ambcrypto.com
Bittensor [$TAO] has been the talk of the town lately. This attention has come on the back of AI-linked tokens soaring, with the sector being the strongest performer of the month.
$TAO social activity jumps by 141%
$TAO’s social engagement is at its highest level in a year! Monthly engagements are now 141% above the 30-day average, while social dominance has nearly doubled from a year ago.
But why? AMBCrypto previously reported that Grayscale recently raised $TAO’s weight to 43% in its AI-focused fund, which has given the token credibility. They also filed an S-1 amendment for a Spot $TAO ETF.
ThorChain’s new integration has also helped, opening cross-chain liquidity access for the Bittensor ecosystem. The token was also recently praised by NVIDIA’s Jensen Huang and popular VC Chamath Palihapitiya, giving it a mainstream boost in acceptance.
That’s not all either as $TAO’s trading volume had hiked by 120% from its daily average at press time. There’s also been a mammoth rise in market participation.
$TAO outpaces major AI tokens, sector leads monthly gains
$TAO posted gains of 10% over 24 hours and 8.1% over the week, putting it among the stronger large-cap AI tokens.
Other well known projects like $NEAR Protocol [$NEAR] posted 14.1% weekly gains, while Render [RENDER] climbed by 15.8%.
$TAO continues to stand out on size and liquidity. With a $3.68 billion market cap and over $772 million in 24-hour volume, it is comfortably ahead in the AI basket right now.
The bigger story, however, is the sector backdrop.
According to Artemis, the AI sector is up 28.9% over the past month, making it the best-performing sector across crypto. This puts the category ahead of privacy coins at 23.0%, utilities at 14.2%, and even Ethereum’s [ETH] sector at 13.4%.
And thus, the buzz around $TAO (and the rally) is not isolated. This is part of a larger rotation into AI-linked crypto assets.
Final Summary
- $TAO’s social engagement has surged by 141%, while trading volume jumped by 120%.
- AI crypto sector has climbed by 28.9% this month, making it the best-performing segment in the market.