Bittensor (TAO) Soars 66% on dTAO Upgrade
Key Takeaways
The cryptocurrency Bittensor (TAO) has seen a 66% price increase over the past month. Two major developments could push the price above the $450 mark: a significant network upgrade and growing demand for staking opportunities. The community remains optimistic, indicating potential for further growth.
What’s Behind the Price Surge?
The recent rise in TAO’s price is closely linked to the so-called dTAO upgrade. This update has enhanced the governance system of the Bittensor network. Users can now actively participate in votes through staking. New tokens have been introduced for this purpose – the Alpha Tokens. These are non-tradable but can be exchanged for TAO. This increases demand for TAO, as it is the only way to obtain Alpha Tokens.
Staking Strengthens Network Security
Currently, around 6 million TAO are locked in staking. When you stake your tokens, you lock them for a set period and receive rewards in return. At the same time, you help secure the network and participate in decision-making. The high level of staking activity shows that many users have long-term confidence in the project.
Chart Analysis: Resistance Levels and Price Targets
Technical analysis shows that TAO is currently facing a key resistance level at $389.60. If this is surpassed, the next price targets could be $458 and $526. These levels are based on the Fibonacci retracement analysis, a tool used to estimate potential price movements.
Why the Upgrade Matters
The introduction of Alpha Tokens has not only improved governance but also expanded TAO’s functionality. Since Alpha Tokens are only accessible via TAO, demand for the main currency is increasing. At the same time, the supply of TAO is growing through ongoing emissions – the circulating supply is currently approaching the 8 million mark.
What to Expect as an Investor
If you’ve invested in TAO or are considering entering the market, you should keep an eye on the network’s development. Further positive updates could continue to drive the price up. At the same time, it’s important to watch resistance levels, as short-term pullbacks are possible at those points.
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Our Assessment
TAO currently shows strong fundamentals and an active network. The dTAO upgrade has improved governance and created new use cases. The high staking rate reflects the community’s trust. From a technical perspective, the price is at a critical level – a breakout above it could lead to new all-time highs. If you’re interested in crypto projects with a governance focus, Bittensor is worth keeping an eye on.
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