TAO Breaks $300, But Is Bittensor’s AI Hype Running Ahead of Reality?

• TAO crossed $300, driven by AI sector momentum and growing subnet activity.
• Analysts highlight low real revenue, with estimates between $3 million and $15 million annually.
• Major subnets like Chutes rely heavily on token subsidies rather than sustainable income.

Bittensor’s native token TAO finally punched through the stubborn $300 level this week, a ceiling it had been teasing for weeks. Crypto traders celebrated, pointing to subnet growth, bullish chart setups, and a full-blown AI sector frenzy as the fuel behind the move. But not everyone is convinced it lasts.

Pine Analytics Throws Cold Water

Research firm Pine Analytics just published one of the most detailed bear cases written on Bittensor, and the numbers are uncomfortable. At a $2.6 billion market cap, TAO looks powerful on paper. Bitcoin-style tokenomics, a 21 million hard cap, a halving in December 202…

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