- Exchange listings triggered price increases before momentum slowed.
- Sentiment towards TAO continues to be very positive.
Shortly after Binance announced that it would list Bittensor [TAO], the token price rose from $576 to $725. This happened on April 11th. However, TAO’s price was unable to sustain its rise and remained at $641 at the time of writing.
Bittensor is a decentralized open-source protocol that uses blockchain machine learning to reward information value. As an artificial intelligence (AI) themed project, TAO has long benefited from trending stories.
TAO leads, others follow
Over the past 365 days, the cryptocurrency’s price has increased by a staggering 936.38%.Because of this, some market participants believe that Binance List up I came a little late.
However, this development caused a rise in indicators related to cryptocurrencies.For example, according to Lunar CrashTAO became the top project in terms of social and market activities.
Source: Lunar Crash
According to data analyzed by AMBCrypto, there were over 8.32 million interactions related to the project. This represents an increase of 233.90% in 24 hours.
Apart from that, the trading volume also increased by a whopping 265.60%. If TAO shows signs of recovery and volumes continue to increase, the price could jump.
In a very bullish scenario, the token price could head towards $710 within a few days. However, if price increases while volume decreases, the uptrend will weaken and the bullish theory could be invalidated.
the bull does his best
Despite the price drop, weighted sentiment reveals participants are bullish on Bitensor. By definition, weighted sentiment indicates whether most comments about a project are negative or positive.
Positive values indicate high levels of optimistic statements. On the other hand, a negative value indicates otherwise. At the time of writing, this indicator has jumped to his 5.07, confirming the bullish sentiment towards the project.
If this indicator stays in positive territory for some time, TAO price could revisit the highs reached on April 11th. Another metric that AMBCrypto focused on was development activity.
Source: Santiment
March 27th in Bittensall development Activity was very high. At the time, this increase reflected an increased commitment to shipping new features.
However, as of this writing, the metric has decreased, indicating fewer GitHub repositories are connected to Bittensor. Usually, this can be a bearish signal.
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However, social interactions and heightened emotions surrounding TAO may have neutralized the developmental effects. Going forward, TAO’s trading volume may be higher than in the past few months.
This is due to the influence of Binance. In this case, the token could exceed its all-time high. But it may be impossible to recreate that 356-day performance.
