Bittensor has enjoyed a sharp surge of more than 35% over the past week, but data indicate the social media crowd is still not overly bullish toward the altcoin.
Bittensor Has Broken Out With A Sharp Rally This Month
While the wider digital assets sector has been stuck in a phase of consolidation recently, Bittensor has been among the few tokens that have stood out. Since March 8th, the altcoin has jumped by 94%, nearly doubling in value.
The chart below shows how TAO’s recent trajectory has looked:
As is visible in the graph, Bittensor saw a peak above $370 on Wednesday, but the asset has since retraced back to the $340 level. Nonetheless, it remains over 35% in the green for the week even after this pullback.
TAO’s breakaway from the rest is likely to be a result of its AI-focused narrative. In a nutshell, the blockchain operates as a decentralized marketplace where machine-learning models compete to produce useful outputs, with rewards in the token being handed out based on their performance.
Bittensor’s rapid surge in recent weeks has meant that its standing in the sector has considerably improved, with its market cap today ranking as the 27th largest, according to data from CoinMarketCap.
From the above table, it’s apparent that with a market cap of about $3.65 billion, TAO is now ahead of the likes of Shiba Inu (SHIB) and Toncoin (TON). The gap to Sui (SUI) in 26th place is also quite narrow, so if the bullish winds continue, it’s possible that the coin may flip it in the near future as well.
While Bittensor’s rally has been impressive on paper, the retail crowd doesn’t seem to be buying into the hype, if social media data is anything to go by.
TAO Is Seeing The Third Worst Social Media Sentiment In Six Months
As pointed out by analytics firm Santiment in an X post, social media discussions related to Bittensor have shot up recently, implying that the rally has caught the eyes of the masses. Despite Social Volume on major platforms like Reddit, X, and Telegram being at its second-highest level in six months, sentiment has interestingly been quite balanced.
As displayed in the chart, Bittensor’s Positive/Negative Sentiment metric is sitting at a value of 1.5, meaning that there are three bullish comments for every two bearish ones on social media platforms. While positive sentiment still dominates, the negative bias is actually the third strongest for the past six months.
Thus, it would appear that FOMO hasn’t yet developed among the retail investors. “This is generally a good sign that the rally can continue, with little interference from greedy traders that typically signal forming tops,” noted Santiment.
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