Bittensor Price Drops 36% In A Month


(MENAFN- eTrendy Stock) The Bittensor price fell to $337.55 on May 14, marking the token's lowest point in a month. Currently, TAO is trading at $386.

According to CoinGecko data, Bittensor's price experienced several fluctuations over the past month. On Apr. 23, the token reached a one-month all-time high (ATH) of $527.28. However, the following day, the price plummeted to $449.57.

The decline continued, and by May 1, TAO had dropped to $346.14. The cryptocurrency then saw a brief recovery, climbing to $479.97 on May 6. Despite this rebound, TAO fell sharply again, reaching its 30-day low of $337.55 on May 14.

Bittensor price change over 30 days. Source: CoinGecko Bittensor Price Falls, Trading Volume Steady

According to Token Terminal, Bittensor recorded its highest trading volume on April 12, reaching $428.986 million. On that day, the price of TAO rose to $706.26, nearing its all-time high of $757.60.

It's notable that after Apr. 11, TAO's trading volume reverted to levels seen in February and March, even though the current price is lower.

Change in trading volume of TAO. Source: Token Terminal

For instance, on May 15, the trading volume was $31.4 million with a TAO price of about $346, whereas on Mar. 15, the trading volume was $45.164 million at a price of approximately $639.50.

Bittensor and Other AI Tokens

According to the project's social media accounts, on Apr. 20, Bittensor demonstrated the functionality of Dynamic Tao (D-Tao). This event likely contributed to the growth observed on Apr. 21.

Dynamic Tao is designed to enhance the decentralization and distribution of TAO tokens. It aims to achieve a more precise distribution of rewards across subnets, mitigating instances of speculation among network validators.

D-Tao discussion among users. Source: Reddit

The blockchain Bittensor is one of the notable crypto projects in the Artificial Intelligence (AI) sector. As previously reported, AI tokens have led the performance among various narratives, with a 23.21% increase since the beginning of May, according to Dune data.

The Arkham project was a significant growth leader during this period.

In contrast, Bittensor's TAO token showed the worst performance among the top 20 AI tokens over the last 30 days. As of May 15, the token had lost 30.6% of its value.

By May 16, according to CoinGecko, TAO's loss over the past 30 days had reduced to 17.8%. Despite this slight recovery, TAO remains the poorest performer in the AI token category during this period, even as the broader crypto market experiences growth.

Top AI tokens by market capitalization. Source: CoinGecko

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