Covenant AI Checks Out: TAO Goes From 'To The Moon' to 'To The Floor' With 18% Drop

Bittensor's native token $TAO just had a rough 24 hours.

The token shed more than 18% in just a few hours, completely wiping out its recent 100% rally. Ouch.

The timing? Conveniently bad. The culprit? Covenant AI, the largest operator running multiple high-emission subnets on Bittensor, decided to pack up and leave the building.

The reason? Centralization concerns. Apparently, Covenant wasn't a fan of how things were being run and chose the exit door over sticking around for the governance debate.

For those catching up: Bittensor runs on a network of subnets, and high-emission subnets are basically the heavy hitters when it comes to token rewards. Covenant AI was handling several of those. So when they walked, the market noticed.

TAO holders are now left holding the bag on a 100% rally that exists only in rearview mirror screenshots.

Classic crypto.