Bittensor spikes 20% after Coinbase announces TAO listing
Bittensor price rose sharply on Feb. 19 after crypto exchange Coinbase announced the listing of the native token of the decentralized artificial intelligence network.
As most altcoins registered notable gains in the past 24 hour period, Bittensor (TAO) spiked 20% to hit intraday highs of $420. These gains were modest compared to outperformers in the top 100 coins by market cap such as Story, Sonic, Aptos and Floki. However, with double digit gains, Bittensor ranked among the top performers.
The performance saw TAO recoup losses it suffered in the past few days as alts mirrored Bitcoin’s struggles. With 20% upside, bulls wiped most of the accrued losses in the month-to-date period, returning to levels seen when Bittensor price reacted positively to AI news around DeepSeek.
Coinbase to list TAO
A dose of volatility saw Bitcoin rebound above $96,000 and XRP rise 6% amid news of Hashdex’s spot XRP exchange-traded fund approval in Brazil. Cryptocurrencies traded slightly higher as investors awaited the Federal Open Market Committee meeting minutes.
This, along with Coinbase’s upcoming listing of Bittensor on Feb. 20, helped push TAO higher.
In an announcement, the U.S.-based crypto exchange confirmed it would add trading support for TAO on the Bittensor network. The phased launch will offer trading with the TAO/USD pair.
“Trading will begin on or after 9AM PT on February 20 2025 if liquidity conditions are met. Once sufficient supply of this asset is established trading on our TAO-USD trading pair will launch in phases,” Coinbase wrote on X.
Bittensor’s price also soared earlier this month after the project released its Dynamic TAO whitepaper, outlining a major upgrade.
Does TAO listing on Coinbase matter?
Bittensor is a top AI token by market cap, currently the second-largest behind NEAR. Notably, the native token is already listed on Binance, Kraken and other top exchanges. Coinbase listing is nonetheless key as it could give Bittensor further traction.
Besides, the project that launched in 2019 has received investment backing from some of the top venture capital players in the market, including Pantera Capital, Digital Currency Group and Lyrik Ventures.
Grayscale recently noted Bittensor is a crucial project in the AI space as its decentralized model can help increase transparency and democratize access.
According to Grayscale, this is key in the wake of projects such as DeepSeek. While these initiatives highlight the power and potential of open-source AI, the fact that they are centralized companies means there could be risks such as data security and embedded biases. A lack of transparency is another major concern.
