Bittensor ($TAO) Is Now the Top AI Token, Commanding 50% of All Crypto AI Mindshare

AI tokens are experiencing a strong performance today, with $TAO leading the charge, posting a 14.46% gain.

Crypto AI tokens are experiencing a strong performance today, with TAO ($TAO) leading the charge and posting a 14.46% gain. Other notable tokens such as NEAR Protocol ($NEAR) and Fetch.ai ($FET) have also seen significant increases.

Currently, TAO commands around 50% of all crypto AI mindshare. Once accounting for only 2.92% of Grayscale’s AI fund, it now makes up a staggering 29.55%.

$TAO currently at ~50% of all crypto AI mindshare.

Once 2.92% of Grayscale's AI fund, now 29.55%.

Bittensor on top. pic.twitter.com/1nWds08Cxo

— Kaito AI ? (@_kaitoai) October 7, 2024

Over the past week, TAO has maintained its top spot on the Smart Money accumulation table, with S&P 500 Index (SPX) moving into second place and overtaking Solana ($SOL), which now ranks third. Additionally, tokens like Maker ($MKR), EigenLayer ($EIGEN), and Render Token ($RNDR) have also appeared on the table, showcasing their growing appeal among smart investors.

⁉️Which tokens are being accumulated the most by Smart Money in the past 7 days?

In the past week, $TAO still rank #1 in Smart Money accumulation table. $SPX is now in 2nd place, replacing $SOL, which is in 3rd. Additionally, $MKR, $EIGEN and $RNDR also appeared in this table … pic.twitter.com/AwoCDNmbKX

— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) October 7, 2024

Interestingly, 78% of all TAO tokens are staked, leaving only 22%—approximately 1.6 million tokens—in circulation out of the total supply of 7.5 million. With such a limited circulating supply and increasing demand, Bittensor could soon experience a supply shock, which may drive the price of TAO even higher.

$TAO Is Currently Valued At Around $4.6 Billion MC

At present, TAO is valued at around $630, with a market cap of approximately $4.65 billion. For context, OpenAI’s valuation has soared beyond $150 billion, raising the question of what a fair valuation for Bittensor might be, especially as the excitement surrounding the project continues to build.

$TAO could reach $10,000 this cycle, easily.

78% of all $TAO in circulation is actually staked. Meaning that only 22% of the supply is actually in circulation.

? That’s equal to ≈ 1.6M $TAO in circulation out of 7.5M current total supply.

If the craze arround Bittensor… pic.twitter.com/ZQoKwk7KVt

— Dan τ? (@cryptokin7) October 7, 2024

With the potential for a supply crunch and strong accumulation by smart money, many believe that TAO is poised for a significant price rally. If the current momentum around Bittensor persists, we could see prices skyrocket sooner rather than later. As AI and crypto continue to merge, TAO’s position as a leading AI token puts it in a prime spot for further growth.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any AI stocks.

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