TAO (Bittensor) rose 9.82% in the last 24 hours.

Gate News Bot news, on October 28, according to CoinMarketCap, as of the time of writing, TAO (Bittensor) is currently priced at $439.16, with a rise of 9.82% in the last 24 hours, reaching a high of $439.28 and a low of $370.00. The 24-hour volume reached $391 million. The current market capitalization is approximately $4.473 billion, an increase of about $400 million compared to yesterday. TAO is currently ranked 29th in global Crypto Assets market capitalization.

Important recent news about TAO:

1️⃣ Institutional Investors Increase Holdings of TAO Coin The publicly listed company TAO Synergies Inc. (NASDAQ: TAOX) announced that it will increase its total holdings of TAO tokens to 54,058. This move indicates that institutional investors have increased confidence in the TAO project, which may support the TAO price and attract more investors' attention.

2️⃣ Bittensor Network Optimization 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 improve the overall competitiveness of the network and the quality of the projects. The TAO of the deregistered subnets will be proportionally allocated to alpha holders, helping to redistribute stagnant funds. New subnet registration will incur a destruction cost of 2500 TAO, which may have some impact on the supply of TAO and could be beneficial for 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 up to 20x leverage. 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, but overall shows a rising trend. The current price has rebounded significantly from previous lows, 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 intended as investment advice; investors should be aware of market volatility risks.