Is It Too Late to Buy Bittensor? TAO Price Rises 18% as All Eyes Turn to Meme Kombat – Next Pepe Coin?
As Bitcoin price smashes $42K, the AI narrative is back in full-force, and emerging AI crypto Bittensor has seen native TAO price rise +18%, but is it too late to buy Bittensor?
With TAO activity spiking following a new token listing on the Gate.Io exchange, which has seen an explosive surge in over $50m in 24-hour trading volume.
The circulating float of $TAO is only 795,414 tokens
With 4.9m $TAO staked out of the 5.7m that has been issued..
There really isn't a lot of $TAO out there on the open market
Everyone wants that 17-20% APY$TAO pic.twitter.com/JNDvvHDub7
— ＤＲＥＡＤ ＢＯＮＧＯ (@DreadBong0) December 4, 2023
The dramatic TAO value accrual can be partially explained by Bittensor’s favorable tokenomics, with 86.22% of TAO supply staked – there is very little TAO on the open market changing hands.
As TAO price reels from the thunderous upside move, Bittensor is currently trading at a market price of $326 (representing a 24-hour change of -3.4%).
This comes after the ascendant 20DMA triggered a TAO price bounce, which moved +47% in 4-days from double-bottomed support at $230, mounting a new all-time high at $361.
But despite the onset of retracement, a strong support zone has appeared at $307.5, offering a localized foothold for TAO bulls to consolidate after the seismic pump.
If bulls are able to hold position here, TAO price will soon be primed for another push up above $350, however, with the 20DMA lagging behind at $255 its likely this will take some time.
The RSI confirms this consolidatory outlook, with the surge in TAO price propelling the indicator back into serious bearish divergence at an overbought 71.5.
But, this is contrasted aggressively by the MACD, which is spotlighting TAO’s explosive volatility at 2.98 – in a sign of
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