Is It Too Late to Buy Bittensor? TAO Price Falls After Binance Listing as Spotlight Shifts to Solana’s Hidden New Coin
Cutting edge AI token Bittensor (TAO) has fallen 20% in 24 hours to trade at $572, only a day after listing on Binance in what looks like “buy the rumour, sell the news” trading activity, according to data by Coin Gecko.
Bittensor is a pioneering peer-to-peer (p2p) machine learning protocol that incentivizes participants to train machine learners across a global decentralized network of nodes.
By spreading the computing load across multiple nodes, the Bittensor team hopes to create a collaborative and open-source AI training ecosystem that will rival the more centralized machine learning systems used by corporations like Google and IBM.
Bittensor employs a Proof of Intelligence (PoI) consensus mechanism. PoI is an alternative to Bitcoin’s Proof-of-Work (PoW) model, where the nodes with the most computing power validate the most transactions and mine the most BTC.
It also differs to the Proof-of-Stake model used by Ethereum, where the nodes that staked the most ETH validate the most transactions.
Bittensor is currently the number one AI-related cryptocurrency with a market cap of nearly $4 billion and a 24-hour trading volume of just over $230k.
Given the sudden price drop, it’s definitely not too late to buy TAO.
TAO is frontrunning an AI token sector that will rise to prominence in the coming years once tech companies in jurisdictions across the world are confident about both crypto and AI regulation.
In fact, some would argue the depreciation is welcome because it offers new buyers a chance to get in at a discount ahead of a potential future rally.
However, Bittensor’s trading chart has followed a slightly different narrative to more mainstream cryptocurrencies over the last three months.
While, broadly speaking, the price has
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