🚨
$TAO JUST TOOK A MASSIVE HIT — HERE’S WHAT REALLY WENT DOWN
Everyone was hyped after TAO’s insane 100%+ rally… but things flipped FAST 💀
📉 From $341 down to $248 within hours
💸 Nearly $900M erased from market cap
⚠️ Over $9M in long positions wiped out
And here’s the thing… the chart was already hinting weakness before the chaos 👇
EMA(9) slipped below EMA(21), and price faced strong rejection near $341.
Smart money saw the warning signs… most ignored them.
💥 So what triggered the crash?
Covenant AI — one of the biggest subnet players on Bittensor — EXITED the network completely 🔥
They didn’t leave quietly either…
They openly called Bittensor’s decentralization a “theatre” 🎭
Serious allegations were made against founder Jacob Steeves:
❌ Centralized control over the network
❌ Penalizing subnets by cutting emissions
❌ Token dumping accusations
❌ Major decisions without consensus
And then came the dump…
Covenant AI’s founder offloaded 37,000+ TAO tokens on the way out 💸
📊 This is the SAME subnet behind the Covenant 72B model — the one that even got a nod from NVIDIA CEO Jensen Huang… the catalyst behind TAO’s massive rally
Now?
Confidence shaken
Narrative cracked
Price under pressure
🧠 The big question:
If your strongest builder calls your “decentralized” project centralized… what does that mean long-term?
📅 Yes, TAO still has a halving coming in December 2026 — fundamentals aren’t dead
But trust? That’s where things get complicated
👇 What’s your move?
Buying the dip or stepping aside?
$TAO uSDT
Perp
261.72
-0.78%
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