TAO (Bittensor) rose 0.78% in the last 24 hours.

Gate News Bot message, on October 23, according to CoinMarketCap data, as of the time of writing, TAO (Bittensor) is currently priced at 388.89 USD, with a rise of 0.78% in the last 24 hours, hitting a high of 459.45 USD and a low of 345.41 USD, with a 24-hour volume reaching 300 million USD. The current market capitalization is approximately 3.946 billion USD, an increase of 30.7 million USD compared to yesterday.

Important news about TAO recently:

1️⃣ TAO Synergies increases holding of TAO tokens The publicly listed company TAO Synergies Inc. (NASDAQ code: TAOX) announced that through acquisitions and staking, its total holdings of TAO tokens have increased to 54,058. This move indicates that institutional investors' confidence in the TAO project has strengthened, which may provide support for the TAO price.

2️⃣ Bittensor Network Update Subnet Mechanism The Bittensor network has restarted the subnet registration and deregistration mechanism, setting a limit of 128 subnets. New subnets will replace the lowest-performing subnets and will have a 4-month immunity period. This update aims to enhance the overall competitiveness of the network and the quality of the projects. The TAO from deregistered subnets will be proportionally distributed to alpha holders, helping to redistribute the stagnant funds. The registration of new subnets will incur a destruction cost of 2500 TAO, which may have some impact on the supply of TAO.

3️⃣ New TAO trading pair added to the Chinese decentralized exchange The world's first Chinese decentralized contract exchange, Sun Wukong, has added TAO USDT-based contract trading, supporting up to 20x leverage. The platform's total trading volume has surpassed 2.4 billion USDT, with total assets reaching 71 million USDT. The new trading pair may bring more liquidity and trading opportunities for TAO.

From a technical perspective, the TAO price has experienced significant fluctuations in the short term, but overall it shows a rise trend. The current price has rebounded significantly from the previous low, indicating some buying support. However, investors should still closely monitor project developments and market trends to assess the long-term value and potential risks of TAO.

This message is not an investment advice; investors should be aware of market volatility risks.