TAO Takes a Tumble: Did Covenant AI Just Pull a Fast One?

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Well, butter my biscuit and call me Liz Lemon, because the crypto world is serving up some serious drama today. While the rest of the market is doing its best “Boss Ass Bitch” impression, Bittensor (TAO) is over here tripping on its own shoelaces. Yes, folks, TAO has decided to take a 20% nosedive, because apparently, it’s not a party unless someone’s crying in the corner.

Meanwhile, altcoins like Zcash (ZEC) and Dash (DASH) are out here popping bottles, with gains of 20-30%. Even Arbitrum (ARB) and Hyperliquid (HYPE) are like, “Hey, we’re here too!” with their modest 5-6% gains. But TAO? Oh, honey, it’s having a moment. A very bad moment.

The Biggest Loser (No, Not the TV Show)

TAO is currently wearing the crown for Worst Performer of the Day, with its price dropping faster than my self-esteem after a bad hair day. It hit a low of $253, which is basically mid-March levels. Right now, it’s hovering around $263, down 20% from yesterday. Its market cap? A measly $2.5 billion. Ouch. That’s like showing up to a gala in last season’s dress-embarrassing.

So, what’s the tea? Well, it seems Covenant AI, the research group behind the fancy Covenant-72B, decided to peace out of the Bittensor network. Why? Allegedly, one guy-co-founder Jacob Steeves-was calling all the shots, and Covenant AI was like, “Girl, bye.” They claimed their emissions were suspended, permissions revoked, and changes made without their say-so. Centralized governance? Not on their watch.

Of course, the crypto commentators are eating this up like it’s a plate of Cheetos. X user Ash Crypto spilled the beans that Covenant AI reportedly dumped 37,000 TAO, worth over $10 million. And Ardi? Oh, Ardi noticed that sell volume hit its highest since December 2024-24 hours before the news dropped. Coincidence? I mean, sure, if you believe in Santa Claus and low-calorie donuts.

“If you think that’s a coincidence, you’re basically Kenneth from ‘30 Rock’-sweet but clueless. This was a calculated exit, executed with the precision of a ‘Mean Girls’ burn. Wallets were unloading like it was Black Friday, and the market was left holding the bag.”

Ardi’s advice? Tread carefully, folks. This market is like a high school cafeteria-information is uneven, positioning is predatory, and you’re just trying not to get your lunch money stolen.

Buy the Dip or Run for the Hills?

Some analysts, like Crypto Tony, are calling this a buying opportunity. Because, you know, nothing says “buy me” like a 20% drop. The Relative Strength Index (RSI) is at a whopping 16, which apparently means TAO is oversold and ready for a rebound. Or, as I like to call it, the “maybe it’ll work out” phase of a bad relationship.

So, will TAO bounce back, or is this the beginning of a very long nap? Only time will tell. In the meantime, grab your popcorn and enjoy the show. Because in crypto, as in life, the only thing certain is uncertainty-and the occasional faceplant.

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2026-04-10 17:48