TAO (Bittensor) rose 33.53% in 24 hours

Gate News Bot news, on October 13, according to CoinMarketCap data, as of the time of writing, TAO (Bittensor) is currently priced at $386.06, having risen 33.53% in the last 24 hours, peaking at $397.07 and dipping to a low of $162.11, with a 24-hour volume of $453 million. The current market capitalization is approximately $3.89 billion, an increase of nearly $977 million from yesterday. TAO is currently ranked 31st in the cryptocurrency market capitalization.

Recent important news about TAO:

1️⃣ Grayscale submits SEC Form 10, paving the way for TAO Trust listing Grayscale Bittensor Trust (TAO) has submitted SEC Form 10, which is a step towards becoming a reporting company with the SEC. This move aims to enhance the accessibility, transparency, and regulatory status of the TAO trust. Grayscale plans to publicly quote TAO trust shares on the over-the-counter market and reduce the private placement holding period from 12 months to 6 months. This action indicates that TAO is moving towards becoming an exchange-traded product (ETP), potentially attracting more institutional investor attention.

2️⃣ Listed company NextGen Digital plans to increase its holdings of TAO coin NextGen Digital Platforms, a Nasdaq-listed company, announced that it will raise $2 million through a private placement, specifically to increase its holdings of TAO tokens. The company plans to issue up to 5 million shares of common stock at a price of $0.4 per share. This move reflects the growing interest of institutional investors in the TAO project, which may bring more market attention and demand for TAO tokens.

3️⃣ Staking strategies attract institutional participation NextGen Digital Platforms stated that in addition to increasing their holdings of TAO tokens, they will also generate revenue by staking these tokens. This strategy highlights that the staking mechanism within the TAO ecosystem is attracting the participation of traditional financial institutions. The involvement of institutional investors is expected to enhance the security and decentralization of the TAO network, while also potentially increasing the market value of TAO tokens.

From a technical perspective, the price of TAO experienced significant volatility in the past 24 hours, rebounding strongly after hitting a low of $162.11, ultimately closing at $386.06, with a rise of over 33%. This price movement reflects a divergence in the market's view on TAO, but ultimately the bulls gained the upper hand. Investors should closely monitor subsequent institutional movements and network developments to assess the long-term value of TAO.

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