- Grayscale adds TAO and SUI to its crypto products.
TAO has seen much more price traction after the update than SUI.
As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I find myself intrigued by Grayscale’s latest moves, adding TAO and SUI to their product suite. My personal investment strategy has always been guided by the potential for long-term growth and innovation, which is exactly what these two projects represent – Bittensor with its focus on decentralized AI and Sui with its smart contract blockchain.
GrayScale has incorporated Bittensor [TAO] and Sui [SUI] into their cryptocurrency offerings, signifying an extension of their investment portfolio towards decentralized AI (artificial intelligence) and further involvement in the realm of smart contract platforms.
As a dedicated researcher focusing on product development, I am thrilled to share my insights about our latest offerings. Rayhaneh Sharif-Askary, our Head of Product and Research, has recently commented on these new products.
As a researcher, I’m thrilled to announce the integration of Bittensor and Sui into our product lineup. I firmly believe that Bittensor is spearheading the expansion of decentralized AI, serving as its core. On the other hand, Sui is revolutionizing the concept of smart contract blockchain.
As a researcher, I noted that by incorporating Single-Asset Investment (SUI) and Trust-Accumulation-Only (TAO) products, Askary expanded the Grayscale single-crypto asset trusts portfolio to a total of 16 distinct offerings.
How SUI and TAO reacted
The Sui team welcomed the Grayscale move to add its token to its product suite.
The novel blockchain-based smart contract platform has been gaining a lot of attention lately. Just last month in July, Sui ranked second only to Solana in terms of transaction volume, recording an impressive 242 million transactions.
As a crypto investor, I’ve noticed an impressive expansion of the SUI network, yet unfortunately, similar to many other altcoins, my investment in SUI has been sliding downward on price graphs. This is clearly demonstrated by the falling trendline, or what appears to be a descending channel.
As of press time, the altcoin was up 4.5% on the daily chart and traded at $0.64.
Can the Grayscale update push the recovery further?
The outcome isn’t certain. The daily RSI (Relative Strength Index) of SUI was approaching the neutral line, suggesting a possible rejection and potential seller exhaustion. Furthermore, SUI had reached a significant resistance level at $0.63, with another potential obstacle ahead – the midpoint of its price channel.
In short, the SUI rally could fizzle out faster if Bitcoin [BTC] recovery doesn’t extend.
For TAO, the AI token has seen perhaps the most recovery gains after recent market carnage. TAO was up over 60% since Monday at the time of writing and netted a 10% gain on Thursday. It was trading at $273.
If we see a strong push past the 50% Fibonacci Retracement level, the token price might reach either $320 or $350, offering a potential profit of up to 35%.
According to some market analysts, it’s possible that TAO could experience a tenfold rise and reach approximately $1,500 by the end of the year.
‘A significant number of investors are backing this valuable asset. If Bitcoin surpasses $100k and we see a strong market rally, Token A (TAO) might hit $1,500 by the end of the year.’
Beyond the Grayscale Bittensor Trust holding a sole asset, the company also manages a decentralized artificial intelligence fund that incorporates TAO as one of its components. However, TAO represents just 3.6% of the fund’s total composition. Instead, Filecoin [FIL], Near [NEAR], and Render [RNDR] make up the majority of the fund’s holdings.
During this current trend, it seems that the shift by Grayscale might bring more profit to TAO rather than SUI in terms of the price graphs, given the rising popularity of AI.
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2024-08-09 01:11