TAO (Bittensor) rose 10.43% in 24 hours

Gate News Bot news, on October 20, according to CoinMarketCap market data, as of the time of writing, TAO (Bittensor) is currently priced at $450.82, having risen by 10.43% in the last 24 hours, with a high of $478.27 and a low of $345.41. The 24-hour volume reached $520 million. The current market capitalization is approximately $4.565 billion, an increase of $431 million compared to yesterday. TAO is currently ranked 28th in global crypto assets market capitalization.

Important news about TAO recently:

1️⃣ Bittensor restores subnet registration and deregistration mechanism The Bittensor network has restarted the subnet registration and deregistration mechanism, setting a limit of 128 subnets. New subnets will replace the lowest performing subnets and will receive a 4-month immunity period. This update aims to incentivize subnet teams to enhance value, improve the overall competitiveness of the network, and the quality of projects. The TAO from deregistered subnets will be distributed proportionally to alpha holders, helping to redistribute stagnant funds and improve the efficiency of network resource utilization. Registering new subnets will incur a destruction cost of 2500 TAO, rather than a locking cost, which may have some impact on the supply of TAO.

2️⃣ On-chain detective reveals new clues in Bittensor hacking case There has been new progress in the Bittensor hacker attack case that occurred between May and July of this year. The incident resulted in unauthorized transfer losses exceeding $28 million for 32 TAO holders, prompting the Bittensor network to suspend operations on July 2. Investigations revealed that the attackers implemented theft through a malicious PyPi supply chain attack and converted part of the stolen funds into Monero through a privacy protocol. The resolution progress of this incident may help restore investor confidence in the TAO project.

3️⃣ TAO price continues to pump, market capitalization ranking steadily improves The price of TAO has shown a continuous rise trend in the past few days. On October 15, the price of TAO was 457.86 USD, with a 24-hour rise of 8.69% and a volume of 955 million USD. As of October 20, the price of TAO further rose to 450.82 USD, and its market capitalization ranking rose to 28th place. This continuous rise trend and the increase in market capitalization ranking reflect the market's positive view of the TAO project.

From a technical perspective, the price of TAO has experienced significant fluctuations in the short term, but overall shows a rising trend. The current price has significantly rebounded from previous lows, indicating strong buying support. However, investors should still closely monitor project developments and market trends to assess the long-term value and potential risks of TAO.

This message is not intended as investment advice; investors should be aware of market volatility risks.