Bittensor Price Drops 36% in a Month

The Bittensor price fell to $337.55 on May 14, marking the token’s lowest point in a month. Currently, TAO is trading at $386.

According to CoinGecko data, Bittensor’s price experienced several fluctuations over the past month. On Apr. 23, the token reached a one-month all-time high (ATH) of $527.28. However, the following day, the price plummeted to $449.57.

The decline continued, and by May 1, TAO had dropped to $346.14. The cryptocurrency then saw a brief recovery, climbing to $479.97 on May 6. Despite this rebound, TAO fell sharply again, reaching its 30-day low of $337.55 on May 14.

Bittensor price change over 30 days. Source: CoinGecko

Bittensor Price Falls, Trading Volume Steady

According to Token Terminal, Bittensor recorded its highest trading volume on April 12, reaching $428.986 million. On that day, the price of TAO rose to $706.26, nearing its all-time high of $757.60.

It’s notable that after Apr. 11, TAO’s trading volume reverted to levels seen in February and March, even though the current price is lower.

Change in trading volume of TAO. Source: Token Terminal

For instance, on May 15, the trading volume was $31.4 million with a TAO price of about $346, whereas on Mar. 15, the trading volume was $45.164 million at a price of approximately $639.50.

Bittensor and Other AI Tokens

According to the project’s social media accounts, on Apr. 20, Bittensor demonstrated the functionality of Dynamic Tao (D-Tao). This event likely contributed to the growth observed on Apr. 21.

Dynamic Tao is designed to enhance the decentralization and distribution of TAO tokens. It aims to achieve a more precise distribution of rewards across subnets, mitigating instances of speculation among network validators.

D-Tao discussion among users. Source: Reddit