Bittensor Token Plummets Amid Covenant AI Withdrawal

Bittensor's native token, TAO, has experienced a significant downturn following the departure of Covenant AI from the network. The withdrawal was announced after Covenant AI's founder, Sam Dare, made public allegations against Bittensor co-founder Jacob Steeves regarding centralized governance practices.

The claims, which include suspended emissions, revoked moderation privileges, and deprecated subnet infrastructure, have led to a decline in TAO's price. According to blockchain analysis, Sam Dare sold over 37,000 TAO tokens from his personal wallet, contributing to the downward pressure on the asset.