Bittensor (TAO) has entered a turbulent phase after a sharp and sudden selloff that wiped out a significant portion of its recent gains. At press time, the price of TAO was down 20.2% to around $273.32. The sudden price drop was triggered by a major shift in sentiment around the project’s governance structure after the exit of a major subnet operator known as Covenant AI. Covenant AI exit triggered governance concerns Covenant AI’s exit was not a quiet departure. It came with strong accusations aimed at the Bittensor’s leadership, particularly around claims of centralised control within what is marketed as a decentralised AI network.
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