Bittensor (TAO) Rises 10% Despite Scam Allegations; $1,330 Target Predicted
Bittensor's TAO token has increased nearly 10% in the past 24 hours, reaching a high of $259.68 and trading around $254.86. However, it faces controversy due to accusations from crypto analyst Thinking Weird, who labels it a "scam" with serious flaws in tokenomics and centralized governance.
Technical Analysis
- TAO broke out of a falling wedge pattern, a bullish signal.
- 20-day EMA reclaimed at $237; a retest could confirm bullish momentum.
- Resistance levels are between $280–$300; a break above may lead to significant gains.
- Potential upward move towards $400 is indicated by chart patterns.
- RSI at 55 suggests potential for further increases.
- Analyst Bitcoinsensus projects a long-term target of $1,330 based on a double bottom W pattern.
- Failure to hold $237 could lead to declines towards $200 or the $180–$190 support zone.
Controversies Surrounding Bittensor
- Thinking Weird accuses Bittensor of being VC-backed with centralized control.
- 62.5% of TAO tokens may be held by insiders, raising decentralization concerns.
- Market cap at $2.19 billion but real accessible market cap closer to $600 million due to over 70% of tokens staked.
- dTAO upgrade reportedly failed, diluting liquidity and benefiting validator nodes disproportionately.
- Allegations suggest early insiders may exploit new participants through subnet token hype.