Bittensor_’s mission to accelerate the development of open-source intelligence markets for AI applications is unmatched in the Web3 space.
Central to this mission is $TAO, the altcoin that powers Bittensor’s decentralized machine learning network, which has taken a prominent position in the current bull cycle.
1/4 "A decentralised blockchain based AI network is the way." – @Chamath@Bittensor_'s vision is to to accelerate development for open-source intelligence markets for AI applications, is unrivalled in the Web3 space.
And $TAO, the altcoin that powers Bittensor’s decentralized… pic.twitter.com/JoFR0jNAbA
— Satoshi Siren (@SirenDeFi) July 27, 2024
@Opentensor’s upcoming developments aim to assist sub-mechanisms on @bittensor_ in designing efficient and scalable commodity systems, thereby enhancing its subnets. This advancement is anticipated to significantly boost the network’s performance and attract more users.
The inclusion of $TAO in @Grayscale’s decentralized AI investment fund has reignited interest in the token, driving its overall growth. Despite facing intense sell pressure during the bearish market downturn, $TAO has rebounded strongly, surging 70% from its July lows.
$TAO Market Sentiment Remains Bullish As It Becomes Most Accumulated Token
The market sentiment for $TAO remains bullish, as indicated by its funding rate of 0.0075%, which signals that futures traders are steadily taking long positions. According to iCrypto data, $TAO is currently in the buying zone for Smart Traders.
Its market cap is the fourth largest in the sector, trailing only $RENDER, with a market cap of $2.4 billion compared to $2.6 billion for $RENDER. Since July 5, $TAO has demonstrated impressive price recovery, climbing from $200 to $360 (+80%), while $RENDER has remained stable around $6.7.
$TAO – Old Smart Traders get back with this #AI token 🧵
Is late to care about $TAO? No, $TAO currently is in buying zone of Smart Traders too: https://t.co/cw9PlJA7ey
Market Cap of $TAO is the 4th largest after $RENDER ($2.4B<$2.6B). However, since July 5, recovery of $TAO's… pic.twitter.com/ulLjKaENJv
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) July 27, 2024
Currently, $TAO is the most accumulated token today. Key wallets to watch for $TAO trading include Wallet 0xe41c, which rebought $TAO 16 hours ago after a two-month hiatus, having previously realized $72.57K (+21%) in profits, and Wallet 0x96bf, which rebought $110K worth of $TAO three days ago after four months, with past profits of $66.74K (+10%).
Several projects building on @bittensor_, such as @getmasafi, @TatsuEcosystem, @taodotbot, and @vectorchatai, indicate steady growth in $TAO’s ecosystem. Clearly, $TAO exemplifies a first-class digital commodity cryptocurrency system, reflecting the innovative strides in decentralized AI networks.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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