Bittensor price soars 13% as Grayscale Trust rumors circulate

Decentralized AI project Bittensor saw its native token TAO gain 13% in value in the past day; This apparently stems from an unconfirmed rumor that digital asset manager Grayscale plans to create a new trust registry tracking the token.

At the time of writing, Bittensor’s price is up 13% to $483.10, according to CoinMarkeCap ​​data, marking a 21% increase compared to this time last week.

TAO 24-hour price chart | Source: CoinMarketCap

This latest achievement makes TAO the best-performing asset in the top 100 on CoinGecko, surpassing ETH meme coin favorite PepeCoin.

PEPE, along with other meme tokens like Dogecoin and Shiba Inu, have made notable gains as investors await the Securities and Exchange Commission’s decision on the Ethereum ETF.

Pseudonymous Crypto Twitter user CEYEBER, who founded the official Bittensor Community Channel on Telegram, claims that the Grayscale rumor has been “confirmed by close sources.” But there is no evidence of this in SEC filings.

Grayscale trust $TAO Confirmed by close sources. Bittensor is huge, $TAO is existence.

— CEYEBER ττ , ϙ (@EyeofCyber) May 22, 2024

If the TAO offering had been a close-end fund offered over-the-counter to wealthy investors, such as the Grayscale Bitcoin Trust, before being converted into a spot ETF, it would likely have been a Regulation D filing. In March, Grayscale filed to establish the Grayscale Bitcoin Mini Trust with an S-1 registration as a new spot BTC offering.

Neither file type has been submitted at this time. In fact, “Bittensor” does not appear in any SEC filings dating back to 2001.

The latest rumor isn’t the only positive news for the decentralized AI project.

Taobot, a component of the Bittensor ecosystem, had a successful week. On Tuesday, the team announced that it has been accepted as one of the first projects to join Akash Network’s Llama 3 API beta.

We are excited to announce that $TAOBOT It is among the first projects accepted. @akashnet_ LlaMa 3 API beta!

Akash is now live on our Interact platform, offering direct access to LlaMa 3 8B and serving as a replacement for Subnet 18. @Corcel_X.

Akash of the world… pic.twitter.com/cQEV4hoX2z

– tao.bot (τ, τ) (@taodotbot) May 21, 2024

Akash Network recently announced that its chat supports Meta AI’s latest open source model, Llama 3, allowing users to test the model without creating an account.

“Test Meta AI’s newest model for yourself without creating an account,” the project wrote on Twitter at the time. “Completely free and without permission.”

Additionally, the Taobot team began collaborating with the Bittensor Subnet 15 project Blockchain Insights to enable users to analyze blockchain data using simple language. The subnet aims to organize blockchain data across multiple networks to make complex data queries more efficient.

“Our integration will allow users to perform a variety of blockchain queries, from simple transactions to DeFi protocol analyzes and NFT exchanges,” the Taobot team wrote on X.

It remains to be seen whether Grayscale will indeed apply for the TAO trust as the situation develops, but speculation has already resulted in a significant increase in Bittensor’s market performance.