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By establishing new higher highs, the SingularityNET (AGIX) token price is in an upswing, indicating that long-term investors are optimistic about the future of artificial intelligence and expect SingularityNET to beat its rivals in the AI industry. At the time of writing, AGIX, a token powered by blockchain and AI, was trading at $0.5284, up 32.2% in the last seven days, and outperforming its competitors in the top 100 listing of crypto market tracking site Coingecko. The token was up nearly 2% in the last 24 hours, latest data shows. In the last 30 days, AGIX has experienced a massive increase in value, rising 213% due, in part, to the growing popularity of ChatGPT. Source: Coingecko SingularityNET Flexes Its Muscles The Cardano-based project SingularityNET has sustained its price spike, which has seen AGIX increase by more than 1,000% since the beginning of 2023, shortly after a report disclosed that Tesla, Twitter, and Space X CEO Elon Musk is assembling a team of AI experts to build a new AI research lab. Based on reports, Igor Babushkin, a researcher who recently left Alphabet’s DeepMind AI project, will lead the facility. The Information, an online journal, has reported this development exclusively and referenced three sources with extensive knowledge of the concept. 🚨BREAKING: Elon Musk is developing a ChatGPT competitor.@elonmusk is reportedly forming a new AI research lab led by Igor Babuschkin @ibab_ml, a researcher who recently left Alphabet’s DeepMind AI. The lab’s primary focus will be to develop an alternative to ChatGPT. pic.twitter.com/t80lzbkX6z — Rowan Cheung (@rowancheung) February 28, 2023 SingularityNET possesses a formidable staff of both crypto and AI developers, as well as multi-chain interoperability, making it a totally decentralized coin. Related Reading: Bitcoin Price Tries To Reclaim $24,000 As Crypto Market Trades Sideways AGIX: The ‘AI Narrative’ Today’s strong price ascent exemplifies the “AI narrative” that has seen AI-focused tokens soar in value as a result of the ChatGPT and OpenAI hoopla. Microsoft is apparently ready to integrate ChatGPT-maker OpenAI into its search engine Bing at a time when tech titans are pouring billions of dollars into artificial general intelligence initiatives. Microsoft is investing up to $10 billion in ChatGPT-maker OpenAI. Google, for its part, recently announced the debut of Bard, a ChatGPT competitor. Although SingularityNET was launched by CEO and principal scientist Dr. Ben Goertzel in 2017, the whitepaper wasn’t made public until February 2019. Crypto total market cap at $1 trillion on the weekend chart | Chart: TradingView.com Related Reading: Stablecoin Lender Liquity (LQTY) Surprises With 132% Rally As Most Cryptos Slide AGIX Social Volume Up Meanwhile, Santiment’s analysis of current patterns indicates that SingularityNET will likely continue to outperform its peers in the coming months. Last week, based on social volume, the on-chain analytics platform noted that the AGIX token was at the top of the trending chart. In the meantime, AGIX prices are holding above both of the significant exponential moving averages (EMAs), indicating that the trend remains bullish and prices have a good likelihood of breaking out of the upper zone. -Featured image from PortalCripto