- 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.
Sponsored
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: Messari.io
Sponsored
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)
