Bittensor Price Plummets Amid Exit of Top Subnet Operator

The recent exit of Covenant AI, a top subnet operator on Bittensor, has sent shockwaves through the cryptocurrency market. With a significant stake in several high-emission subnets, Covenant AI's departure has led to a sharp decline in Bittensor's price.

According to data from crypto.news, Bittensor's ($TAO) price fell 25.6% from $340 to an intraday low of $253 on Friday, erasing close to $900 million from its market capitalization. Trading at $266.7, the token has dropped to levels not seen since mid-March.

The sudden drop in price triggered nearly $9 million in liquidations from long positions as bulls were caught off guard after weeks of betting on continued upside. Bittensor's price tanked after Covenant AI officially announced its departure from the network, citing centralization concerns and accusations against Bittensor founder Jacob Steeves.