Bittensor (TAO) has gained substantial momentum, seeing a price surge lately. The token has risen by 84% in the past week alone, according to a tweet by @ElonMoney.
Additionally, this rapid price increase is attributed to several ongoing developments within the Bittensor network and its growing presence in the AI sector.
Bittensor’s Smart Contract Integration and Ecosystem Advancements
A key factor contributing to the growth of Bittensor is the anticipation surrounding its upcoming smart contract launch. Furthermore, this feature aims to enhance the network’s functionality, specifically in the area of trustless cross-chain bridges.
Reasons for $TAO's Growth and Why This Project Could Hit a $10B Market Cap$TAO has shot up a whopping 84% in just the last week! This price jump is partly due to the @bittensor_ team’s ongoing developments, solidifying their position as a leader in the AI space. Plus, there's a… pic.twitter.com/bFGTJSEd00
— ElonMoney (@0xelonmoney) September 23, 2024
The introduction of these bridges is expected to bolster the hierarchical structure of the Bittensor ecosystem, making it more efficient and secure. Additionally, the Bittensor team has made progress in decentralized AI training, an area previously dominated by a few major tech companies.
Moreover, by shifting control of large AI models to the open-source community, Bittensor is positioning itself as a leader in decentralized artificial intelligence, a space that continues to attract attention and investment.
Dynamic TAO and Subnet Growth
The introduction of Dynamic TAO (dTAO) is another driving factor behind the token’s recent price surge. The dTAO upgrade is for improving the demand for subnet tokens within the Bittensor ecosystem, as they will be required for network participation.
This, in turn, could create significant opportunities for investors and developers alike, especially with the rising quality and professional management of subnets within the network.
The evolution of Bittensor’s subnets has drawn comparisons to the early days of DeFi. This is where innovation and rapid growth paved the way for substantial market impacts. With decentralized AI now gaining traction, Bittensor’s advancements are being viewed as a potential game-changer in the industry.
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Positive Market Sentiment and Long-term Outlook
The positive sentiment around Bittensor is reflected in its price increase and in the broader market buzz. As Bittensor develops, many see its potential to reach a $10 billion market cap, as highlighted by @ElonMoney.
Currently, the market cap stands at $4 billion, suggesting that there is room for further growth. Moreover, this is particularly more projects and investors take notice of its innovations.
Hence, as the crypto market approaches a potential bull cycle, tokens like Bittensor (TAO) are positioned for growth. While the token has had a 3.40% decline in the last day, its 86.10% price increase over the past week at press time shows the strength of its momentum. The token trades at $539.37 at press time.
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