Bittensor's TAO leads AI token rally with 56% gain amid market rebound

The GMAI index, a measure of the market’s top AI tokens, was the standout performer amid last week’s market-wide bounce, increasing by over 30% this past week.

In comparison, the GM30 index, a measure of the top 30 tokens by market capitalization, recorded a 9.8% increase. Meanwhile, BTC and ETH recorded a 7.5% and 11.5% week-over-week increase, respectively.

The top three weighted assets of the GMAI index are FET, RENDER and TAO. Among these, TAO, the native token of Bittensor, was the strongest performer, with a roughly 56% increase to cap off the week. Meanwhile, FET and RENDER rose by roughly 20% and 14%, respectively.

Bittensor is a peer-to-peer network that commodifies the creation, sharing, and maintenance of machine learning (ML) data and was previously covered in a research report by The Block Pro Research.

The resurgence of the “Crypto x AI” narrative as of late was likely catalyzed by the release of OpenAI’s o1 model on Sept. 13, followed by rumors of OpenAI’s oversubscribed $6.5 billion funding round at a $150 billion valuation on Sept. 20.

For context, the price of TAO has nearly doubled since the release of ChatGPT o1 at the time of writing. At the same time, FET and RENDER went up by 23% and 16%, respectively, over the same time period.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.