Bittensor ($TAO) and several other leading AI coins are pumping today, despite a marketwide downturn that has shaven 0.4% from the now-$2.16 trillion crypto market.
According to the data, Bittensor’s $2.3 billion market cap $TAO token is up 2.7% in the last 24 hours and 12.6% over the last seven days to trade at $313.75 as of this writing.
However, Bittensor’s performance isn’t typical for an AI coin today. AI’s leading Web3 project, the $4.4 billion cap Near Protocol ($NEAR), shed 4.1% overnight and only gained 1.7% over the week to change hands at $3.97.
Internet Computer ($ICP), the $3.6 billion runner-up, is posting stiff losses of 2.9% on the day and 10.7% on the week as it trades for $7.71 a token.
Artificial Superintelligence Alliance ($FET) was born of a rebrand earlier this summer when the Fetch.AI ($FET) merged with SingularityNET ($AGIX) and Ocean Protocol ($OCEAN) to pool resources and provide the public with greater and more transparent access to powerful AI. At today’s price of $1.33, $FET is up 1.8% in 24 hours and 1.4% in a week.
Like Bittensor’s $TAO, the trillion-cap crypto market leader Bitcoin ($BTC) is also having an atypical day.
While the rest of the market loses a little ground, Bitcoin is pressing forward. $BTC gained 1.2% overnight and 5.4% over the week and currently sells for $59,703.
Bittensor’s $TAO: A Performance Review
Bittensor is a decentralized machine learning network that incentivizes connecting AI models and train them together via the $TAO token.
$TAO hit an all-time high (ATH) of $757.60 on March 7 this year. Since then, it has declined by about 58%.
Throughout the summer, Bittensor’s $TAO found stiff resistance at $360 and was unable to recapture the threshold successfully.
The market crash on August 5 sent prices briefly down to about $180, although it recovered quickly.
Source: TradingView
A new support level appears to be forming around $240 and $TAO could test it over the weekend.
That’s because the token’s current relative strength index is 49 and falling, indicating some selling momentum is likely to curb any further gains and may even signal the start of a decline in the short-to-mid term.
However, $TAO is trading at the same price as its 30-day moving average, which suggests relative stability.
From Bittensor To Memebet, How Web3 Apps Are Evolving.
Bittensor’s $TAO and the Artificial Superintelligence Alliance are revolutionary ways of ushering in the singularity by pooling high-quality open-source resources across a blockchain network.
In a similar vein, crypto’s $41 billion meme coin sector is expanding its utility too.
Some of the most cutting-edge projects are still only starting their journey.
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With online gambling primed to explode from a $100 billion industry in 2024 to $130 billion within the next five years, Memebet could even be a household name.
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Stay updated on the latest Memebet news and developments on X and Telegram.
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