Is TAO The 'Dogecoin Killer'? Grayscale Tweets 'Signs Of Adoption' While One Trader Says He's 'Not Selling' Until TAO Flips 'The Dog Coin'
Portfolio Pulse from Khyathi Dalal
Bittensor (CRYPTO: TAO), promoted by Grayscale and utilizing AI technology, has seen a 35.3% gain in the past week and a 254.2% year-on-year gain. In contrast, meme coins Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) fell by 7% and 21.3%, respectively. Grayscale tweeted about 'signs of adoption' for AI-related cryptocurrencies including TAO, Render (CRYPTO: RNDR), Akash Network (CRYPTO: AKT), and Worldcoin (CRYPTO: WLD). A 'full-time degen' and a PhD student highlighted the potential of AI in crypto, with the latter suggesting TAO could reach $100,000. Bittensor's network combats AI bias and has 32 specialized subnetworks. The four largest AI-adjacent crypto tokens rallied 522% in the last year, outperforming the Utilities and Services Crypto Sector.
January 27, 2024 | 3:41 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Dogecoin (DOGE) has seen a 7% drop in the past week. The comparison with TAO's performance and the narrative of AI-related tokens gaining traction could put pressure on DOGE in the short term.
The article suggests a narrative where AI-related tokens are gaining traction at the expense of meme coins like DOGE. This could lead to a negative sentiment among investors, potentially affecting DOGE's price negatively in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Shiba Inu (SHIB) experienced a 21.3% decline in the past week. The focus on AI-related tokens and TAO's success may overshadow SHIB, potentially impacting its price negatively in the short term.
The significant drop in SHIB's price, coupled with the rising interest in AI-related tokens, could lead to a shift in investor focus away from SHIB, potentially causing further price declines in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Akash Network (AKT) is recognized alongside other AI-related tokens for 'signs of adoption'. This could translate to positive investor sentiment and a favorable impact on AKT's price in the short term.
The inclusion of AKT in the group of AI-related tokens that Grayscale sees as having 'signs of adoption' may lead to increased investor interest, which could positively impact its price in the short term.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Render (RNDR) is mentioned as one of the AI-related cryptocurrencies showing 'signs of adoption'. The positive sentiment and market performance of AI tokens could benefit RNDR in the short term.
Grayscale's mention of RNDR as part of the AI-related tokens with 'signs of adoption' could lead to increased visibility and investor interest, potentially driving up its price in the short term.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Bittensor (TAO) has experienced significant gains and is being promoted by Grayscale as showing 'signs of adoption'. Its performance and the positive sentiment from influencers could lead to increased investor interest in the short term.
The positive news and backing by Grayscale, along with the significant gains reported, are likely to increase investor confidence and demand for TAO, potentially driving its price up in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Worldcoin (WLD) is one of the AI-related tokens that Grayscale has identified as showing 'signs of adoption'. The growing interest in AI and blockchain synergy could positively influence WLD's price in the short term.
Grayscale's recognition of WLD as part of AI-related tokens with adoption signs may increase its visibility and attract investor interest, potentially leading to a price increase in the short term.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 60