AI Altcoin Based on Cardano (ADA) Rallies After Elon Musk ChatGPT Rumors Swirl

An altcoin project focused on artificial general intelligence (AGI) technology has spiked following rumors that tech mogul Elon Musk had plans in the works for a new version of ChatGPT.

Over the weekend, Musk told his 130 million Twitter followers how he was feeling about AGI and the potential threat it poses to humanity.

“Having a bit of AI existential angst today…

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.”

The next day, a report from The Information said that Musk had approached AI researchers and pitched the idea of forming a new research lab that would explore the creation of a new version of ChatGPT.

The Tesla CEO has reportedly been recruiting Igor Babuschkin, an AI researcher who previously worked on DeepMind, an AI firm that was acquired by Google parent company Alphabet.

As the rumors and reports circulated, SingularityNET (AGIX), a crypto project which has a core mission to develop AGI technology, rallied significantly while the rest of the markets traded down or sideways.

AGIX, originally built on Ethereum (ETH) before becoming interoperable with Cardano (ADA), is a blockchain-based marketplace for artificial intelligence services ranging from individual AI algorithms to standalone AI applications.

The team behind the project says it’s working to build an ecosystem of projects to drive growth and token utilization in areas such as decentralized finance (DeFi), robotics, biotech, gaming, media and enterprise-level AI.

AGIX rallied from $0.38 up to $0.53, nearly a 40% gain in less than two days as the rumors swirled. At time of writing, AGIX is up 12% in the last 24 hours, trading at $0.49 with a market cap of $580,958,350.

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Featured Image: Shutterstock/galacticus/Vladimir Sazonov/Andy Chipus

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