The AI token Bittensor (TAO) has experienced a 20% drop in value within 24 hours of being listed on Binance, trading at $572. This decline may be attributed to “buy the rumour, sell the news” trading activity, according to data from Coin Gecko. Bittensor is a cutting-edge peer-to-peer machine learning protocol that incentivizes participants to train machine learners through a decentralized network of nodes. The project aims to create a collaborative AI training ecosystem that competes with centralized systems used by tech giants like Google and IBM. The token employs a Proof of Intelligence (PoI) consensus mechanism, distinguishing it from Bitcoin’s PoW and Ethereum’s PoS models. With a market cap of nearly $4 billion, TAO is currently the top AI-related cryptocurrency with a 24-hour trading volume of over $230k.
Despite the recent price drop, it may not be too late to invest in TAO, as the sector is projected to grow significantly once crypto and AI regulations are solidified globally. The depreciation presents a buying opportunity at a discount before a possible future rally. While TAO’s price chart has shown volatility over the past three months, it has maintained strong support around $600. The token sits just 22% below its all-time high of $757.60 set a month ago. However, with the Relative Strength Index (RSI) at 44 and declining, further losses could be anticipated in the short term. Investing in Bittensor comes with risks, and individuals should only invest what they can afford to lose.
In addition to AI tokens like TAO, Solana meme coins have gained attention as the blockchain’s cultural trend. Solana meme coins, such as Slothana ($SLOTH), have attracted significant investment through ICOs. Slothana, a 420-friendly sloth with ambitious dreams, has garnered attention from traders looking to capture the explosive upside potential seen in other Solana meme tokens. The team behind Slothana shares a connection with the successful Smog (SMOG) token, adding to the anticipation surrounding the project. Investors can participate in the presale by sending SOL to the provided address, although the launch dates remain unconfirmed. Meme coins like Slothana offer speculative opportunities for those interested in the cultural aspect of the blockchain industry.
Overall, Bittensor presents a solid investment opportunity with its innovative Proof-of-Intelligence concept and decentralized AI-training model. While risks are inherent in the cryptocurrency market, TAO’s unique features set it apart in the AI token sector. Solana meme coins, including Slothana, offer speculative value and cultural appeal for investors looking to participate in the growing trend. With the potential for future rallies and advancements in AI-related technologies, both TAO and Solana meme coins present opportunities for those willing to navigate the high-risk nature of the crypto industry.
