A little-known cryptocurrency with just slightly more than 300 active daily addresses has seen its price increase by almost 1,000% in the last month as artificial intelligence appears to be the new market story.
The cryptocurrency’s price explosion comes at a time when tech behemoths are pouring money into artificial general intelligence (AGI) projects, with Microsoft reportedly investing up to $10 billion in ChatGPT-maker OpenAI and planning to integrate it into its search engine Bing and Google announcing the launch of a ChatGPT competitor called Bard.
As the AI narrative takes hold, the price of SingularityNET ($AGIX) has soared more than 1,000% in only 30 days, while the number of addresses holding the cryptocurrency on the blockchain has increased to 41,200, up from 39,000 in early February. The top ten holders control 49% of the cryptocurrency’s supply.
The market capitalization of the cryptocurrency is present $680 million. According to Coinbase, SingularityNET is a blockchain-powered platform that allows anybody to “create, distribute, and monetize” AI services through its marketplaces, allowing users to explore and purchase these services using its native $AGIX token.
The SingularityNET team is a leader in Artificial Intelligence and is responsible for Sophia, the world’s most costly robot. Their objective is to ultimately build OpenCog, a diversified framework of AI algorithms that represents their invention, and to enable Sophia to understand human language. In addition, SingularityNET streamlines the process of integrating AI technologies and customizing solutions to meet enterprises’ demands while assuring accessibility.
The whitepaper for SingularityNET was published in February 2019, but the platform was initially revealed in 2017 by Dr. Ben Goertzel, the organization’s CEO and principal scientist.