Altcoin
Grayscale adds Bittensor, SUI to its products: How did the altcoins react?
Here’s a look at how SUI and TAO responded to Grayscale’s product listing.
- Grayscale adds TAO and SUI to its crypto products.
- TAO has seen much more price traction after the update than SUI.
Grayscale has added Bittensor [TAO] and Sui [SUI] to its crypto products, marking portfolio expansion to decentralized AI (artificial intelligence) and deepening exposure in smart contracts platforms.
Commenting on the new products, Rayhaneh Sharif-Askary, the firm’s Head of Product and Research, stated,
‘We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain’
Askary added that the products are similar to those of its single-asset investment trusts. The addition of SUI and TAO brings the Grayscale singe-crypto asset trusts portfolio to 16.
How SUI and TAO reacted
The Sui team welcomed the Grayscale move to add its token to its product suite.
The new smart contract blockchain has garnered significant traction recently. In July, Sui had the second-highest transaction count after Solana, hitting 242 million.
However, despite the impressive network growth, like most altcoins, SUI has been on a downtrend on price charts, as illustrated by the descending channel.
As of press time, the altcoin was up 4.5% on the daily chart and traded at $0.64.
Can the Grayscale update push the recovery further?
It’s not guaranteed. SUI’s daily RSI (Relative Strength Index) was edging closer to the neutral line, which could indicate a likely rejection and buyer exhaustion. Besides, SUI had hit the key resistance level at $0.63 and still faced another overhead hurdle – the middle range of the channel.
In short, the SUI rally could fizzle out faster if Bitcoin [BTC] recovery doesn’t extend.
For TAO, the AI token has seen perhaps the most recovery gains after recent market carnage. TAO was up over 60% since Monday at the time of writing and netted a 10% gain on Thursday. It was trading at $273.
A convincing move above the 50% Fib level could set the token at $320 or $350, with a +35% potential gain.
Source: TAO/USDT, TradingView
One market observer
claimed that TAO could see a 10x increase and hit $1.5k by the end of the year.‘Many big chads are betting on this gem; if we get a proper bull run, $TAO could potentially reach $1.5k by EOY, assuming $BTC soars past $100k.’
Apart from the single-asset Grayscale Bittensor Trust, the firm also has a decentralized AI fund that contains TAO. TAO only accounts for 3.6% of the fund’s weight, while Filecoin [FIL], Near [NEAR], and Render [RNDR] dominate.
With AI as a hot narrative during this cycle, the Grayscale move could benefit TAO more than SUI on the price charts.
