Master of Crypto
Crypto Market Intelligence Publisher
Bittensor's trust is breaking after Covenant AI, one of its best builders, exited key subnets, saying one authority controls too much despite the network's decentralization claims. TAO dropped 20% from $339 to $280 on high-volume panic selling. $276 and $260 are the supports to watch, with no long until one of them holds. x.comÂ
Bittensor's TAO is the Bitcoin of AI, a decentralized AI marketplace with a 21 million maximum supply. History doesn't repeat, but it rhymes. x.comÂ
Bittensor's subnet economy could lift TAO via Alpha-token demand, but a major rally needs paying AI customers, not emission farming. About 64.2% of circulating TAO was staked as of Oct 7. At ~$3.24B, TAO is no cheap microcap. Still constructive long term, but stronger conviction needs verifiable revenue, demand above issuance, competitive AI products and institutional access. AI sentiment and crypto liquidity must also recover; Grayscale trust filings alone do not guarantee inflows. x.comÂ
TAO could surprise to the upside in the short term on the strong AI narrative, but there is no reason to believe in it long term. x.comÂ
Bittensor has a very unique opportunity for a crypto breakout, combining one of the most cult-like communities since Ripple, Chainlink and early Ethereum with subnet adoption and massive global investment in AI. x.comÂ
Bittensor's TAO is cheap at a $2.9 billion valuation because decentralized AI will be at the forefront while many AI stocks trade at crazy valuations. Per Polymarket, Microsoft CEO Satya Nadella warns that an AI future dominated by a few models is "not stable." x.comÂ
Bittensor's TAO suffers because the network lets subnets like SN95 extract millions in emissions without delivering. SN95 has made promises for over a year, shown no functional product or code, keeps pushing deadlines, barely communicates and raised money on the side. Its owner not selling, as @0xSunRun notes, doesn't change that: emission-inflated prices let others sell into the pool, and if the subnet is deregistered, the TAO is paid out and leaves the chain. x.com x.com x.com x.com x.com … Show more
Bittensor's nearly two-and-a-half-year downtrend is very close to ending, needing a weekly close above 320 to confirm a higher high, after which 500 looks easy. Businesses owning subnets now do $25-30m in annualized revenue, estimated at about $100m by year-end, from real paying customers. TAO pumping last has not been a great signal before, but Bitcoin's higher high and clear bullish structure change likely make this time different. x.com x.comÂ
Bittensor is the leading AI crypto project, so TAO should run once the FUD clears; it is one to buy and hold. x.comÂ
TAO's narrative took a big hit after Covenant appeared to completely rug existing holders of its subnet tokens Templar, Grail and Basilica, prompting an exit from both the subnets and TAO. It is like the largest app on a layer-1 rage-quitting the chain and taking all value from its own token. Coming back depends on seeing network-level updates that prevent a repeat, which are in the works. x.com x.com x.com x.comÂ
Bittensor shows clear relative strength as one of the two best cryptos trading above both their 50-day and 200-day moving averages, alongside Hyperliquid, when few cryptos are in uptrends. Its decentralized compute network also drew Jensen Huang's remark that it achieved big technical breakthroughs helping train some Llama models. x.comÂ