Bittensor's TAO token plunged 27% in 12 hours, wiping out nearly $900 million in market value after Covenant AI, a key subnet developer, abruptly left the network. Covenant AI criticized Bittensor's governance as centralized and accused the leadership of market manipulation and economic sabotage. This triggered a sharp sell-off, liquidating $9 million in long positions and causing related subnet tokens to drop over 55%. The future of Bittensor hinges on the founder's response to these allegations and whether other developers will remain or follow Covenant AI's departure.
Bittensor (TAO) dropped below the $200 support level, hitting a monthly low of $193 due to increased futures outflows and declining open interest, indicating reduced exposure by derivatives traders. Despite the bearish momentum, spot market data show...
NEAR Protocol's price rose above $2, supported by renewed interest in AI-related cryptocurrencies and an 83% surge in trading volume. The token is breaking out of a falling wedge pattern, with a confirmed breakout above $2.03 potentially driving pric...
