Decentralized AI project Bittensor has seen its native token, TAO, rise 15% in the past few days. This appears to have been helped by an unconfirmed rumor that the longtime digital asset manager plans to register a new trust tracking the grayscale token. But this is not the only recent news for the project.
At the time of writing on Thursday morning, the price of Bittensor had climbed 15% in the past day to trade at $483.10. According to data from CoinGecko, this is a 24% increase from the previous week.
This makes TAO the best performing asset in the top 100 on CoinGecko at the time of writing, beating ETH meme coin darling PepeCoin. PEPE and other meme OGs, like Dogecoin and Shiba Inu, have all seen substantial gains as investors wait to see if the Securities and Exchange Commission will approve an Ethereum ETF for trading.
A pseudonymous crypto-Twitter user, CEYEBER—who founded the official Bitser community channel on Telegram—claims that the grayscale rumor is “confirmed by close sources.” But if it's real, there's no sign of it yet in Securities and Exchange Commission filings.
If the TAO offering was going to be another closely held fund available over-the-counter to wealthy investors — like the Grayscale Bitcoin Trust was before it was converted to a spot ETF — and the rest of the firm's single-asset funds still are — so Regulation D is likely to file. Most recently, in March, Grayscale filed with an S-1 registration to establish a Grayscale Bitcoin Money Trust as a new Place BTC offering.
No filings have been submitted at the time of writing. In fact, “Bitensor” does not appear in any SEC filings at all in 2001. But that doesn't mean it's impossible. Grayscale did not immediately respond to a request for comment. Decrypt.
But the rumor isn't the only bullish news for the decentralized AI project.
Taobot, a component of the Bintser ecosystem, is having a great week. On Tuesday, the team announced that it has been accepted as one of the first projects to join the Aakash Network's LlaMa 3 API beta.
Akash Network made a big splash last month when it announced that its chat support supports Llama 3, the latest open-source model of MetaAI.
The Taobot team has also started working with the Bittensor Subnet 15 project, Blockchain Insights, to allow users to use a simple language to analyze blockchain data.
Subnet is working to organize blockchain data across multiple blockchain networks in the interest of making complex data queries more efficient.
“Our integration will empower users to perform a variety of blockchain queries, from simple transactions to DeFi protocol analytics and NFT exchanges,” the Taobot team wrote on Twitter yesterday. “The ultimate desire is to create an LLM that can convert such queries into valid queries and relay the answer to the subnet, with detailed explanations.”