token 20 - Bittensor Price Drops 20% After Covenant AI Exit and TAO Token Sell-Off
Bittensor price fell nearly 20% on April 10 after Covenant AI, a key player, announced its exit and sold over 37,000 TAO tokens. Covenant AI accused Bittensor founder Jacob Steeves of centralized control, calling governance "decentralization theatre." TAO dropped from $340 to $263 in 24 hours. Price analysis shows the token fell below the 200-day moving average with rising volume. Some analysts see the drop as a short-term shock, with a possible rebound ahead.
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