profit that is “dedicated to maintaining the core Render Network protocol and growing its community and ecosystem.”

Render allows users to render 3D designs through a distributed network. The RNDR token is used to pay for the service. RNDR began last week at $1.19 and is now valued at around $1.90 (see chart below).

RNDR token vs. U.S. dollar week ending Feb. 6

RNDR (TradingView)


MAGIC (MAGIC) is a metaverse project and this niche continues to dominate investment trends in the crypto market, judging by the performance of such tokens. MAGIC is an important resource of the Treasure metaverse, which is a decentralized non-fungible token (NFT) ecosystem built for metaverse projects. The MAGIC token added about 50% in value last week, likely as a result of this continued interest in the metaverse.

There has also been a growing audience for blockchain-based gaming ecosystems, and this seems to have had a positive effect on the MAGIC token. The associated Trove marketplace and Treasure ecosystem have also been recording more activity. MAGIC is now priced at around $2 after having started last week at about $1.29. (see chart below).

MAGIC vs. US Dollar in week ended Feb. 6

MAGIC (TradingView)

Shiba Inu (SHIB)

Meme token Shiba Inu (SHIB) has been performing fairly well over the last few months, despite the crypto winter. The project's developers are continuing efforts to flesh out the ecosystem, which has resulted in more transactions on the network. The burn rate of SHIB has also increased, helping push up the price as well.

Together, these actions have led to an increase of more than 23% for SHIB. The project is beginning to become more a utility token than a meme token, which could bode well for it in the future. SHIB started last week at 0.000012 cent and is now priced at around 0.000014 cent (see chart below).

SHIB vs. U.S. dollar, week ended Feb. 6

SHIB (TradingView)

The Graph (GRT)

The Graph (GRT) marked a price increase greater than 48%, probably thanks to positive growth in a number of its key metrics. Cypto market intelligence provider Messari released a report on the project that showed that the number of active indexers, delegators, and curators for GRT all increased quarter over quarter.

On a proof-of-stake (POS) network such as The Graph, indexers are the node operators, motivated by earning financial rewards. Delegators are responsible for validating blocks, securing the network, and the overall functioning of the blockchain, although they also are financially motivated. Curators use GRT to signal what subgraphs are valuable to index.

The Graph is an indexing protocol that provides information to users, with the data taken from multiple sources. The Graph's team is also working on supporting new chains on the network. GRT is currently priced at around 13 cents (see chart below).

GRT vs. U.S. dollar, week ended Feb. 6

GRT (TradingView)

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. CoinMarketCap. "Bitcoin."

  2. Flipboard. "Kaboom! SingularityNET (AGIX) Sets Off 127% Blast – What’s Stopping the AI Crypto?"

  3. CoinMarketCap. "SingularityNET Price."

  4. CoinMarketCap. "Render Token Price."

  5. Snapshot. "Final Vote on RNP-001 (v2)."

  6. Medium. "Announcing the Render Network Foundation."

  7. Coinbase. "MAGICMAGIC."

  8. CoinMarketCap. "MAGIC Price."

  9. Twitter. Treasure. "After 1 Week…Reserve Your Free Tag." Feb. 3, 2023.

  10. Analytics Insight. "Shiba Inu’s (SHIB) Price Turns Positive as Transactions Increase by 56%."

  11. Shibburn. "Shibburn."

  12. CoinMarketCap. "Shiba Inu Price."

  13. CoinMarketCap. "The Graph Price."

  14. Messari. "State of The Graph Q4 2022."

  15. The Graph. "The Graph Network in Depth: Part 1."

  16. LeewayHertz. "An Overview of Blockchain Indexing Protocol."

Take the Next Step to Invest
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.