We know that many of you may not yet be familiar with the TAO crypto project. As such, we’ll kick things off by first covering the basics of Bittensor. Thus, you’ll have a chance to get acquainted with the project and its core aspects.
However, as altcoin investors, we’ll mainly focus on the TAO crypto token. Hence, we’ll dive deeper into the ins and outs of this cryptocurrency. We’ll explain what it is all about. As such, you’ll have a chance to learn about the token’s purpose, use cases, and tokenomics.
Moreover, we’ll also analyze $TAO’s price, going over the entire price action of this asset so far. Plus, we’ll use the basics of technical analysis (TA) to outline the key support and resistance levels. In addition, we’ll deploy the ultimate crypto charting tool – Money Line, which will offer invaluable insights about the TAO crypto asset’s price trend.
Furthermore, you’ll find out how to use the power of Moralis Money to help you determine if/when to buy altcoins with potential. After all, the platform offers the best cryptocurrency analysis sites and one of them focuses on $TAO.
Last but not least, we’ll also inform you where you can buy TAO.
What is TAO Crypto?
“TAO crypto” is short for the “TAO cryptocurrency”, which is the native token of the Bittensor protocol. However, as it has become a common practice among the crypto communities, the “(token’s symbol) + crypto” signposts often point in the direction of the entire project/ecosystem behind that asset.
As such, “TAO crypto” is regularly used as a synonym for the Bittensor project, its protocol, and its network.
With that in mind, it’s clear that in order to answer the above question properly, we need to ensure you get acquainted with Bittensor and the TAO token. Thus, let’s start with the former.
Exploring the Bittensor Project
Bittensor is an innovative protocol fostering the concept of decentralized artificial intelligence through incentivized competitive markets. At its core, Bittensor is a separate blockchain network. It has its own wallet and block explorer for those interested in interacting with this chain. And while operating on a blockchain, the protocol is orchestrating subnets that function as incentive-based competition markets.
Moreover, participants within these subnets, known as subnet miners and subnet validators, contribute to the collective intelligence by solving predefined tasks. In return, their efforts are rewarded in TAO tokens.
As such, the Bittensor ecosystem provides an open platform for the creation and participation in decentralized intelligence competitions.
TAO Crypto Project’s Key Aspects
- Subnets as Competitive Markets: Bittensor subnets are individual competitive markets operating within the broader ecosystem. Participants can either create their own subnet with a custom incentive mechanism or join existing subnets to contribute their intelligence.
- Blockchain Backbone: The blockchain network forms the backbone of this project, ensuring decentralization, permissionlessness, and resistance to collusion. This base network also ensures that rewards in the form of TAO tokens are properly distributed.
- Bittensor API Connectivity: The Bittensor API acts as the central hub connecting various elements within the ecosystem, including subnets and the blockchain. Participants can utilize Python with the ecosystem’s API to develop and implement their incentive mechanisms.
- Participant Personas: The protocol also accommodates various participant personas, including subnet owners, subnet validators, subnet miners, and blockchain operators. Each persona plays a unique role in contributing to the overall functionality of the Bittensor ecosystem.
- Incentive Mechanism Development: Participants engage in the Bittensor ecosystem by actively participating in subnets. The process involves testing incentive mechanisms locally, connecting to the Bittensor testchain, and finally deploying live on the Bittensor mainchain.
- Building Blocks with Bittensor API: The protocol’s API provides fundamental building blocks for developing custom incentive mechanisms. These building blocks include an overview of subnets, an introduction to Bittensor building elements, and tools for developing neuron-to-neuron communication.
- Metagraph and Subtensor: The Metagraph serves as a comprehensive data structure detailing the current state of a subnet. Subtensor, a Bittensor object, handles interactions with the blockchain, whether it’s local, testchain, or mainchain.
Note: If you are interested in getting actively involved with the TAO project, make sure to visit the above-outlined website. There, you’ll find links to the project’s docs, whitepaper, and other useful resources.
Meet the TAO Token
By this point, you already know that $TAO is the native coin of the Bittensor network. As such, the TAO crypto token lies at the heart of the above-presented ecosystem. It fuels decentralized intelligence and incentivizes participants within the network.
The primary purpose of the TAO token is to reward and facilitate the exchange of value within the Bittensor ecosystem. As a native utility token, TAO powers the incentive-based competitive markets known as subnets. These tokens are distributed to participants who contribute their computational resources and intelligence to the decentralized network.
TAO Cryptocurrency’s Use Cases
- Reward Mechanism: As the means to reward subnet miners and subnet validators, $TAO fulfills its core purpose. When it comes to distributing these rewards, evaluations from subnet validators and the outcomes of the Yuma Consensus mechanism play a key role.
- Participation in Subnets: The TAO token allows users to actively engage in subnets. So, whether they create their own incentive mechanisms or join existing competitive markets, $TAO is the key.
- Governance: TAO tokens may serve as a governance tool, allowing holders to participate in decision-making processes related to the evolution of the protocol. Hence, token holders have the opportunity to propose and vote on changes, ensuring a democratic and community-driven governance model.
All-in-all, TAO tokens create economic incentives for individuals and entities to contribute valuable intelligence, enhancing the overall efficiency and diversity of the decentralized network.
Tokenomics
As explained above, TAO tokens are distributed as rewards within the ecosystem’s subnets. This aligns with the principle of fair compensation for contributed intelligence. Moreover, the distribution mechanism ensures a decentralized and inclusive allocation of tokens across the participant base.
Furthermore, the project claims that the scarcity of TAO tokens is designed to align with the demand for decentralized intelligence. As the network grows and demands increase, the scarcity of TAO tokens is poised to create a market dynamic that reflects the value of decentralized intelligence.
The TAO crypto’s tokenomics in a nutshell:
- Token name: Bittensor
- Symbol/ticker: TAO or $TAO
- Network: Bittensor
- Maximum supply: 21,000,000 $TAO
- Halvening mechanism:
TAO Crypto Token’s Price
The $TAO token started trading on March 3, 2023, when it was listed at $80. After spiking to $119 on its first day, the token’s price started to decrease. It found some support at around $73 and then around $55; however, it eventually came all the way down to $29. The latter marks $TAO’s all-time low (ATL), which came in on May 8, 2023.
Six days later, the price again entered the $29 level but just for a short time as it started to move upwards on the same day. By May 27, the TAO price reached $75 but it was rejected at that level. After that rejection, it pulled back approximately 44%, finding support on top of $41.
On July 4, $TAO went on another run that took its price to $94 over the following three weeks. However, it wasn’t able to go higher and instead turned downward, dipping to $45 on September 1, 2023. Over the next 48 days, the TAO price consolidated in the $45-$60 range.
After touching the range’s bottom on October 19, the asset’s price started to appreciate fast. With a few pullbacks along the way, $TAO reached its current ATH at $395 on December 14, 2023. So, in just under two months, the token’s value increased by more than eight-fold, which is rather impressive.
Following that peak, $TAO retraced by roughly 51%, finding support on top of $192 on January 8, 2024.
On January 16, the price broke out of a down-sloping trendline, formed a double bottom on a daily chart, and broke above the neckline on January 17. At the time of writing, the $TAO price is at $275.
TA & Money Line
In the above chart, you can explore the entire TAO crypto asset’s price action. Moreover, we also charted the token’s key levels of support and resistance. So, until $TAO sets a new ATH, these levels are the most likely targets (either to the upside or downside).
Furthermore, there are many other TA tools and indicators we could use to analyze the TAO price. However, we prefer to stick to as few tools/indicators as possible. As such, it’s important that we use the best ones. And this is why we rely heavily on the Money Line indicator. The latter uses the power of on-chain data and thus offers an unparalleled indication of ongoing trends and their shifts.
For TAO, this indicator shows that the asset is currently in a bearish trendline on both weekly and daily timeframes. However, on the daily scale, Money Line shows that the $TAO price is at an important level. After all, once it breaks above the upper band of the indicator’s cloud, it will flash a “Bullish” signal. If that happens, it could be a good time to consider buying $TAO.
Note: If you want to get your hands on this powerful crypto trading tool, you just need to opt in for Moralis Money’s Pro or Starter plans. However, you don’t have to commit directly. Instead, you can experience the power of the indicator firsthand by taking on the 14-day trial for as little as $1 per day.
Should I Buy the $TAO Crypto Token?
If you wish to answer the above question with confidence, you ought to start by considering your current financial situation and your risk aversion. If these aspects allow you to invest in altcoins, such as $TAO, then focus on the above-covered information about Bittensor and its token.
And if the above sections make you find this altcoin opportunity interesting, then you need to proceed by DYORing the project and the TAO token.
Luckily, you can do that easily with the Moralis Money $TAO token page. However, you should note that for now, Moralis Money focuses on EVM-compatible chains. So, that page offers details for the wrapped TAO (wTAO), which lives on Ethereum.
As such, the on-chain data is not the same as for the TAO token on the Bittensor protocol. However, the project details and the price all match the base token. Plus, wTAO’s on-chain momentum also matches the one for $TAO. Thus, using the “Alpha Metrics” and “Price Chart” sections on the wTAO page will still help you determine if/when to buy $TAO.
So, feel free to follow the above “$TAO” link or use the interactive widget below.
Where to Buy $TAO and Wrapped TAO?
If you decide you wish to get a bag of $TAO or $wTAO, you have several options. Just use the “Market” section on CoinGecko or CoinMarketCap page for that token. There, you’ll find a list of all CEXs and DEXs that offer the relevant training pair, including the trading volume. As such, you can easily pick a market that best suits your goals.
What is TAO Crypto? On-Chain Data & Price for Bittensor $TAO – Key Takeaways
- Bittensor is a blockchain network dedicated to creating a network of decentralized intelligence.
- The TAO token is that protocol’s native cryptocurrency.
- $TAO’s core purpose is to serve as a medium to incentivize network miners and validators.
- After listing at $80 in March 2023, the TAO price pulled back to as low as $29 by May. However, between October 19 and December 14, 2023, $TAO pulled off a massive 760%-plus rally.
- The January pullback seems to be over and $TAO might be getting ready for another move to the upside.
- Use the Money Line indicator to help you make sense of the $TAO price.
- To DYOR the token and the project behind it, use Moralis Money’s page dedicated to $TAO.
- If you decide to invest in $TAO on Ethereum, you a CEX/DEX that suits your plans.
It’s important to keep in mind that TAO already has a market cap of more than $1.5 billion. As such, it would be unreasonable to expect extremely high gains from its current level. Of course, 10x or maybe even 20x is still possible; however, for those 50x-plus returns, you need to focus on altcoins with lower market caps.
Luckily, you can easily spot these types of altcoin opportunities with Moralis Money’s crypto trading tools. Particularly valuable is the platform’s crypto scanner (a.k.a. Token Explorer). With this core feature, you get to generate dynamic lists of altcoins with potential in just a few clicks.
Plus, there are several other powerful functionalities that Moralis Money offers, including crypto bubblemaps, a crypto pump detector, and a crypto whale tracker.
So, do you wish to make the most of the 2024 bull run? If so, start using Moralis Money today!
