Covenant AI Team Exits Bittensor Network Amid Governance Crisis
- Team Exit Incident: The Covenant AI team publicly accused Bittensor co-founder Jacob Steeves of merely staging decentralization, selling 37,000 TAO tokens worth approximately $10.2 million upon exit, which caused TAO's price to plummet over 20%.
- Governance Structure Crisis: Dare highlighted serious issues within Bittensor's governance model, claiming that real decision-making power is concentrated in Steeves, leading to a lack of transparency in network upgrade proposals that could undermine investor confidence.
- Technical Achievements and Challenges: Covenant AI successfully trained a 72-billion-parameter language model on Bittensor's Subnet 3, demonstrating the feasibility of decentralized AI training; however, the exposure of governance issues may weaken its market appeal.
- Market Reaction and Future: With a market capitalization of approximately $3.5 billion, Bittensor's ongoing ETF application by Grayscale faces significant risks due to governance concerns, potentially impacting future capital inflows.
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Technical Analysis for AI
Technical Sentiment Analysis for Sleepless AI (AI). As of , Sleepless AI (AI) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 4 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for AI stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, AI is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Sleepless AI (AI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0146 | 0.0165 | 0.0183 | 0.0202 | 0.022 | 0.0239 | 0.0257 |
| Fibonacci | 0.0165 | 0.0179 | 0.0188 | 0.0202 | 0.0216 | 0.0225 | 0.0239 |
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