An Ethereum-based altcoin that has been making headlines this year continues to challenge the market as the artificial intelligence narrative intensifies in the crypto market.
Artificial intelligence (AI) focused altcoin SingularityNET (AGIX) has been on the rise since the beginning of 2023. SingularityNET (AGIX) was trading at $0.04 on Jan. At press time, it is at the level of $ 0.48. This shows that it has experienced a meteoric increase of 1,100% in about two months.
Moreover, AGIX was also quite resilient to the market-wide decline in the last week. Even as Bitcoin retreated from around $23,500 to $22,491 in this timeframe, the altcoin has gained 16% in the past seven days.
So why did the altcoin rise? This remarkable performance of AGIX can be attributed to artificial intelligence continuing to dominate the crypto market.
Famous billionaire Elon Musk has reportedly reached out to AI researchers to discuss the possibility of creating a lab that will explore the development of a new project to rival the popular chatbot ChatGPT. Elon Musk, artificial intelligence firm previously acquired by Google’s parent company Alphabet DeepMindHe is known to have hired Igor Babuschkin, a researcher working at
The news comes after Microsoft’s $10 billion investment in the high-profile chatbot.
Besides, SingularityNET (AGIX) itself released a major update this year. The project’s dev team is dedicated to decentralized finance (DeFi), robotics, biotechnology, gaming, media and enterprise level. artificial intelligence announced that it is working to create a project ecosystem to promote growth and token use in areas such as
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