27. February 2024

• SingularityNET (AGIX) is the top performer in the top 100 cryptocurrencies by market cap, rising 11% in the last 24 hours.
• The sudden rally was triggered by rumors that Elon Musk wants to build a ChatGPT competitor.
• AGIX’s price was rejected at $0.55 resistance but has since picked up steam and is recording new highs.

SingularityNET (AGIX) Gains 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.

Rally Triggered By Elon Musk Rumors

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.” Shortly afterwards, an exclusive report from The Information revealed that Musk has created a new AI research lab led by Igor Babushkin, who recently left Alphabet’s DeepMind AI team. The main focus of this lab will reportedly be developing an alternative to ChatGPT.

Price Rejects Resistance

The peak of this rally came when AGIX’s price reached $0.55 resistance level before quickly dropping back down again to around $0.4488. Since then however, AGIX has regained some momentum and is currently trading at new highs above $0.5050 mark as of press time

Conclusion

It appears that today’s pump was emblematic of investors’ enthusiasm for AI tokens due to speculation surrounding ChatGPT from OpenAI and other news regarding developments made with AI technology such as those spearheaded by Elon Musk’s research lab initiative which could potentially challenge OpenAI’s current lead in this field with their own version of ChatGPT technology