TAO (Bittensor) fell 4.51% in the last 24 hours.

Gate News Bot news, on October 29, according to CoinMarketCap, as of the time of writing, TAO (Bittensor) is currently priced at $419.42, down 4.51% in the last 24 hours, with a high of $457.77 and a low of $370.00. The 24-hour volume has reached $490 million. The current market capitalization is approximately $4.275 billion, a decrease of about $202 million compared to yesterday.

Recent important news about TAO:

1️⃣ Institutional investors increase their holdings of TAO tokens The publicly listed company TAO Synergies Inc. (NASDAQ code: TAOX) has increased its total holdings of TAO tokens to 54,058. This move indicates a growing confidence among institutional investors in the TAO project, which may provide support for the TAO price and attract more investors' attention.

2️⃣ Bittensor Network Optimization Subnet Mechanism The Bittensor network has restarted the subnet registration and unregistration mechanism, setting a limit of 128 subnets. New subnets will replace the lowest-performing subnets and will receive a 4-month immunity period. This update aims to improve the overall competitiveness of the network and the quality of projects. The TAO from unregistered subnets will be proportionally distributed to alpha holders, helping to reallocate stagnant funds. New subnet registration will incur a destruction cost of 2500 TAO, which may have a certain impact on the supply of TAO, potentially benefiting the price in the long term.

3️⃣ New trading pairs to enhance liquidity A Chinese decentralized contract exchange has added TAO USDT-based contract trading, supporting a maximum leverage of 20 times. The platform's cumulative 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 to TAO, helping to expand its market influence.

From a technical perspective, the price of TAO has experienced significant fluctuations over the past week, showing an overall trend of rising first and then falling. Although there was a 4.51% decline in the last 24 hours, it still shows a significant rebound compared to the low point a week ago. The current price fluctuations may reflect the market's digestion process of recent positive news, and investors need to closely monitor project developments and market trends to assess the long-term value and potential risks of TAO.

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