TAO’s Wild Ride: Scam or Moonshot? 🚀🌕

by

Bittensor

TAO
$260.0

24h volatility:
11.8%

Market cap:
$2.24 B

Vol. 24h:
$125.66 M

, the AI-powered blockchain protocol, is apparently making headlines. You know, because nothing says “cutting edge” like an acronym nobody understands and a technology even fewer can explain. 😉

While the TAO token has, like, jumped nearly 10% in the past 24 hours, hitting a high of $259.68 (as if anyone actually knows what any of these numbers mean), it’s doing so under a cloud of controversy. A *darkening* cloud, mind you. As opposed to the usual, sunny, scam-free skies of cryptocurrency. 🌞

Despite a searing takedown from some crypto analyst named Thinking Weird (who, let’s be honest, probably thinks socks with sandals are high fashion), who calls Bittensor a “scam” (always with the drama!) with deeply flawed tokenomics (whatever those are) and centralized control (gasp!), the token has defied gravity. Or at least, the gravity of common sense. 🤔

Technical Picture: Falling Wedge Breakout in Play

The chart below shows TAO breaking out of a falling wedge pattern—a bullish reversal setup. Which, translated into normal human language, means… uh… well, I’m sure someone understands it. 🤷‍♀️

After months of lower highs and lower lows (sounds like my dating life), TAO is now pushing against the upper resistance trendline. I’m picturing a tiny, digital Sisyphus here. 🪨

With volume ticking up and momentum indicators improving, the setup is ripe for further upside. TAO recently reclaimed the 20-day EMA at $237. A retest of this level is possible and would act as a bullish confirmation if held. If held, mind you. There’s always a catch, isn’t there?

On the other hand, the key resistance lies around $280–$300. A break above this range could trigger a sharp rally. A *sharp* rally! Like a caffeinated stock market or a particularly enthusiastic group of cheerleaders. 📣

Meanwhile, the wedge on the chart below implies a potential measured move towards $400 in the near term. “Measured move.” As opposed to an impulsive, emotional move? Seems like the crypto world could use a bit more of that.

The Relative Strength Index (RSI) is hovering around 55, neither overbought nor oversold, which suggests room to run. The gradient of the line suggests increasing buying pressure. “Room to run.” Like my credit card after a particularly good sale. 💳

Additionally, a bullish crossover had recently occurred, signaling a positive trend shift. A *positive* trend shift! Finally, some good news! (Until the next crash, of course.) 📉

It is also important to note that crypto analyst Bitcoinsensus boldly predicted a long-term target of $1,330 per token as the altcoin has formed a double bottom W pattern on the weekly timeframe. “Boldly predicted.” As opposed to quietly, meekly predicted? I like this guy’s style. 😜

Big Opportunity on $TAO :

Bittensor $TAO is forming a massive double bottom W pattern on the weekly timeframe. The projected move gives a medium-term target of $1,330 per token.

✅A sign of strength would be the break out of the neckline, and retesting it as support.

— Bitcoinsensus (@Bitcoinsensus) April 17, 2025

Notably, if TAO fails to hold the $237 level or loses the wedge breakout momentum, prices could tumble toward $200 or even revisit the $180–$190 support zone. So, you know, maybe don’t bet the farm. 🐷

The Allegations: A Deep Dive into the Dark Side of Bittensor

Crypto market participant Thinking Weird accused Bittensor of being a VC-backed façade rather than the decentralized AI utopia it claims to be. A *façade*! Like Hollywood, but with more binary code. 🎬

The analyst claims that Bittensor’s “Three Giants + Senate” governance is allegedly a closed loop of insiders and employees of the Opentensor Foundation. Sounds less like a cutting-edge tech company and more like a really boring episode of “Succession.” 📺

Moreover, 62.5% of TAO tokens may be held by internal players, raising concerns about decentralization. So, basically, the opposite of decentralization. 🙃

Meanwhile TAO shows a $2.19 billion market cap, over 70% of tokens are staked or locked, suggesting poor liquidity and a real accessible market cap closer to $600 million. The cryptocurrencies soared massively last year, claiming $10 billion at peak price. Soaring, then plummeting, then maybe soaring again? It’s like a rollercoaster designed by a sadist. 🎢

Further, the dTAO upgrade, intended to expand the subnet ecosystem, has failed. It dilutes liquidity, forces subnet owners to subsidize projects, and benefits validator nodes disproportionately, claims Thinking Weird. “Dilutes liquidity.” Sounds like a fancy way of saying “screws everyone over.” 💸

Sub-Subnets are coming to Bittensor (SSNs) 🤯

Just read the latest post by @mxmsbt and it blew my mind.

Subnets have always represented horizontal development across the $TAO ecosystem but until now, subnet owners couldn’t build horizontally within their own subnet.

Soon they…

— Zora (@ZoraWeb3) April 18, 2025

dTAO’s structure allegedly lets early insiders dump tokens on new participants, using subnet token hype as a vehicle. Ah, the classic pump-and-dump. A timeless tale of greed and gullibility. 😈

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2025-04-18 15:43