Bittensor TAO/USD soared by about 180% in the last month, leading industry analysts to assert that a potentially lucrative rally was always lurking just beneath the surface.
Chronicle of Success: Over the past 24 hours, Bittensor has witnessed a 12.7% upsurge, coupled with a staggering 85.6% spike in trading volumes. Bittensor stands tall with an exceptional 624.6% year-over-year growth rate.
The market capitalization of artificial intelligence (AI) coins now stands at $13.5 billion, marking an 8.6% growth in the past 24 hours, with a trading volume of $1.35 billion, as reported by CoinGecko.
Leading this monumental surge is Bittensor with a market cap of $4.1 billion, followed closely by Render in the second position with a market cap of $2.1 billion.
In July 2023, when Bittensor’s price hovered around $50, value investor Crypto Phoenix presciently proclaimed that it could morph into an “upcoming behemoth” within the AI space. On Feb.15, he reasserted, “The signs were there early — it‘s just back then nobody cared.”
DreadBongo tweeted,
His post brought attention to the dwindling supply and burgeoning investor interest in the AI crypto token, hinting at the likelihood of a significant price surge for Bittensor.
ProjectW, who delves into educational insights, crafted a thread on Bittensor a year ago when it traded at around $22. He adds, “There’s still a lot of room for growth. Most of us can’t imagine how big $TAO could be. The big moves are still to come.”
Also Read: TAO Sets All-Time High At $470, Vitalik Buterin Sees Use ‘To Incentivize Making Better AI’
Significance of this Trend: The scramble to acquire tokens is partly attributed to Opentensor Foundation, the organization steering the development of the Bittensor protocol, which rewards developers with its TAO token. These developers utilize Bittensor for creating AI models.
The artificial intelligence sector is undergoing significant developments, exemplified by OpenAI launching its new text-to-video model, Sora, on Feb. 15. This app can conjure strikingly realistic video scenes of up to one minute with multiple camera angles, offering superior quality compared to many contemporary generative video solutions.
Amidst the cryptocurrency realm’s fixation on memecoins yielding substantial gains, AI-related tokens replete with purported utility and relevant use cases are also captivating investors.
Read Next: TAO Cracks $500 Mark, Hits All-Time High On 13% Rally
Photo: Illustrated with MidJourney
