TAO Drops 20% as Covenant AI Exits Bittensor Over Centralization Claims
Share:
TAO plunged ~20% in 24 hours, sliding from about $340 to $267 (intraday low near $286) on heavy volume, indicating forced selling and panic exits. - A 37,000 TAO token dump across key subnets followed Covenant AI’s public exit from Bittensor and accusations of centralization against co‑founder Jacob Steeves, creating a governance breakdown that raises crypto/token trust and adoption risks.
Predictions Markets
See what traders are focused on
- TAO dropped from $340 to $267, representing a 20% price drop in 24 hours.
- The price drop came after Covenant AI confirmed its exit from Bittensor.
- A 37,000 TAO token dump across key subnets intensified selling pressure.
Bittensor’s native token, TAO, dropped sharply after Covenant AI confirmed it is leaving the network. The announcement hit markets immediately, with TAO falling nearly 20% as confidence broke.
Price moved from around $340 to a low near $286, then bounced slightly toward $291. However, at the time of writing, the token trades at a much lower price of $267. The drop came with heavy volume, confirming forced selling and panic exits.
On the other hand, Covenant AI accused Bittensor co-founder Jacob Steeves of exercising centralized control over the network.
Governance Breakdown Goes Public
Covenant AI laid out specific actions behind its exit…
Read The Full Article TAO Drops 20% as Covenant AI Exits Bittensor Over Centralization Claims On Coin Edition.
Read More
Cardano News: DeFi TVL Breaks Record as IOG Unveils Key Tech Development Stack
