- Bittensor (TAO) value surged nearly fivefold in less than a month.
- TAO became the top AI cryptocurrency on CoinGecko, surpassing Render Network.
- Sam Altman’s dismissal possibly boosted decentralized AI interest, impacting TAO’s rise.
Bittensor (TAO), a cryptocurrency focused on artificial intelligence and marketed as a “decentralized intelligence marketplace,” is gaining significant attention in the rapidly evolving alternative coin sector. Within a span of less than a month, its value surged nearly fivefold, driven by the excitement surrounding AI-based digital currencies.
On November 18, 2023, TAO, the primary cryptocurrency of the Bittensor network, achieved a record high, reaching $239.35 on leading exchanges. Over the past month, the value of TAO has increased by nearly 400%. This surge gained momentum yesterday, with TAO’s price soaring by 37% in just 24 hours, as per data from CoinGecko.
Consequently, on the CoinGecko platform, Bittensor (TAO) has emerged as the top AI cryptocurrency, overtaking Render Network (RNDR), which had been the dominant player in this sector for several months. However, on CoinMarketCap, the circulating supply of Bittensor (TAO), and thus its total market capitalization, remains labeled as “unverified.” Due to this, despite having a market cap in the billions, the aggregator ranks this cryptocurrency in the lower tier of its listings, specifically in the third thousand.
Created by the Opentensor Foundation, the Bittensor (TAO) protocol highlights the importance of decentralization in the field of artificial intelligence, positioning itself against the centralized giants in this burgeoning area. Bittensor represents the ecosystem, with TAO serving as the mycelial network that bridges humanity with the future of AI. As an open-source AI protocol, Bittensor (TAO) was introduced by ex-Google developer Jacob Steeves on September 19, 2023.
n recent months, Bittensor (TAO) has experienced several significant developments, including an increase in miner performance, the introduction of new subnets, and advancements in large language models, among others. As a decentralized AI alternative to conventional centralized AI companies like OpenAI, the recent dismissal of Sam Altman, a prominent figure in the AI industry and associated with ChatGPT, may have further fueled interest in the decentralized AI concept.
Sam Altman was unexpectedly removed from his position by the company’s board, citing issues with his consistency in communication. This development has added to the ongoing discourse in the AI community.
