As Bitcoin price smashes $42K, the AI narrative is back in full-force, and emerging AI crypto Bittensor has seen native TAO price rise +18%, but is it too late to buy Bittensor?
With TAO activity spiking following a new token listing on the Gate.Io exchange, which has seen an explosive surge in over $50m in 24-hour trading volume.
The circulating float of $TAO is only 795,414 tokens
With 4.9m $TAO staked out of the 5.7m that has been issued..
There really isn't a lot of $TAO out there on the open market
Everyone wants that 17-20% APY$TAO pic.twitter.com/JNDvvHDub7
— ＤＲＥＡＤ ＢＯＮＧＯ (@DreadBong0) December 4, 2023
The dramatic TAO value accrual can be partially explained by Bittensor’s favorable tokenomics, with 86.22% of TAO supply staked – there is very little TAO on the open market changing hands.
TAO Price Analysis: As Bittensor Explodes +18%, Is It Too Late to Buy Bittensor?
As TAO price reels from the thunderous upside move, Bittensor is currently trading at a market price of $326 (representing a 24-hour change of -3.4%).
This comes after the ascendant 20DMA triggered a TAO price bounce, which moved +47% in 4-days from double-bottomed support at $230, mounting a new all-time high at $361.
But despite the onset of retracement, a strong support zone has appeared at $307.5, offering a localized foothold for TAO bulls to consolidate after the seismic pump.
If bulls are able to hold position here, TAO price will soon be primed for another push up above $350, however, with the 20DMA lagging behind at $255 its likely this will take some time.
The RSI confirms this consolidatory outlook, with the surge in TAO price propelling the indicator back into serious bearish divergence at an overbought 71.5.
But, this is contrasted aggressively by the MACD, which is spotlighting TAO’s explosive volatility at 2.98 – in a sign of serious bullish momentum.
Overall, TAO price looks strong here, with the minor localized retracement healthy after claiming a new all-time high, and with a supportive foothold established upside could resume in coming days.
TAO price is therefore left with an upside target at the all-time high of $361 (a possible +10.6%).
While downside risk could see TAO price fall down to $286.4 (a potential -12.25%).
Bittensor consequently carries an ongoing risk: reward ratio of 0.78 – a bad entry characterised by a late arrival to the pump, suggesting on the short-time frame it is too late to buy.
But while TAO price offers an unappealing entry on the short-time frame, an emerging meme coin presale is capturing the attention of eagle-eyed investors.
Meme Kombat Presale Heads For Exchange Launches With $2.4m Raised– Don’t Miss Out!
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
We did it fighters!
We reached $2.4 million raised in the $MK presale
$100k to go for the Limited Edition Meme Kombat NFTs! pic.twitter.com/j6ItGkYabw
— Meme Kombat (@Meme_Kombat) December 4, 2023
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Meme Kombat Pits Leading Crypto Meme Communities in High Octane Staking Battles
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $0.225, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is It Too Late to Buy Bittensor? TAO Price Rises 18% as All Eyes Turn to Meme Kombat – Next Pepe Coin? appeared first on Cryptonews.
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