Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Bittensor (CRYPTO: TAO) set a new all-time high at $470 thanks to a shoutout by Ethereum (CRYPTO: ETH) founder Vitalik Buterin and an announcement of a subnet being built on its platform.
What Happened: Buterin mentioned Bittensor in his latest blog post about artificial intelligence (AI) and cryptocurrencies, saying it could be used "to incentivize making better AI."
Nous Research announced a new project involving the creation of a Cortex subnet on Bittensor. This initiative aims to establish a fresh evaluation system for open-source models.
One week ago, OSS Capital declared its commitment to invest $25 million specifically in the Bittensor ecosystem. The allocation of these funds will primarily focus on open-source grants, startups, validator initiation, subnet creation, scaling and staking initiatives across the community.
Also Read: AI-Powered Crypto Breakthrough: Bittensor Surges 30% In A Week
Why It Matters: In the past 24 hours, Bittensor surged 23.5%, currently trading around $447. It is up 73% week-over-week and 378% year-over-year. The substantial rise in trading volumes, increasing by 351.5% in the last 24 hours, reflects significant investor interest in the token.
Last week, Grayscale had recognized "signs of adoption" for various AI-related cryptocurrencies, further contributing to the positive sentiment.
A user stated on X that without any listing on a single Tier 1 exchange, TAO is in the top 40. He added, “Imagine what happens when the market really opens to Bittensor. The $ETH of #AI is just getting started.”
A "shitcoin maxi" trader, Eric Cryptoman, tweeted, “Top 10 is a matter of when, not if.”
What's Next: Crypto technical analyst Parabolic Pump targets $10,000 per TAO, highlighting various bullish arguments for the token:
- A candlestick pattern on TAO indicates "an extreme bullish signal."
- A technical pattern shows a descending channel (bullish reversal pattern) where a breakout was likely to occur soon.
- High trading volume, bullish divergence and a reclaiming of important horizontal levels.
Read Next: Neuralink-Inspired Token Soars, 3400% After Elon Musk Announces First Human Implant
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