TAO’s price has recently experienced a significant increase, largely driven by the activity of Smart Money (SM) and Smart Dex Traders (SDTs).
Analyzing data over the past three months, we can see that $wTAO has become the most accumulated token by Smart Money, with an impressive total of $18.63 million. This indicates a strong buying interest, as purchase volumes far outweigh sales.
Smart Dex Traders have followed a similar trend, accumulating around 90,600 $wTAO tokens, valued at approximately $21.2 million. Their buying activity consistently surpasses their selling volume, showing confidence in the token’s potential.
Whales Continue Adding To Their $wTAO Holdings
Currently, both Smart Money and SDTs continue to increase their $wTAO holdings despite the rising price. Over the past 24 hours alone, Smart Money has bought 1,100 $wTAO, valued at $621,800, while SDTs purchased 1,080 $wTAO, totaling $609,900.
💥$TAO – What made TAO's price go up recently?
Insights from Smart Money (SM) and Smart Dex Traders (SDTs)
Let’s look at what happened from mid-June to early September. 👇 pic.twitter.com/XqM4QHYNYJ
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) September 30, 2024
A significant factor fueling this ongoing demand is the upcoming launch of a new subnet called Fish, developed by Opentensor. Fish will serve as a GPU rental platform for scalable computing, with TAO tokens being the primary payment method. This development is seen as a catalyst for future growth, as it could boost the demand for TAO in real-world applications.
With Smart Money and SDTs showing strong confidence in $wTAO, and the upcoming subnet launch, it’s possible that TAO’s price could continue to rise in the near future. However, as with any investment, it’s essential to consider the inherent risks and market conditions.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.