Bittensor Weekly: TAO Holds at $312 as for sale Rockets 112% and UR Tops Volume Charts
A look at the numbers behind Bittensor's ecosystem this week, from SN112's triple-digit surge to the subnets commanding the network's emissions - all figures via TaoStats.
Bittensor’s subnet economy remains a study in contrasts this week. TAO itself sits at $312, with 128 active subnets now sharing a total subnet-token market cap of $1.46B, according to TaoStats. Beneath that headline figure, the usual dispersion of fortunes played out across individual subnets, with one name posting an extraordinary triple-digit gain while several others shed a third of their value in the same seven-day window.
Biggest movers
The standout story of the week is for sale (SN112), which surged 112.6% over seven days to reach a $5.1M market cap, lifting it to rank 63 on TaoStats’ subnet leaderboard. It wasn’t alone in posting strong gains: OpenRoboto (SN80) climbed 27.4% to a $15.0M cap (rank 23), Almanac (SN41) added 18.6% to sit at $8.3M (rank 41), SOMA (SN114) rose 15.3% to $9.7M (rank 34), and Attelier (SN126) gained 12.2% to reach $2.0M (rank 99).
On the other side of the ledger, UR (SN25) led the fallers, dropping 36.7% over the same period to a $10.1M market cap (rank 32) - a notable reversal given its strength elsewhere this week (see volume, below). RedTeam (SN61) fell 34.4% to $18.7M (rank 18), KubeTEE (SN90) declined 32.4% to $3.3M (rank 87), Verathos (SN96) slid 25.8% to $1.8M (rank 102), and cascade (SN91) lost 22.8% to settle at $2.5M (rank 93).
New subnets
Three new subnets have registered on the network in the past 21 days, per TaoStats. Ormas (SN76) was the earliest, registering on 5 September with a market cap of $202K. SN35, which has not yet set an on-chain identity, followed on 11 September at $208K. Most recently, SN108 - also without an on-chain identity established so far - registered on 20 September with a market cap of $159K. All three remain modest in size relative to the broader subnet-token market, and will be worth watching as their teams potentially establish clearer identities and roadmaps.
Where the volume went
Trading activity over the past 24 hours was led by UR (SN25), which saw 12,122 TAO change hands - roughly $3.8M at current prices - despite its weekly price decline. Teutonic (SN3) followed closely with 11,126 TAO (about $3.5M), with RedTeam (SN61) close behind at 11,117 TAO (about $3.5M), notable given its position among this week’s biggest fallers. Bitcast (SN93) recorded 11,088 TAO (about $3.5M) in volume, while engy (SN53) rounded out the top five with 10,288 TAO (about $3.2M).
Emission leaders
On the emissions side, Minos (SN107) took the top share of network emissions this week at 8.7%, narrowly ahead of KubeTEE (SN90) at 8.5% - a subnet that, notably, also appears among this week’s biggest fallers by price. lium.io (SN51) claimed 7.3% of emissions, followed by Chutes (SN64) at 5.8% and Affine (SN120) at 5.4%. Together these five subnets account for a substantial concentration of the network’s emission flow, underscoring how unevenly distributed Bittensor’s incentive structure remains across its 128 active subnets.
Closing thoughts
This week’s data, all sourced from TaoStats, paints a picture of an ecosystem in constant flux beneath a relatively steady TAO price. Sharp divergences between price performance, trading volume and emissions - as seen with both UR and KubeTEE - are a reminder that these three metrics don’t always move in tandem, and each tells only part of the story for any given subnet.
This is not investment advice.