Bittensor (TAO), an open-source protocol powering a decentralized machine learning network, saw its price increase by over 12% in the last 24 hours. The cryptocurrency was trading at $499.77 at press time with a market capitalization of $3.09 billion, according to data from Binance.
The significant price boost comes as one analyst predicts TAO could soon surpass the popular meme coin Shiba Inu. “If we break past the $600 sell wall there is a highway to $1000+,” said X platform user Dan. “AI is the main narrative of this super cycle. And #Bittensor has literally no competition at this point. 4 digits soon.”
Dan argues that artificial intelligence is a major theme in the current crypto market cycle. As a protocol focused specifically on machine learning, Bittensor stands to benefit from this growing interest.
Additionally, Bittensor has a first-mover advantage in its niche. The decentralized machine learning network does not currently face any direct competition. With a circulating supply of just 6.19 million TAO, the token has room to see further price appreciation if adoption continues rising.
However, some urge caution before expecting TAO to imminently eclipse SHIB by market capitalization. “Retest is likely going to happen first,” warned crypto analyst Crypτonighτ. “After that we are going for new ath.” This suggests TAO may revisit lower support levels before breaking out to fresh all-time highs.
TAO’s ATH sits at $517.39 which is only 3.3% down from the current levels.
Nonetheless, market enthusiasm for Bittensor remains high. The protocol saw over $32 million in trading volume over the past 24 hours. If the network can continue expanding and putting its machine-learning capabilities to new uses, TAO may keep turning heads in 2024.
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