Bittensor’s TAO token has surged around 90% in March, driving a broader rally across its ecosystem as subnet tokens collectively reached a market value of about $1.47 billion.
Smaller subnet tokens have significantly outperformed TAO, with gains of 200% to 400%, as their pricing structure effectively amplifies movements in the underlying token through staked reserves.
The rally has been supported by the launch of Subnet 3’s Covenant-72B model, which achieved a competitive 67.1 MMLU score, alongside endorsements from Nvidia CEO Jensen Huang and investor Chamath Palihapitiya.
“This represents a clear re-centralisation of yield,”
Said Markus Thielen, in unrelated commentary reflecting broader structural shifts in crypto markets.
Subnet tokens derive value from automated market makers backed by staked TAO, creating a reflexive system where rising TAO prices inflate subnet valuations and attract additional capital.
The network currently operates 128 subnets and plans to expand to 256, while potential catalysts such as a future TAO spot ETF could further drive institutional interest.
Sustainability of the rally will depend on Bittensor’s ability to continue delivering competitive AI models and maintaining momentum beyond recent endorsements and technical milestones.
At the time of reporting, Bittensor price was $330.01.