HomeFinance NewsTAO surges 26% thanks to Binance impact, but the retracement remains unclear.

TAO surges 26% thanks to Binance impact, but the retracement remains unclear.

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After Binance announced the listing of Bittensor [TAO], the token saw a significant price increase from $576 to $725 on April 11th. Despite the initial surge, TAO’s price later settled at $641. TAO, a decentralized protocol utilizing blockchain machine learning for rewarding informational value, had garnered positive sentiment and increased traction leading up to the listing.

In the past year, TAO has seen an impressive 936.38% price increase, prompting some to suggest that Binance’s listing came somewhat belated. The listing, however, generated boosts in various metrics related to TAO. For instance, data from LunarCrush indicated that TAO became the top project in terms of social and market activity, with over 8.32 million interactions related to the project, a 233.90% increase in 24 hours.

Despite the price fluctuations, sentiment around TAO remained bullish, as evidenced by the Weighted Sentiment metric jumping to 5.07, reflecting optimistic remarks about the project. The increase in social interactions and positive sentiment may counterbalance any decline in development activity, signaling potential for TAO’s volume to rise significantly in the coming months. While surpassing its previous all-time high is a possibility due to the impact of the Binance listing, replicating its exceptional 365-day performance may prove challenging.

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