Summary of Recent Developments in Bittensor and TAO’s Market Response
In a surprising turn of events, TAO, the native token of Bittensor, faced a significant plunge following Covenant AI’s announcement to exit the decentralized network. Here’s how the market reacted and the main issues at play:
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Market Impact:
- TAO fell over 15%, from $337 to $284, reflecting growing investor concerns.
- As of the latest data, the token is down 9% in the last 24 hours.
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Covenant AI’s Concerns:
- Allegations of centralized control within Bittensor’s governance structure.
- Key decisions still concentrated among a few individuals, limiting true decentralization.
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Covenant AI’s Future:
- The team plans to advance their technology outside of Bittensor, emphasizing their commitment to decentralized AI training.
With TAO previously soaring nearly 90% in March, this news represents a notable shift in investor sentiment. Exciting developments are on the horizon, so stay tuned for updates!
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