Bittensor, an open-source protocol that allows for the creation of a decentralized machine learning network, is trending on X as its utility token's price surged during Thanksgiving Day.
The Bittensor protocol enables machine learning models to train in a collaborative environment then provides rewards in TAO tokens based on the informational value the models can offer.
$TAO Plays Moonvember Card
Data from CoinGecko showed that as of early Friday, TAO has seen a nearly 7% increase in the last 24 hours, trading at around $613. The token's seven-day chart has also been a beauty, with a surge of 23%.
The token's monthly spike hit 16.5%, riding the altcoin "Moonvember" wave, and its uptrend so far in the year stands above 140%, making it one of the most significant cryptocurrency players in the last few months.
TAO's surge came as majority of the Top 10 crypto assets on CoinGecko didn't see significant gains on Thanksgiving Day. For instance, Bitcoin (BTC) is only up by 0.6%, and Ethereum (ETH) shed 1.6% overnight.
$TAO a Hot Topic on X
Bittensor has been in the crypto space for several years now, with the first iteration of its main network being launched early in 2021. In the first few years, not much was known about the artificial intelligence (AI) centered protocol.
Things changed in the last quarter of 2023, when the TAO utility token saw a surge that allowed the coin to break the $200-mark and since then, it has not traded below the said figure.
In recent days, TAO has become a hot topic on Elon Musk-owned X (formerly Twitter). On Thursday, prominent trader Eric Cryptoman called TAO the "Bitcoin for AI," urging all crypto holders to have the token "in a well balanced portfolio."
A new TAO holder said he only joined the community a day earlier and already saw gains on this investment. "This community is gold," he said.
Well-known crypto figure Poseidon noted that TAO is "another one of my highest conviction plays" and believes that the token is still on its early bullish days.
Optimism around the crypto coin comes from its listing on major crypto exchanges such as Binance, KuCoin, and Gate.io among others.
There is also much interest around the convergence of AI and cryptocurrency, and Bittensor is already positioned as an early mover given its mission of establishing a decentralized network dedicated to machine learning.
TAO, which, at one point traded above $620 in the last day, is currently #35 on CoinGecko's rankings. For a pioneer in the AI-crypto world, it's not a bad number, especially with its $4.5 billion market cap.
