Cardano-based project SingularityNET ($AGIX) has maintained its ongoing price rally, which saw the cryptocurrency move up over 1,000% since the beginning of the year, shortly after a report revealed that Twitter, Space X, and Tesla CEO Elon Musk is working on a new AI research lab.

According to market data, the price of SingularityNET’s native token AGIX has moved up over 1,000% year-to-date, going from slightly less than $0.05 per token at the beginning of the year, to now changing hands for slightly more than $0.51 per token.

AGIXUSD Chart via TradingView

The cryptocurrency saw its price explode earlier this month. 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.

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. It’s now sustaining its rally thanks to rumors suggesting Elon Musk is creating a new AI research lab to develop a competitor to OpenAI’s language model, ChatGPT. 

The lab is said to be led by Igor Babushkin, a researcher who recently left Alphabet’s DeepMind AI project. The Information, an online publication, has exclusively reported on this development, citing three sources with direct knowledge of the effort.

While the lab’s focus is to create an alternative to ChatGPT, the move has raised eyebrows in the AI community. OpenAI’s ChatGPT has been a groundbreaking development in natural language processing, and Musk’s new initiative could be seen as an attempt to compete with this achievement.

The rise of AI-focused tokens in recent months has been driven by the hype surrounding ChatGPT. SingularityNET, a blockchain-based platform for AI applications, has seen significant gains due to this hype. While SingularityNET is not affiliated with Musk’s initiative, it is indicative of the AI narrative that has seen such tokens rise in value.

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.

Image Credit

Featured Image via Unsplash