Bittensor (TAO) price surged by 12% today, reaching prices over $334. At the moment of writing this article, TAO has a total market cap of over $2.4 billion.
TAO Price Surge
Earlier today, TAO reached almost $340. TAO recorded its all-time high on March 8 when the coin reached $728.
Events Influencing the Surge
On August 22, Grayscale announced that its private placements are open for eligible accredited investors and TAO was included in their list. On its official website, Grayscale announced that from time to time, the firm re-opens private placement subscriptions at net asset value (NAV) available to accredited investors. The firm’s official list of currently open private placements includes Grayscale Bittensor Trust. On August 21, Grayscale shared another post via X, explaining how TAO helps leverage economic incentives and decentralized networks for open and accessible AI development while aiming to promote equitable AI development. It’s also worth mentioning that Nvidia’s Q2 earnings report is approaching with the new data set to be released on August 23, and expectations regarding the results are optimistic. AI tokens including TAO might see a boost in price if the earnings results are in line with expectations.
What is Bittensor (TAO)
Bittensor (TAO) is an open-sourced protocol that powers a decentralized, blockchain-based machine-learning network. Machine-learning models train collaboratively and they are rewarded in TAO according to the informational value they offer the collective. TAO also grants external access, allowing users to extract information from the network while tuning its activities to their needs. According to the team behind the project, their vision is to create a “pure market for AI,” in which consumers and producers of this commodity can interact in a trustless, open, and transparent context. Bittensor enables an optimized strategy for the development and distribution of AI tech by leveraging the possibilities of a distributed ledger.
The price surge of Bittensor (TAO) is driven by a series of positive events, including interest from accredited investors and expectations regarding reports from leading tech companies. TAO continues to develop its decentralized machine-learning network, offering unique opportunities and solutions in the AI sector.
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