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Bittensor Breaks Out of Range and Pulls AI Tokens Upward
Key Highlights:
- The price of $TAO nearly doubled in March, and the market is starting to reassess the potential of the Bittensor network
- The GMCI AI index has risen by 48% since February, but it is still significantly below its historical peak
- On Sunday, the GMCI AI index reached 51.26. Since February, it has increased by 48%. However, the index is still 84% below the peak recorded in Q1 2024.
The index includes nine tokens, but the structure is heavily skewed. The majority share is made up of Bittensor, Render, and the Artificial Superintelligence Alliance. These three represent over 71% of the entire index.
Formally, this is an AI-token index, but in reality, it reflects the dynamics of a few major infrastructure projects rather than the entire market. This is an important consideration when analyzing the March growth. The price of $TAO nearly doubled during this period, and with a weighting of 24.89%, this token contributed significantly to the index’s growth.
The rise of $TAO is primarily attributed to the market beginning to reassess the actual capabilities of the Bittensor network.
The Subnetwork 3 team introduced the Covenant-72B model. This language model has 72 billion parameters and was trained without permission on over 70 distributed nodes worldwide. In the MMLU test, it scored 67.1 points, putting it on par with Meta’s Llama 2 70B.
This became the first convincing proof that distributed learning, which was previously considered too slow and inefficient, can compete with centralized solutions.
Against this backdrop, the subnet token τemplar rose over 400% in a month. Its market capitalization reached nearly $130 million.
The growth of the ecosystem has attracted the attention of industry giants. Bittensor is now being discussed by people like Jensen Huang and Chamath Palihapitiya, further increasing interest in the project and the $TAO token itself.
The growth is not limited to just one model. For example, Targon, a GPU-based distributed computing marketplace by Manifold Labs, secured a six-figure deal to support the Dippy AI infrastructure, which has 8.6 million users.
As of the publication date, over 10.7 million $TAO tokens have been issued, with more than 68% of them staked. The token price remains around $317, and its market capitalization exceeds $3 billion.
See also: "Circle to Launch Wrapped Bitcoin"
