© Reuters. Is TAO The ‘Dogecoin Killer’? Grayscale Tweets ‘Signs Of Adoption’ While One Trader Says He’s ‘Not Selling’ Until TAO Flips ‘The Dog Coin’
Benzinga – Promoted by Grayscale and backed by artificial intelligence technology, Bittensor (CRYPTO: TAO) is aiming to dominate the AI-powered crypto token space.
What Happened: In the past week, Bittensor reported gains of 35.3%, pushing its year-on-year gain to 254.2%. In comparison, highly followed and trending meme coins like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) witnessed a drop of 7% and 21.3% respectively in the same period.
Interestingly, Grayscale sees “signs of adoption” for several AI-related cryptocurrencies.
Signs of adoption for artificial intelligence related crypto assets such as $TAO, $RNDR, $AKT, and $WLD serve as a reminder of the broadening applicability and relevance of blockchain. Read more in the latest Market Byte from our research team: https://t.co/PgZoiYjXa5 pic.twitter.com/W3NI9JtoLz
— Grayscale (@Grayscale) January 26, 2024
While the AI-powered crypto is behind the market cap of these meme coins, “full-time degen” Bitcoin Ape called artificial intelligence and AI projects the “most undervalued” aspect of the crypto market in a post on X on Friday. They added, “The bottom-line remains don’t sleep on AI. That is one of the biggest narratives still untapped in web3. Its time will come and soon too.”
One PhD student also took to the social media platform to analyze why TAO should touch $100,000. He said that Bittensor should be viewed differently than other blockchain projects as “Bittensor is not one project, it’s not one DeFi ecosystem it’s a multitude of different projects within one … Bittensor is nothing but AI in its purest form.” He further called TAO as the “first form of intelligence as a commodity.”
Another X user was firm in his conviction.
I am not selling a single $TAO until it is worth more than the dog coin
P.S. Dog coin price likely to go up too https://t.co/0Rx8CaJVu3 pic.twitter.com/W0VBDn3GdY
— Harry (τ, τ) (@princeharry_za) January 26, 2024
Read Also: Messari Is Bullish On Bitcoin And Solana, But Cautious On Ethereum: What About AI?
Why It Matters: As a novel decentralized network, Bittensor aims to address AI bias by incentivizing diverse pre-trained models to generate the best responses. This has led to validators rewarding top performers and eliminating underperforming and biased ones. The network has shown initial progress with 32 subnetworks specialized for specific use cases.
In its latest update, Grayscale outlined the immediate need for synergy between AI and crypto amid the “broadening applicability and relevance of public blockchain use cases beyond a form of payment.”
The four largest AI-adjacent crypto tokens by market cap — TAO, Render (CRYPTO: RNDR), Akash Network (CRYPTO: AKT) and Worldcoin (CRYPTO: WLD) — reported a combined rally of 522% in the last year, outperforming the Utilities and Services Crypto Sector (+86%) over the same period.
Read Next: Most Americans Say AI, Crypto Knowledge Is Pivotal For US Presidential Candidates: Survey
Photo: Shutterstock
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