An Ethereum-based altcoin that’s been trending hard this year is looking past Bitcoin’s (BTC) recent corrective move as the hype surrounding AI intensifies.
The blockchain-based markeplace for artificial intelligence services SingularityNET (AGIX) has rallied from $0.04 on January 1st to $0.48 at time of writing, representing a meteoric rise 1,100% in about two months.
AGIX is also up 16% in the last seven days even as Bitcoin retraced from around $23,500 to $22,491 over the same timeframe.
AGIX’s stellar performance comes as the narrative about the development artificial intelligence continues to dominate headlines.
Billionaire and tech mogul Elon Musk has reportedly reached out to AI researchers to discuss the possibility of creating a new lab that would explore the development of a new project to rival the popular chatbot ChatGPT.
The news follows Microsoft’s $10 multibillion-dollar investment in the high-profile chatbot.
SingularityNET itself also released a big update this year.
The protocol’s development team said they are building an ecosystem of projects that would boost growth and token utilization in the areas of decentralized finance (DeFi), robotics, biotech, gaming, media and enterprise-level AI.
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Featured Image: Shutterstock/Yuganov Konstantin
Source: https://dailyhodl.com/2023/03/05/ethereum-altcoin-thats-exploded-1100-this-year-ignores-bitcoin-and-crypto-pullback-amid-mounting-hype-on-ai/