- The exchange listing triggered a price increase before the momentum slowed down.
The sentiment around TAO remained highly positive.
After Binance revealed the addition of Bittensor’s TAO token to its listings on the 11th of April, the token’s value surged from $576 to reach a peak of $725. Yet, despite this initial success, TAO’s price had since retreated and was currently being traded at around $641.
Bittensor is a decentralized and open-source protocol that employs blockchain technology and machine learning to compensate valuable information. As a project focused on Artificial Intelligence (AI), TAO experienced significant growth due to the widespread excitement around the topic.
TAO leads, and others follow
Over the past year, the value of the cryptocurrency has surged by an astonishing 936.38%. Consequently, some investors argue that Binance should have listed it earlier.
Instead, the cryptocurrency’s advancement led to increases in relevant measures. For example, based on LunarCrush data, TAO emerged as the most active project in social media and market engagement.
Based on the information AMBCrypto examined, there were approximately 8.32 million engagements linked to the project. This figure marked a significant surge of 233.90% within a 24-hour period.
In addition, there was a substantial 265.60% surge in trading activity. Should the volume growth, as indicated by TAO‘s technical analysis, persist, we may witness a significant price rise.
If the market takes a very optimistic turn, the value of the token might reach around $710 in just a few short days. However, if the number of trades decreases as the price goes up, this could undermine the uptrend and cast doubt on the bullish outlook.
Bulls have all hands on deck
Although the cost had dropped, the Weighted Sentiment indicated that people remained optimistic about Bittorrent based on their comments. In simpler terms, the analysis of comments revealed a generally positive attitude towards Bittorrent despite its decreasing price.
A high score indicates optimistic comments about the project, while a low score suggests the opposite. At the current moment, the metric has risen to 5.07, signaling a positive outlook towards the project.
Should the metric continue to stay above zero for an extended period, there is a possibility that TAO‘s price may return to the heights it reached on the 11th of April, based on AMBCrypto’s analysis of another indicator – development activity.
On March 27th, there was a significant surge in Bittorus’s development efforts. This spike indicated a greater dedication to releasing new functionalities.
Currently, the metric is showing a decrease, suggesting that the number of GitHub repositories linked to Bittensor is limited. Normally, such a finding might be viewed as a warning sign.
Is your portfolio green? Check the TAO Profit Calculator
Despite an increase in social engagement and positive feelings towards TAO, this surge may have counteracted its impact on growth. In the future, we can expect a larger turnout for TAO compared to recent periods.
If Binance influences it in this way, the token could reach new heights and even exceed its past record high. However, matching its impressive 365-day track record is a challenging feat.
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2024-04-13 02:15