Crypto analyst Mark Jeffrey shared insights on Bittensor (TAO), suggesting it may become the “Third Great Coin” alongside Bitcoin and Ethereum. This assertion was highlighted in his tweet referencing the latest analysis from Arca’s newsletter and a podcast discussion with Dav Fields.
The unique combination of Proof-of-Work (PoW) with staking requirements for miners and validators, limited supply, and open AI applications are being noted as potential drivers of TAO’s future valuation.
Great analysis of $TAO in this morning's @arca newsletter …I'm starting to think (like @DavFields said on the last Hash Rate) — that:$TAO may be the 'Third Great Coin' alongside Bitcoin and Ethereum.The intersecting flywheels of PoW PLUS required staking for… pic.twitter.com/x7cVNmga1e
— Mark Jeffrey (@markjeffrey) October 7, 2024
Grayscale’s Growing Interest in Bittensor (TAO)
Grayscale, a prominent digital asset management firm, has increased its TAO holdings, making it the largest position in its Decentralized AI Fund. This shift in Grayscale’s portfolio demonstrates increasing confidence in the token’s potential.
TAO’s new position overtakes NEAR Protocol, signaling an evolving focus toward decentralized AI networks. In addition to Grayscale’s involvement, Bittensor has garnered attention from prominent tech figures.
YouTube co-founder Steve Chen retweeted news related to TAO, amplifying its visibility in the tech and crypto communities. The recent introduction of Bittensor at a Google event in Canada further highlights growing interest in the project.
Bittensor’s Price Close to All-Time High
According to crypto influencer Sahil Roy Khan, Bittensor (TAO) is nearing its all-time high. Sahil noted that only a few hundred dollars are separating it from previous peaks.
$TAO is just a couple hundreds $ away from ATHswhile….Grayscale increased $TAO position as biggest holding surpassing weight of $NEAR (Grayscale Decentralized AI Fund)Steve Chen (Co-Founder of YouTube) retweeted Bittensor related news Bittensor was introduced in a… pic.twitter.com/ljNbH5b6jJ
— Sahil (@SahilRoyKhan) October 8, 2024
As of the latest data from CoinGecko, TAO’s price stands at $627.94, experiencing a 0.26% increase in the last 24 hours and a 9.81% rise over the past week. This positive trend follows TAO’s increased visibility in the market, with recent subnet launches (SN50 and SN51) contributing to network growth.
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Community Excitement and Industry Recognition
The Bittensor community continues to express excitement over the token’s future. Moreover, industry influencers like Barry Silbert, CEO of Digital Currency Group, have voiced strong support for TAO. This growing enthusiasm is reflected in its expanding ecosystem and recent technological advancements.
Bittensor’s unique position in the decentralized AI space, coupled with ongoing development and strategic support, positions it as a token to watch in the coming months.
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