Gate News message, April 14 — Bittensor’s native token TAO dropped 6.9% over the past 24 hours to $238.91, extending a week-long decline of 24.31% following subnet developer Covenant AI’s exit announcement on Friday (April 11). The departure, citing concerns over centralized control, triggered over 25% intraday losses and large-scale long liquidations.
Competing AI tokens such as NEAR Protocol, Internet Computer (ICP), Render (RENDER), and Artificial Superintelligence Alliance (FET) posted smaller 24-hour declines, with the largest at 3.35%. TAO’s key support lies at $230, while a reclaim of $260 would signal price stabilization.
Despite the selloff, TAO remains the top AI token by market cap, ranked 33rd overall. Grayscale increased its AI fund allocation to Bittensor to 43.06% in early April and filed to convert its Bittensor Trust into a spot ETF. Bittensor is also expanding subnet capacity from 128 to 256 this month, doubling the number of AI projects that can build on the network.
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