The decentralized AI project Bittensor has seen its native token, TAO, jump 13% in the past day, driven by an unconfirmed rumor that digital asset manager Grayscale plans to create a new trust tracking the token.
As of now, Bittensor’s price has risen 13% to $483.10, marking a 21% gain over the past week, according to CoinMarketCap data.
This surge makes TAO the best-performing asset among the top 100 on CoinGecko, surpassing popular ETH meme coin PepeCoin.
PepeCoin, along with other meme tokens like Dogecoin and Shiba Inu, have all seen notable gains as investors await the Securities and Exchange Commission’s (SEC) decision on a spot Ethereum ETF.
A pseudonymous Crypto Twitter user, CEYEBER, who founded the official Bittensor Community Channel on Telegram, claims the Grayscale rumor has been “confirmed by close sources.” However, there is no evidence of this in SEC filings.
If the TAO offering were to be a closed-end fund available over-the-counter to wealthy investors, similar to the Grayscale Bitcoin Trust before its conversion to a spot ETF, there would likely be a Regulation D filing. In March, Grayscale filed to establish a Grayscale Bitcoin Mini Trust with an S-1 registration as a new spot BTC offering.
At present, neither type of filing has been submitted. In fact, “Bittensor” does not appear in any SEC filings dating back to 2001.
This rumor is not the only positive news for the decentralized AI project.
The Taobot, a component of the Bittensor ecosystem, has had a successful week. On Tuesday, the team announced it had been accepted as one of the first projects to join Akash Network’s Llama 3 API beta.
Akash Network recently announced that its chat supports Llama 3, the latest open-source model from Meta AI, allowing users to test the model without creating an account.
“Test the newest model from Meta AI for yourself without creating an account,” the project wrote on Twitter at the time. “Completely free and permissionless.”
Additionally, the Taobot team has started 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 empower users to perform diverse blockchain queries, from simple transactions to DeFi protocol analytics and NFT exchanges,” the Taobot team wrote on X.
Summary Review: While it remains to be seen if Grayscale will indeed file for a TAO trust, the speculation has already significantly boosted Bittensor’s market performance. The combination of positive developments within the Bittensor ecosystem and the circulating rumors has generated considerable excitement and interest in the TAO token.
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