A little-known cryptocurrency that currently has just slightly over 300 active daily addresses has seen its price surge over 1,000% over the past month as artificial intelligence is seemingly becoming the new narrative on the market.

The cryptocurrency’s price explosion comes at a time in which tech giants have been pouring funds into artificial general intelligence (AGI) projects, with Microsoft investing as much as $10 billion on ChatGPT-maker OpenAI and reportedly preparing to integrate it into its search engine Bing, and Google announcing the launch of a ChatGPT competitor called Bard.

As the AI narrative takes over, the price of SingularityNET ($AGIX) has risen more than 1,000% over just 30 days, while the number of addresses holding the cryptocurrency on the blockchain moved to 41,200, up from 39,000 at the beginning of February. The 10 largest holders are estimated to hold 49% of the cryptocurrency’s supply.

AGIXUSD Chart via TradingView

The cryptocurrency’s market capitalization now stands at $680 million. SingularityNET, according to Coinbase, is a blockchain-powered platform that allows anyone to “built, share, and monetize” AI services through its marketplaces, which lets users browse and buy these services using its native $AGIX token.

The SingularityNET team is a pioneer in the field of Artificial Intelligence and is responsible for creating Sophia, which is recognized as the world’s most expensive robot. Their goal is to enable Sophia to understand human language and fully develop OpenCog, a diverse framework of AI algorithms representing their innovation. SingularityNET provides businesses with a streamlined process to integrate AI tools and customize solutions to meet their specific needs while ensuring accessibility.

SingularityNET’s whitepaper was first released back in February 2019, while the platform was first announced in 2017 by Dr. Ben Goertzel, the CEO and the chief scientist of the organization.

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