Bittensor targets $300 as TAO extends five-day rally
Key takeaways
- Bittensor trades higher on Monday, extending its five-day gain to approximately 25%.
- TAO's social dominance has increased amid renewed interest in AI tokens and the launch of the Buttensor meme coin on Solana.
- TAO open interest reached a three-month high of $428.57 million, indicating growing derivatives activity.
Bittensor (TAO) trades in positive territory on Monday, extending its steady five-day rally to approximately 25%.
The artificial intelligence-focused token gained 16% last week before rising another 12% on Sunday. TAO has now reached a two-month high as buyers target a breakout above the psychological resistance at $300.
Social activity surrounding Bittensor is also increasing, supported by renewed interest in AI-related cryptocurrencies and the launch of a similarly named meme coin on Solana.
Bittensor meme coin drives attention toward TAO
A Bittensor parody token named Buttensor (BUTT) launched on Raydium, a Solana-based decentralized exchange, on Monday.
The meme coin's debut followed Raydium's official launch of TAO trading on the platform a day earlier. BUTT was subsequently paired with TAO.
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