Source: Trading View
As debate continues around the ecosystem’s decentralization nature, supporters have noted that the token has yet to crush all investor faith since it remains the top AI token by market cap (ranked 33rd).
Underpinning this narrative is the blockchain’s institutional appeal. In early April, the high-profile asset manager Grayscale increased the amount of its AI fund allotted to Bittensor to 43.06%. The company also filed to convert its Bittensor Trust into a spot ETF.
Even more, Bittensor is increasing its subnet capacity from 128 to 256 this month. This effectively increases the number of AI projects that can build on the network.
That said, the token is yet to recover above its $300 psychological level, which it broke past in March when Nvidia CEO Jensen Huang praised its accomplishments.
Key events to watch for are the network’s response to governance criticism, institutional uptake, and community reaction to upcoming upgrades.
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