Bittensor (TAO) Skyrockets 50% as Coinbase Listing Announcement Generates Buzz on Social Media

Bittensor's TAO/USD recent surge comes as an announcement that Coinbase will soon support Bittensor generates buzz on social media.

Cryptocurrency exchange Coinbase announced support for Bittensor (TAO) on Friday, sending the token’s price surging by over 200% in the past 24 hours.

What Happened: Coinbase Assets announced that it will list Bittensor on the Bittensor network. Deposits will be available on Coinbase & CoinbaseExch in supported regions. Trading is scheduled to start today, pending liquidity.

“We’re excited to announce the addition of Bittensor (TAO) to the Coinbase Asset platform. Deposits for TAO are now live on Coinbase & CoinbaseExch in supported regions. Stay tuned for trading announcements, which will begin pending sufficient liquidity,” the announcement noted.

The announcement comes as a recent statement by Coinbase CEO Brian Armstrong highlighted the exchange’s focus on listing “crypto assets with strong technical merits and clear use cases.”

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Why It Matters: TAO is the native token of the Bittensor network, a decentralized artificial intelligence (AI) protocol. The token is used for various purposes within the network, including staking, governance, and paying for computational resources.

The listing of TAO on Coinbase is a significant development for the cryptocurrency, as it will now be available to a much wider audience of potential buyers. The increased visibility and accessibility could drive up demand for the token and contribute to its price surge.

However, it’s important to note that cryptocurrency prices are subject to volatility and can fluctuate rapidly. While the recent surge in TAO’s price is noteworthy, traders should always proceed with caution and conduct their own research before making any trades.