Bittensor’s native token, TAO, has increased in value by 13% in the last day. This is thought to be due to an unconfirmed report that digital asset manager Grayscale is going to set up a new trust to track the token.
CoinMarketCap data shows that Bittensor’s price has increased 21% since last week, rising 13% to $483.10 at the time of writing. TAO is now the best-performing asset in the top 100 on CoinGecko, beating out PepeCoin, a popular ETH joke coin.
Along with other meme tokens like Dogecoin and Shiba Inu, PEPE has also seen big gains as buyers wait for the SEC to make a decision on a spot Ethereum ETF.
Bittensor Community Buzzes with Unverified Grayscale Trust Rumors
A Crypto Twitter user called CEYEBER, who started the official Bittensor Community Channel on Telegram, says that the Grayscale report has been “confirmed by close sources.” However, SEC records don’t show any proof of this.
It is likely that a Regulation D file would be made if the TAO offering was a closed-end fund that wealthy investors could buy and sell over the counter like the Grayscale Bitcoin Trust was before it was turned into a spot ETF.
As a new spot BTC offering, Grayscale filed an S-1 form in March to set up a Grayscale Bitcoin Mini Trust. At this point, neither type of filing has been sent in. In fact, the word “Bittensor” isn’t used in any SEC documents from before 2001.
The latest report about the decentralized AI project is not the only good news. The Taobot, part of the Bittensor community, has had a good week. The team said on Tuesday that it had been chosen to be one of the first groups to test the Llama 3 API from Akash Network.
Akash Network recently said Llama 3, Meta AI’s newest open-source model, will work with their chat. Users can test the model without having to make an account. At the time, the project said on Twitter, “Test the newest model from Meta AI for yourself without making an account.” “Totally free and without any permission.”
The Taobot team has also started working with the Blockchain Insights project on Bittensor Subnet 15 to help people understand blockchain data. The subnet’s goal is to organize blockchain data across many networks so that complicated data queries are easier to perform.
The Taobot team wrote on X, “Our integration will allow users to do a wide range of blockchain queries, from simple transactions to DeFi protocol analytics and NFT exchanges.”
As things stand, it’s still unclear if Grayscale will file for a TAO trust, but the rumors have already given Bittensor’s market performance a big boost.
