Bittensor (TAO) Trading Volume Nears 20% of Circulating Supply, Dwarfing Bitcoin's Turnover Rate

Bittensor's native cryptocurrency, TAO, has demonstrated a significantly high trading velocity, with nearly 20% of its circulating supply changing hands within a 24-hour period. This substantial turnover rate highlights intense market activity for the AI-focused blockchain project, particularly when contrasted with Bitcoin's typical daily trading volume, which hovers below 3% of its circulating supply.

According to a social media post by user JJ, "1.7 million TAO traded in a 24 hour period, today, represents nearly 20% of the current circulating supply of TAO... ! .. vs. Bitcoin's <3% (480,000 BTC / ~19.8 million currently circ. BTC)." Recent data from cryptocurrency tracking platforms confirms this trend. Bittensor (TAO) has a circulating supply ranging between 9.6 million and 10.2 million tokens, with 24-hour trading volumes frequently exceeding $600 million, and sometimes approaching $900 million. For instance, one platform reported a 24-hour trading volume of $884.69 million against a circulating supply of 10.21 million TAO.

In comparison, Bitcoin (BTC) currently has a circulating supply of approximately 19.69 million coins. Its 24-hour trading volume typically ranges from $15 billion to $30 billion. Taking an average of $20 billion, this represents roughly 0.1% of its total market capitalization, or a turnover of about 1 million BTC, which is approximately 5% of its circulating supply. Some reports indicate Bitcoin's 24-hour trading volume often stays below 3% of its circulating supply, reinforcing the stark difference in trading intensity.

Bittensor operates as an open-source protocol powering a decentralized machine learning network, where AI models collaboratively train and are rewarded in TAO tokens. The project's tokenomics are designed to mirror Bitcoin's fixed maximum supply of 21 million tokens, aiming for scarcity and value. The high trading volume relative to its circulating supply suggests strong investor interest and active participation in the TAO market, reflecting its growing prominence in the intersection of blockchain and artificial intelligence.