TAO Holds $256 as Refinery Leads Gainers and MVTRX Slides Nearly 47%
This week's Bittensor ecosystem roundup: TAO trades at $256 across 128 active subnets worth $1.25B combined, with Refinery and Bitcast leading the charge higher while MVTRX suffers the week's sharpest decline. All figures from TaoStats.
Bittensor’s subnet economy remains broadly stable this week, with TAO changing hands at $256 and the network now hosting 128 active subnets carrying a combined token market capitalisation of $1.25B, according to TaoStats. Beneath that headline figure, however, dispersion across individual subnets was notable, with double-digit swings in both directions and a clear reshuffling among volume and emission leaders.
Biggest movers
On the gainers’ side, Refinery (SN125) topped the leaderboard with a 7-day gain of +27.4%, lifting its market cap to $3.1M and its rank to 83rd. Bitcast (SN93) followed with +21.5%, now valued at $21.0M and sitting at rank 16. TrajectoryRL (SN11) rose +18.7% to a $11.1M market cap (rank 26), while RedTeam (SN61) climbed +18.3% to $19.1M (rank 17). Verathos (SN96) rounded out the top five gainers, up +17.0% to $2.3M (rank 96).
The fallers’ list was led by a sharp reversal in MVTRX (SN79), down -46.9% over the week to a $4.2M market cap (rank 64), by far the steepest move recorded across the network this period. Bitsec.ai (SN60) dropped -24.0% to $5.4M (rank 53), Ditto (SN118) fell -18.7% to $5.6M (rank 49), and Investing (SN88) slipped -16.4% to $4.2M (rank 63). Notably, engy (SN53), despite topping the volume charts this week, also featured among the fallers, down -16.2% to a $34.1M market cap (rank 9), a reminder that heavy trading activity doesn’t always translate into price strength.
New subnets
Three new subnets have registered on the network in the past 21 days, all still awaiting on-chain identity branding. SN76 registered on 05 September with a market cap of $118K, SN59 registered 27 August at $136K, and SN36 registered 20 August at $129K. All three remain small relative to the network’s established players, and it will be worth watching whether any adopt formal identities and branding in the coming weeks.
Where the volume went
Trading activity was concentrated in a handful of subnets over the past 24 hours. engy (SN53) dominated with 19,556 TAO traded ($5.0M), despite its weekly price decline noted above. Minos (SN107) followed with 8,373 TAO ($2.1M) in volume, ahead of SayGM (SN28) with 5,248 TAO ($1.3M) and RedTeam (SN61), which combined strong volume of 4,971 TAO ($1.3M) with its place among the week’s top gainers, a rare instance of price strength and heavy trading aligning.
Emission leaders
On the emissions side, lium.io (SN51) retained the largest share of network emissions at 9.2%, ahead of ORO (SN15) at 7.8% and Chutes (SN64) at 7.5%. Affine (SN120) followed closely with 7.3%, while Albedo (SN97) rounded out the top five with a 6.8% share. Together these five subnets account for a substantial portion of the network’s emission distribution, underlining their continued weight within Bittensor’s incentive structure.
Closing thoughts
This week’s data paints a picture of a network in steady expansion, 128 subnets and counting, but with considerable divergence in fortunes beneath the surface. Refinery’s standout gain contrasts sharply with MVTRX’s near-47% collapse, while engy’s position as both a volume leader and a faller illustrates that liquidity and price direction don’t always move in lockstep. With three fresh subnets registered in the past three weeks, the pipeline of new entrants continues, even as established names like lium.io and ORO hold firm at the top of the emissions table.
This is not investment advice.