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AI market based on cardano singularitynet (agix) has seen its price increase by 11% over the past 24 hours, which now makes it the most successful in the top 100 cryptocurrencies by market capitalisation. The sudden rally began soon after the rumours surfaced that elon musk wants to build a chatgpt contender.
As illustrated in the 4-hour graph below, Agix saw an enormous 30% green candle, until the winnings were largely erased by an equally massive four-hour candle. Yet, the symbolic price has increased by 11 per cent in the last 24 hours of trading.
Here’s Why AGIX Is 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. […] I'm a little nervous today.
About 12 hours ago, when the price of agix started skyrocketing, a rumor surfaced that elon musk is looking to grow a chatgpt competitor. In an exclusive report, The Information reported that Musk has created a new AI research lab led by Igor Babushkin, a researcher who recently left Alphabet’s DeepMind AI.
The report is based on two individuals who have first-hand knowledge of the effort and a third individual who has knowledge of the discussions. According to the statements, the main purpose of the laboratory is to develop a chatgpt alternative.
Source: @nonmayorpete & @theinformation https://t.co/uTJmOSwVyA
— Rowan Cheung (@rowancheung) February 28, 2023
Although SingularityNET clearly has nothing to do with the initiative of Elon Musk, Today's pump is emblematic of the "AI storytelling" that saw the value of AI-centric tokens increase dramatically from January to early February due to OpenAI's ChatGPT craze.
Price dismissed to critical resistance.
The rebound in AGIX prices abruptly ended the $0.55 resistance and began a southbound rebound at $0.4488. Since then, however, agix has once again grown and is on the rise.
As long as the SingularityNET token holds more than $0.37, the price continues to be up. Upward resistance to $0.551, $0.605 and $0.667 is essential. A daily close over resistance of $0.55 would be massively bullish and bring the all-time high back into the area of $0.67.
