AI tokens are experiencing a strong performance today, with $TAO leading the charge, posting a 14.46% gain.
Other notable tokens such as $NEAR and $FET have also seen significant increases. Currently, $TAO commands around 50% of all crypto AI mindshare. Once accounting for only 2.92% of Grayscale’s AI fund, it now makes up a staggering 29.55%.
$TAO currently at ~50% of all crypto AI mindshare.
Once 2.92% of Grayscale’s AI fund, now 29.55%.
Bittensor on top. pic.twitter.com/1nWds08Cxo
— Kaito AI (@_kaitoai) October 7, 2024
Over the past week, $TAO has maintained its top spot on the Smart Money accumulation table, with $SPX moving into second place, overtaking $SOL, which now ranks third. Additionally, tokens like $MKR, $EIGEN, and $RNDR have also appeared on the table, showcasing their growing appeal among smart investors.
Which tokens are being accumulated the most by Smart Money in the past 7 days?
In the past week, $TAO still rank #1 in Smart Money accumulation table. $SPX is now in 2nd place, replacing $SOL, which is in 3rd. Additionally, $MKR, $EIGEN and $RNDR also appeared in this table.… pic.twitter.com/AwoCDNmbKX
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) October 7, 2024
Interestingly, 78% of all $TAO tokens are staked, leaving only 22%—approximately 1.6 million tokens—in circulation out of the total supply of 7.5 million. With such a limited circulating supply and increasing demand, Bittensor could soon experience a supply shock, potentially driving the price of $TAO even higher.
$TAO Is Currently Valued At Around $4.6 Billion MC
At present, $TAO is valued at around $630, with a market cap of approximately $4.65 billion. For context, OpenAI’s valuation has soared beyond $150 billion, raising the question of what a fair valuation for Bittensor might be, especially as the excitement surrounding the project continues to build.
$TAO could reach $10,000 this cycle, easily.
78% of all $TAO in circulation is actually staked.
Meaning that only 22% of the supply is actually in circulation.
That’s equal to ≈ 1.6M $TAO in circulation out of 7.5M current total supply.
If the craze arround Bittensor… pic.twitter.com/ZQoKwk7KVt
— Dan τ𐤊 (@cryptokin7) October 7, 2024
With the potential for a supply crunch and strong accumulation by smart money, many believe that $TAO is poised for a significant price rally. If the current momentum around Bittensor persists, we could see prices skyrocket sooner rather than later. As AI and crypto continue to merge, $TAO’s position as a leading AI token puts it in a prime spot for further growth.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any AI stocks.
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