Cardano-Based SingularityNET (AGIX) Pumps Amid Musk-AI Buzz

Elon Musk is reportedly working on an AI chatbot competitor for ChatGPT.

A woman sitting on the moon gazing at an upward trending price chart
  • The price of Singularity AGIX has been reflecting increases aligned to AI-related news and events.
  • Billionaire Elon Musk is reportedly working on an AI chatbot competitor for ChatGPT.
  • AGIX has recorded a dramatic price increase over the past three months.

The artificial intelligence (AI) industry has recently seen unprecedented growth and interest attributed to the advent of OpenAI’s AI chatbot, ChatGPT. According to IDC, the AI industry is forecasted to continue undergoing cumulative growth to surpass a market value of $500 billion by 2024.

Amidst the AI hype, frontrunners are riding the wave with OpenAI already advancing artificial general intelligence (AGI) and billionaire tech mogul Elon Musk reportedly developing a rival for ChatGPT – both topics raising the eyebrows of mainstream and AI audiences alike.

Musk has a history of influencing sentiment in the crypto market. The upward trajectory of AGIX recorded over the past 24 hours is believed to be in connection with the recent reports that the Tesla, SpaceX, and Twitter billionaire is working on an alternative to ChatGPT.


In response to the 2023 AI-uproar, the utility token of Cardano-based AI marketplace SingularityNET (AGIX) has recorded an explosive price increase.

AGIX Riding the AI-Wave

At the time of writing, AGIX is trading at $0.53, recording an increase of 34.95% over the past seven days and a 1,191% pump over the past three months.

Three-month price chart for SingularityNET. Source:


Notable spikes in the price of AGIX have aligned with major events and developments in the AI industry. For the majority of February, the price of SingularityNET’s native utility token AGIX hovered above $0.40. In the same month, Microsoft invested $10 billion into the ChatGPT chatbot, just before the rumors of Elon Musk’s rival AI chatbot surfaced, hyping up the wide-eyed public even more.

SingularityNET (AGIX) is a decentralized, open-source marketplace for AI services and products that allows users and developers to buy, sell, and share artificial intelligence algorithms and tools via blockchain technology.

Its native utility token, AGIX, is used for protocol governance and currency exchange within the platform. SingularityNET is led by experienced artificial intelligence and machine learning professionals and is committed to interoperability, supporting AI development on both the Ethereum (ETH) and Cardano (ADA) blockchain networks.

On the Flipside

  • Elon Musk helped to create ChatGPT before exiting OpenAI in 2018, voicing numerous concerns about AI technology for years.
  • The price of AGIX increased only 7.77% after the announcement of a Cardano staking portal beta testing launch.
  • There is no formal link between Elon Musk and Cardano or SingularityNET.

Why You Should Care

Artificial Intelligence (AI) and blockchain technology are both significant innovations that have emerged in the last decade. The intersection between AI and blockchain technology has the potential to influence, revolutionize, and antiquate many global industries.

Elon Musk has a history of influencing the crypto sphere with his tweets; read more:
Fake ChatGPT Tokens Emerge in Abundance After Elon Musk’s Tweet

Read more about the SingularityNET’s Cardano staking portal set to go live in beta testing:
Cardano Staking Portal Beta Explained – Everything You Need to Know about SingularityNET ($AGIX)

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Monique Brelage

Monique Brelage is a South African cryptocurrency news reporter at DailyCoin focused on the Cardano (ADA) and Solana (SOL) ecosystems. She aims to convert complex topics into digestible and engaging news pieces for readers of all knowledge levels.   Before her journey with DailyCoin, Monique has immersed herself in the realm of NFTs and Web 3.0 since 2019. Her experience in multiple industries enables her to conduct critical analyses and convert it into her writing. She acknowledges the profound impact decentralization, Web 3.0 technology, and everything beyond will have on the future.   Monique completed a Bachelor of Communication from NWU in 2020. Her background in media studies, creative writing, and philosophy helped shape her method of news curation, thereby ensuring a broader perspective to help readers remain critical of what they see. Monique's articulation, writing quality, and work ethic are professional qualities she takes pride in.   Monique lives on a farm in South Africa with her partner and cat. She works on her NFT and tattoo art in her free time, and enjoys the natural world around her. She likes reading material that broadens her perspective, indie music, and video games to blow off some steam.