SingularityNET Rockets 11% as Elon Musk Eyes AI Competitor

• SingularityNET (AGIX) has seen its price rise by 11% in the last 24 hours.
• This rally was sparked by rumors that Elon Musk wants to build a ChatGPT competitor.
• AGIX’s price is currently sitting at $0.4488 and could be headed higher if the AI narrative continues to drive interest in the project.

SingularityNET Price Rallies 11%

SingularityNET (AGIX), a Cardano-based artificial intelligence marketplace, has seen its price rise by 11% in the last 24 hours, making it today’s top performer in the top 100 cryptocurrencies by market cap.

Rumors Spark Rally

The sudden rally started shortly after rumors surfaced that Elon Musk wants to build a ChatGPT competitor. As the 4-hour chart below shows, AGIX has seen a massive green candle of close to 30%, before the gains were wiped out in large part by an equally massive 4-hour candle. Still, the token price is up 11% in the last 24 hours of trading.

Why Is AGIX Rallying?

The AGIX rally comes at a time when Twitter and Tesla CEO Elon Musk has been musing out loud on Twitter about the dangers of artificial intelligence (AI). Two days ago, Musk wrote: But, all things considered with regard to AGI existential angst, I would prefer to be alive now to witness AGI than be alive in the past and not. […] Having a bit of AI existential angst today.” Around 12 hours ago, at the same time that AGIX’s price started to soar, rumors began circulating that Elon Musk is looking to develop a ChatGPT competitor.

Report from The Information

In an exclusive report from The Information based on two people with direct knowledge of the effort and a third person with knowledge of talks, they reported that Musk had created a new AI research lab led by Igor Babushkin – who recently left Alphabet’s DeepMind AI – whose main focus is developing an alternative to ChatGPT.

Price Rejected At Crucial Resistance

The AGIX price rally ended abruptly at the $0.55 resistance and initiated a bounce down south to $0.4488 since then however; AGIX has again picked up steam and is recording gains again as investors remain hopeful for further upside potential if this ‘AI narrative’ continues driving investor interest towards SingularityNET platform specifically and other similar projects more generally going forwards