AI coins Showing Resilience Despite Market Downturn
Bittensor ($TAO) and several other leading AI coins are defying the odds today by pumping up in value, despite a 0.4% decrease in the overall crypto market, which is now valued at $2.16 trillion.
Specifically, Bittensor's $TAO token has experienced a 2.7% increase in the last 24 hours and a notable 12.6% surge over the past week, currently trading at $313.75. In contrast, other prominent AI projects like Near Protocol ($NEAR) and Internet Computer ($ICP) have not fared as well, with NEAR losing 4.1% overnight and ICP dropping by 2.9% today.
The Artificial Superintelligence Alliance ($FET), a result of the merger between Fetch.AI ($FET), SingularityNET ($AGIX), and Ocean Protocol ($OCEAN), has seen a moderate increase of 1.8% in 24 hours and 1.4% over the week, currently priced at $1.33.
Surprisingly, even the market leader bitcoin ($BTC) is demonstrating atypical behavior by gaining 1.2% in the last 24 hours and 5.4% over the week, trading at $59,703.
Bittensor’s $TAO: A Performance Evaluation
Bittensor operates as a decentralized machine learning network that rewards AI models for collaborating via the $TAO token. Despite hitting an all-time high of $757.60 earlier this year, $TAO has since dropped by approximately 58%.
Throughout the summer, $TAO struggled to surpass the $360 mark and faced resistance. The market crash in August briefly pushed prices to around $180 before recovering swiftly.
Currently, $TAO seems to be forming a support level around $240, which could be tested over the upcoming weekend. The token's current relative strength index is 49 and declining, suggesting a possible slowdown in momentum and a potential short-to-mid term decline.
However, with $TAO trading at its 30-day moving average, relative stability is indicated for the token.
Evolution of web3 Applications: From Bittensor to Memebet
Bittensor’s $TAO and the Artificial Superintelligence Alliance are pioneering the integration of high-quality open-source resources within a blockchain network to advance towards singularity. In a similar vein, the $41 billion meme coin sector within the crypto space is also expanding its utility.
One promising project in this sector is Memebet, which recently launched the first online casino where players can use meme coins. The project's native token, $MEMEBET, received over $200,000 in investments within just two days of its presale launch.
With the online gambling industry poised to grow from $100 billion in 2024 to $130 billion in the next five years, Memebet has the potential to become a household name in the sector.
$MEMEBET tokens offer players a range of benefits, including airdrop rewards, VIP bonuses, and access to Memebet Casino Lootboxes featuring real-world prizes and bonuses. The project has also initiated a 400 million $MEMEBET airdrop, inviting participants to engage in gaming activities and secure rewards.
To stay informed about the latest updates and news from Memebet, visit their official website and join their telegram channel for real-time updates.
