$TAO | @opentensor UPDATE – 11/4/2026 Basically, $TAO is now back at an important key level (around $250-270). This is the strong support zone that the market has tested multiple times before. If you buy here → hold for the long term. After all the Covenant AI drama (exit + dumping ~37k TAO), $TAO will return to its real value and continue growing strongly. This is not the end, but a necessary stress test for the project to mature. Main reasons to hold & stay bullish long term: [1] On-chain is still extremely strong: Whales/smart money accumulated +18.4k TAO ($4.9M) right during the heavy dip. At the same time, net outflow from CEX reached ~42k TAO over the past 7 days. Network-wide staking ratio also remains stable at a high 68%, showing large holders are not selling but continue locking to earn yield. No signs of real whale distribution. [2] Tier-1 KOLs & funds are still all-in Siam Kidd (DSV Fund – 100% allocated to TAO), Jason Calacanis, Stillcore Capital, Karamata… are all publicly defending the project, calling this dip a “buying opportunity” and a “nothing-burger.” No major KOL has dumped or rotated out. They see this drama as a chance for governance to become truly more decentralized. [3] Headless subnets & governance fix coming soon Founder Const has announced pushing harder toward the headless subnet model – subnets running like true commodities without needing owner control. This is a major step forward after the drama, helping Bittensor become truly more decentralized. Covenant exiting is only one subnet (even if it was a large one), while 120+ other subnets are still operating normally. [4] Long-term fundamentals have not changed – DeAI narrative is still one of the biggest trends for 2026–2027. – Many subnets are still building SOTA models (62B–72B+ parameters). – Grayscale & institutional interest remain fully intact. In summary: Covenant drama is only short-term negative news and has already been mostly priced in (18-27% dump). The market is pricing governance risk right now, but on-chain data + KOL sentiment show long-term conviction is still very strong. $TAO right now is sitting in an ideal long-term dip-buy zone. Anyone buying here and holding through the next 6-12 months will likely be rewarded well when the project returns to fair value and continues its path toward becoming the “Bitcoin of AI.” Hold tight, don’t FUD. This is the time to accumulate, not panic sell. Happy weekend!

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