Bittensor Falls 17% After CovenantAI Exits Ecosystem
Summary
- Bittensor (TAO) was trading at $267.42, down 17.07%% from a day earlier.
- Heavy selling in Bittensor followed CovenantAI's announcement that it was leaving the ecosystem.
- Sam Dier was reported to have sold about $10 million worth of Bittensor tokens into the market.
Forecast Trend Report by Period
Bittensor (TAO) fell sharply during the session as heavy selling hit the token after CovenantAI announced it was leaving the ecosystem.
As of 4:17 p.m. Korea time on May 10, Bittensor was trading at $267.42, down 17.07% from a day earlier, according to CoinMarketCap.
The selloff followed CovenantAI's announcement earlier in the day that it would exit the Bittensor ecosystem.
At about 8 a.m. Korea time on May 10, CovenantAI founder Sam Dier wrote on X, formerly Twitter, that "Bittensor's governance claims to be decentralized, but in reality it is controlled by a single entity, Jacob Steeves," announcing the project's departure.
After the announcement, Sam Dier was reported to have sold about $10 million worth of Bittensor tokens into the market.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
