Bittensor Price Spikes 14.5% – Is It Too Late to Buy TAO and Could This Other Meme Coin Outperform?
As the Bittensor (TAO) price continues to push higher on Thursday, having hit fresh monthly highs above $490, traders are asking whether it is too late to buy TAO.
TAO was last changing hands just above $470, up 13% in the past 24 hours as per CoinMarketCap.
Bittensor is a decentralized network of machine learning models that is attempting to build a global AI brain.
AI coins like Bittensor are in focus on Thursday in wake of the latest Nvidia earnings report.
Nvidia smashed revenue expectations in Q1, and its stock has since surged to fresh all-time highs.
This is absolutely insane:
If you include today's earnings move, Nvidia stock, $NVDA, is now up 245,000% since it went public.
This means that if you invested $100,000 in $NVDA in 1999, you would now have $245 MILLION.
Even if you invested $100,000 in $NVDA just 10 years ago,… pic.twitter.com/oY3oibpoMF
— The Kobeissi Letter (@KobeissiLetter) May 23, 2024
AI optimism comes at a time when crypto markets were already in a good mood thanks to other positive developments.
The SEC made a surprise u-turn on Ethereum ETFs this week, and approvals seem imminent.
Some are predicting this could push up the ETH price by 60%.
Meanwhile, the House just passed FIT21, the most comprehensive piece of crypto legislation to have progress that far in Congress.
Traders would be forgiven for having bullish Bittensor price predictions. Here’s is where the crypto could be headed next.
The Bittensor price is attempting to break above its 50DMA at $456 and its prior monthly highs in the $480s.
If TAO pushes above here, the door would open for a quick rally back to post-Binance listing highs above $750.
With TAO shaping up for potential near-term 70% gains, it is potentially the best crypto to buy now.
And if
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