Bittensor, a decentralized AI project, has witnessed a 13% increase in its native token, TAO, in the last 24 hours. This surge appears to be fueled by an unverified rumor suggesting that Grayscale, a digital asset manager, is planning to establish a new trust to track the token.
Currently, Bittensor’s price sits at $483.10, reflecting a 21% rise compared to the previous week, as per data from CoinMarkeCap.
TAO has now emerged as the top-performing asset among the top 100 on CoinGecko, outshining popular meme coin PEPE. The surge in meme tokens like Dogecoin and Shiba Inu is also notable, as investors eagerly anticipate the Securities and Exchange Commission’s decision on a spot Ethereum ETF.
A Crypto Twitter user known as CEYEBER, who founded the official Bittensor Community Channel on Telegram, asserts that the Grayscale rumor has been verified by reliable sources. However, there is no concrete evidence of this in SEC filings.
If Grayscale were to offer TAO as a closed-end fund exclusively available to affluent investors, similar to the Grayscale Bitcoin Trust, there would likely be a Regulation D filing. While Grayscale submitted filings for a Grayscale Bitcoin Mini Trust in March, no such filings have been made for TAO. Additionally, “Bittensor” does not appear in any SEC filings dating back to 2001.
Aside from the Grayscale speculation, Bittensor has other positive developments to celebrate. The Taobot, a key element of the Bittensor ecosystem, recently secured a spot as one of the initial projects to join Akash Network’s Llama 3 API beta. This integration allows users to test Meta AI’s latest open-source model, Llama 3, without needing an account.
Moreover, the Taobot team has teamed up with the Bittensor Subnet 15 project, Blockchain Insights, to enable users to analyze blockchain data using simple language. The subnet’s goal is to streamline complex data queries by organizing blockchain data across multiple networks.
As the situation unfolds, it remains to be seen whether Grayscale will proceed with establishing a TAO trust. Nevertheless, the speculation has already had a positive impact on Bittensor’s market performance.