What is TAO Crypto? On-Chain Data & Price for Bittensor $TAO

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18 Jan 2024

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 even if you wish to stay in the EVM-compatible ecosystem.

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.

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.