Benzinga - Bittensor (CRYPTO: TAO) pumped around 180% in the past month, with analysts noting the signs of a potential rally were always present.
What Happened: In the last 24 hours, Bittensor recorded gains of 12.7%, accompanied by a significant 85.6% increase in trading volumes. Bittensor is up 624.6% year-over-year.
The market capitalization of artificial intelligence (AI) coins stands at $13.5 billion marking an 8.6% growth in the past 24 hours with a trading volume of $1.35 billion, according to CoinGecko.
Bittensor leads this growth, with a market cap of $4.1 billion, followed by Render in the second position with a market cap of $2.1 billion.
In July 2023, when the Bittensor price was around $50, value investor Crypto Phoenix indicated that it could become an “upcoming behemoth” in the AI space. On Feb.15, he reaffirmed, “The signs were there early — it‘s just back then nobody cared.”
DreadBongo tweeted,
$TAO just wicked above $700 on @kucoincomHis post highlighted that with a decrease in supply and growing investor interest in the AI crypto token, Bittensor may witness a significant price surge.Looks like exchanges might be running out of $TAO..
Supply shock anyone? pic.twitter.com/EU3O8jE3nv
— ＤＲＥＡＤ ＢＯＮＧＯ (@DreadBong0) February 15, 2024
ProjectW, who writes 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'
Why It Matters: The surge in token price is partially attributed to Opentensor Foundation, the organization behind the development of the Bittensor protocol, rewarding developers with its TAO token. These developers use Bittensor to create AI models.
The artificial intelligence sector is experiencing significant developments, such as OpenAI having launched its new text-to-video model, Sora, on Feb. 15. This app can create lifelike video scenes of up to one minute with multiple camera angles, offering higher quality than many current generative video solutions.
While the crypto community often focuses on memecoins generating substantial gains, AI-related coins with supposed utility and relevant use cases are also attracting investors.
Read Next: TAO Cracks $500 Mark, Hits All-Time High On 13% Rally
Photo: Illustrated with MidJourney
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