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Stargate Finance’s token soared by 13% after OpenGate unveiled an AI mega-project of the same name involving SoftBank, Nvidia and Oracle.

Stargate Finance’s token has bounded as high as 13% in the past 24 hours. The token is now trading hands at $0.38. However, the token has seen less than stellar numbers, plummeting by 6% in the past week and falling more than 13% in the past two weeks.

This unexpected leap came only a few hours after OpenAI, SoftBank, MGX and Oracle announced plans to create an AI-focused venture called “Stargate.” According to OpenAI and SoftBank’s joint statement, the Stargate Project is meant to be a new company that aims to invest $500 billion funds to develop AI infrastructure primarily in the U.S.

Despite having no relation to OpenAI’s upcoming project, Stargate Finance’s trading volume surged by 53.10% to $54 million in the past 24 hours. Stargate Finance has a market cap of more than $75 million and a fully diluted valuation of $370 million.

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