Cardano-Based SingularityNET (AGIX) Soars After AI-Related Elon Musk Speculation

SingularityNET (AGIX), an artificial intelligence marketplace built on Cardano, experienced a price increase of 11% over the last 24 hours, making it the best performance among the top 100 cryptocurrencies by market capitalization today. Shortly after speculations appeared that Elon Musk intends to create a ChatGPT rival, the market saw a significant upswing.

As the following 4-hour chart indicates, AGIX saw a big green candle of close to 30% before seeing much of those gains wiped away by an equally large red candle. 

The AGIX surge coincides with Twitter and Tesla CEO Elon Musk’s public Twitter speculations on the risks of artificial intelligence (AI). Two days before, Musk wrote:

“Regarding AGI existential anxiety, I would rather be alive today to observe AGI than to have been in the past and not witnessed it. […] Experiencing some existential AI anxiety today.”

Just 12 hours ago, when the price of AGIX began to rise, a rumour circulated that Elon Musk is planning to create a ChatGPT rival. The Information stated in an exclusive revelation that Musk has established a new AI research centre led by Igor Babushkin, a former DeepMind AI researcher.

Two individuals with firsthand knowledge of the endeavour and a third individual with knowledge of the negotiations contributed to the report. According to the claims, the laboratory’s primary objective is to create an alternative to ChatGPT.

SingularityNET is completely unrelated to Elon Musk’s project, but the recent surge is representative of the “AI narrative” that saw the value of AI-focused tokens skyrocket from the beginning of the year to the start of February on the back of interest in ChatGPT by OpenAI.

The AGIX price surge unexpectedly terminated at the $0.55 barrier and began a decline to $0.4488. Since then, AGIX has regained momentum and is exhibiting an upward trend.

Also Read: Solana (SOL) Founder Describes Blockchain’s Exceptional Security And Performance

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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