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Bittensor ($TAO) and several other leading artificial intelligence cryptocurrencies are experiencing significant price increases today, defying a broader market downturn that has reduced the total crypto market capitalization by 0.4% to $2.16 trillion.
Data indicates that Bittensor’s $TAO token, which holds a market capitalization of $2.3 billion, has risen 2.7% over the last 24 hours and 12.6% over the past seven days, trading at $313.75 at the time of writing.
Bittensor’s performance, however, stands out among AI coins today. Near Protocol ($NEAR), the leading Web3 AI project with a $4.4 billion market cap, dropped 4.1% overnight and gained only 1.7% over the week, trading at $3.97.
Internet Computer ($ICP), the second-largest project with a $3.6 billion market cap, posted significant losses, falling 2.9% on the day and 10.7% over the week to trade at $7.71 per token.
Artificial Superintelligence Alliance ($FET) was formed earlier this summer through the merger of Fetch.AI ($FET), SingularityNET ($AGIX), and Ocean Protocol ($OCEAN). This consolidation aimed to pool resources and provide the public with greater, more transparent access to powerful AI technologies. At a price of $1.33, $FET is up 1.8% in the last 24 hours and 1.4% over the week.
Similar to Bittensor’s $TAO, Bitcoin ($BTC), the leader of the trillion-dollar crypto market, is also experiencing an atypical day.
While the rest of the market loses ground, Bitcoin is advancing. $BTC gained 1.2% overnight and 5.4% over the week, currently selling for $59,703.
Bittensor’s $TAO: A Performance Review
Bittensor is a decentralized machine learning network that incentivizes the connection and joint training of AI models through its $TAO token.
$TAO reached an all-time high (ATH) of $757.60 on March 7 of this year. Since then, it has declined by approximately 58%.
Throughout the summer, Bittensor’s $TAO encountered strong resistance at $360 and failed to successfully reclaim that threshold.
The market crash on August 5 briefly pushed prices down to around $180, although they recovered quickly.
Source: TradingView
A new support level appears to be forming around $240, and $TAO could test this level over the weekend.
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This potential movement is indicated by the token’s current relative strength index (RSI) of 49 and falling, suggesting that some selling momentum may curb further gains and could even signal the start of a decline in the short-to-mid term.
However, $TAO is trading at the same price as its 30-day moving average, which suggests relative stability.
From Bittensor to Memebet: How Web3 Apps Are Evolving
Bittensor’s $TAO and the Artificial Superintelligence Alliance represent revolutionary approaches to ushering in the singularity by pooling high-quality open-source resources across a blockchain network.
In a similar vein, crypto’s $41 billion meme coin sector is also expanding its utility.
Some of the most cutting-edge projects are just beginning their journey.
One such project, Memebet, has launched the first online casino where players use meme coins.
The presale launched this week, and the project’s native $MEMEBET token received over $200,000 in investments in just two days.
With online gambling poised to grow from a $100 billion industry in 2024 to $130 billion within the next five years, Memebet could become a household name.
$MEMEBET tokens unlock a range of benefits for players, including airdrop rewards, special VIP degenerate bonuses, and access to upcoming Memebet Casino Lootboxes, which feature real-world prizes and casino bonuses.
The project has just launched a 400 million $MEMEBET airdrop. To participate, users simply need to buy some tokens, wait for the launch of the casino (before the end of the presale), and begin gaming and betting to secure rewards.
Stay updated on the latest Memebet news and developments on X and Telegram.
Visit Memebet Casino
The post AI Coins Are Skyrocketing – Is Bittensor’s TAO the Next Big Millionaire-Maker? appeared first on Cryptonews.
