Oh, the crypto rollercoaster! Bittensor’s TAO token decided to do a dramatic nosedive, plunging 25% in six hours. From a lofty $337 to a mere $253-because who needs stability when you can have a soap opera?
Key Takeaways (or Should We Say, Key Facepalms?):
- Covenant AI said “peace out” to Bittensor on April 8, claiming co-founder Jacob Steeves is basically the crypto version of a micromanaging boss.
- TAO’s 25% plunge wiped out $650 million in market cap-because nothing says “trust me” like a sudden financial freefall.
- Nvidia CEO Jensen Huang’s recent praise for Bittensor’s decentralized AI now feels like that awkward compliment you give before the drama explodes.
Covenant AI’s Exit: More Tea Than a British Afternoon
So, TAO-the token that was supposed to be all about decentralization-took a hit after Covenant AI spilled the tea on co-founder Jacob Steeves. Apparently, he’s been running the show like it’s his personal fiefdom, which is totally not what “decentralized” means. Market data shows TAO dropped faster than my New Year’s resolutions, tumbling 25% in six hours.
While it clawed back some losses, the crash erased $650 million in market cap, leaving it at a still-impressive $2.57 billion. But hey, at least it’s still up 37% over the last 30 days-silver linings, people!
This drama comes hot on the heels of Bittensor being praised by Nvidia CEO Jensen Huang for its decentralized AI. Awkward timing, much? Two days after Covenant AI’s dramatic exit, founder Sam Dare dropped a statement that reads like a breakup letter. Allegations include Steeves unilaterally suspending subnet emissions, overriding owners’ authority, and publicly deprecating projects-basically, the crypto equivalent of ghosting.
Token Sales as Punitive Tools? Oh, the Irony!
The juiciest bit? Dare claims Steeves used token sales as “punitive” tools to force compliance during conflicts. “These weren’t governance decisions,” Dare said. “They were one man’s power trip.” Ouch. Also, Steeves allegedly keeps control over the triumvirate, with others acting as “legal shields”-because accountability is for suckers, right?
The fallout? $9.1 million in long liquidations on Friday. Trading volumes hit $1.72 billion on April 10, up from the usual $500 million. Because nothing says “trust issues” like a sudden surge in trading activity.
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2026-04-10 15:57