The AI sector has been range-bound for the last month, with its market capitalization oscillating between $16 billion and $19 billion.
Following the breakdown in the ceasefire between Iran and the U.S., geopolitical uncertainty is noticeably tempering traders' hands across the board.
The AI sector has been range-bound for the last month, with its market capitalization oscillating between $16 billion and $19 billion.
Currently, the sector is down 0.8% week-over-week (WoW). This is largely due to the decline of Bittensor (TAO), which suffered one of its worst seven-day drawdowns on record.
The TAO token shed 18.6% WoW, falling to as low as ~$254 amid a massive sell-off triggered by a dispute between the founder of Bittensor and the owner of several prominent subnets (more on this later).
That said, the broader AI sector appears to be holding up better, with several major tokens recording notable gains.
This week’s top list includes:
Bittensor was the talk of the town this week.
Covenant AI, which operates the high-profile Templar (SN3), Basilica (SN39), and Grail (SN81) subnets and created the much-lauded Covenant-72B model, suddenly exited the network.
Covenant responded by dumping roughly 37,000 TAO worth ~$10 million at the time, heavily contributing to its recent sharp price drop.
https://twitter.com/covenant_ai/status/2042380152831951300
Const fired back: “I do not have the ability to suspend emissions. What I did do is sell some of my alpha holdings on his three subnets, because they were not running… I don’t have any privilege beyond what normal TAO holders have.”
https://twitter.com/const_reborn/status/2042508660723581079
Below is your weekly roundup of the most significant developments in the crypto AI space from the past seven days.
https://twitter.com/ohdotxyz/status/2041823332148847035
>> That’s a wrap! Stay tuned as we continue to track major developments in the crypto AI sector next week!
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