Cutting edge AI token Bittensor (TAO) has fallen 20% in 24 hours to trade at $572, only a day after listing on Binance in what looks like “buy the rumour, sell the news” trading activity, according to data by Coin Gecko.
Bittensor is a pioneering peer-to-peer (p2p) machine learning protocol that incentivizes participants to train machine learners across a global decentralized network of nodes.
By spreading the computing load across multiple nodes, the Bittensor team hopes to create a collaborative and open-source AI training ecosystem that will rival the more centralized machine learning systems used by corporations like Google and IBM.
Bittensor employs a Proof of Intelligence (PoI) consensus mechanism. PoI is an alternative to Bitcoin’s Proof-of-Work (PoW) model, where the nodes with the most computing power validate the most transactions and mine the most BTC.
It also differs to the Proof-of-Stake model used by Ethereum, where the nodes that staked the most ETH validate the most transactions.
Bittensor is currently the number one AI-related cryptocurrency with a market cap of nearly $4 billion and a 24-hour trading volume of just over $230k.
Is it too late to buy AI token Bittensor (TAO)?
Given the sudden price drop, it’s definitely not too late to buy TAO.
TAO is frontrunning an AI token sector that will rise to prominence in the coming years once tech companies in jurisdictions across the world are confident about both crypto and AI regulation.
In fact, some would argue the depreciation is welcome because it offers new buyers a chance to get in at a discount ahead of a potential future rally.
However, Bittensor’s trading chart has followed a slightly different narrative to more mainstream cryptocurrencies over the last three months.
While, broadly speaking, the price has gone up over the period examined, it has not moved in tandem with the rest of the market.
According to the trading chart, the transition from February to March was more volatile for TAO than more leading cryptocurrencies. Having said that, the token has found strong support around $600 and is only trading 22% shy of its all-time high (ATH) of $757.60 set a month ago, March 8.
Source: TradingView
However, TAO’s Relative Strength Index (RSI) is 44 and falling, which indicates there could be further losses over the next 24 hours.
Beyond AI Tokens Like TAO: Solana Meme Coins are Worth Watching
If AI related tokens and protocols are undoubtedly the blockchain’s next technological leap, then Solana meme coins are its next cultural one.
Bittensor is a good, solid cryptocurrency to invest in. Sure, it has its risks. As with all cryptocurrency investments, people should only invest what they’re prepared to lose, but Bittensor’s Proof-of-Intelligence concept and decentralized AI-training model are revolutionary USPs for any token.
Meme coins are another promising sector and Solana meme coins are some of the buzziest right now.
The network’s latest star is a 420-friendly sloth with big dreams.
In just three weeks, traders have poured well over $10 million into an ICO for new Solana meme coin Slothana ($SLOTH) to try and recapture some of the early upside potential of recently profitable Solana funny tokens like Slerfs, DogWifHat and Bonk.
Slothana isn’t lazy, although he certainly appears that way. High on ambition (and surreptitious toking), he’s eyeing the clock hands, waiting for 4:20 because from there, he hopes to get to $420 million.
Word on the grapevine says Slothana is by the same team that launched Smog (SMOG), which rallied strongly after ending its presale and listing. Early investors hope to capture that explosive upside potential ahead of a Slothana listing.
The clock is ticking and the $SLOTH team has not confirmed launch dates, so the presale window duration is an enigma.
Got FOMO? Curious investors can join the presale by sending SOL to this address: EnSawje2vQSQKtGbPYdXEuYKm2sHgeLKJTqCmrDErKEA
The post Is It Too Late to Buy Bittensor? TAO Price Falls After Binance Listing as Spotlight Shifts to Solana’s Hidden New Coin appeared first on Cryptonews.
