Date: Friday, August 09, 2024, 10:48 AM GMT
Sui Network’s SUI token and Bittensor’s TAO token experienced significant surges in their prices following the launch of two new crypto investment trusts by Grayscale, a leading cryptocurrency asset manager. The Grayscale Bittensor Trust and Grayscale Sui Trust were introduced on August 7, 2024, and are designed to invest in the native tokens of the Bittensor Protocol (TAO) and Sui (SUI) blockchains, respectively.
The launch of these new trusts is a significant development for both the Bittensor and Sui ecosystems, as it provides investors with a familiar and regulated way to gain exposure to these tokens. Grayscale’s decision to launch these trusts reflects the growing interest in decentralized artificial intelligence (AI) and smart contract blockchain technologies, which are core focuses of Bittensor and Sui, respectively.
The SUI token, which powers the Sui protocol, saw a 28.47% surge in its price following the announcement, reaching the current price of $0.8365.
Similarly, the TAO token, the native token of the Bittensor network, also experienced a significant price increase 8.01%, reaches to $307.64.
The surge in prices of SUI and TAO tokens is also attributed to the ongoing recovery rally in crypto market , as the price of Bitcoin (BTC) pullbacks to $60K after falling to low of $49K level earlier.
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