TAO Holds $252 as Trishool Leads 128-Subnet Field Through Volatile Week
Bittensor's subnet economy churned through another turbulent week, with Trishool surging over 60% while REAX swung from new-listing darling to steepest faller, as TaoStats data shows $1.26B in total subnet-token market cap spread across 128 active subnets.
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Bittensor’s decentralised-AI network continues to expand its subnet roster even as token prices swing sharply beneath the surface. TAO itself sits at $252, with 128 active subnets now live on the network and a combined subnet-token market cap of $1.26B, according to TaoStats. Beneath that headline figure, the usual mix of sharp gains and steep drawdowns played out across individual subnets, underscoring how dispersed performance remains across the ecosystem.
Biggest movers
Trishool (SN23) was the standout gainer of the week, up 61.0% to a $9.3M market cap, lifting it to rank 32 on TaoStats’ subnet leaderboard. Attune (SN58) followed with a 43.4% gain, though its $1.9M market cap keeps it at rank 94. Enigma (SN63) rose 42.0% to $7.6M (rank 37), while Quantum Compute (SN48) added 33.7% to reach $9.0M (rank 34). Almanac (SN41) rounded out the top five gainers, climbing 22.5% to a $10.4M market cap at rank 30.
The fallers’ column was led by REAX (SN92), down 38.9% to a $1.9M market cap at rank 95 - a sharp reversal for a subnet that only registered on 09 October. ChronoLLM (SN38) dropped 29.5% to $7.6M (rank 36), Instant (SN46) fell 21.3% to $3.5M (rank 68), and Leadpoet (SN71) slid 21.1% to $4.9M (rank 54). Bitcast (SN93), the largest of the week’s fallers by market cap, also lost 21.1%, settling at $17.6M and rank 17.
New subnets
Five subnets have registered on the network in the past 21 days, per TaoStats. The newest is SN70, registered 26 October, which has yet to set an on-chain identity and carries a $57K market cap. OnSale (SN86) registered 15 October with a $120K market cap, while SN103 - also without an on-chain name set yet - registered 20 October at $198K. Carbon (SN116) registered 04 October and has grown to a $1.3M market cap, and REAX (SN92), registered 09 October at $1.9M, is notable both as a new entrant and this week’s biggest faller.
Where the volume went
Trading activity in the past 24 hours was led by SayGM (SN28), which saw 6,003 TAO change hands (about $1.5M), narrowly ahead of Targon (SN4) at 5,854 TAO (about $1.5M). lium.io (SN51) recorded 5,653 TAO in volume (about $1.4M), followed by engy (SN53) with 4,950 TAO (about $1.2M) and RedTeam (SN61) with 4,178 TAO (about $1.1M). Together these five subnets capture a meaningful slice of daily on-chain turnover, reflecting continued trader interest in a cross-section of compute, inference and data subnets.
Emission leaders
On the emissions side, REAX (SN92) again features prominently, commanding 10.7% of network emissions despite its rough week on price - a reminder that emission share and token-price performance don’t always move in tandem. lium.io (SN51) took 10.0% of emissions, consistent with its strong volume showing above. KubeTEE (SN90) secured 6.1%, Chutes (SN64) took 5.5%, and Minos (SN107) rounded out the top five with a 5.4% share.
Close
This week’s TaoStats data paints a picture of an ecosystem still finding its footing subnet by subnet: fresh registrations continue to join the 128-strong field, volume concentrates in a handful of compute and inference-focused subnets, and emission shares don’t always track price action, as REAX’s dual appearance in both the fallers and emission-leader lists shows. With TAO steady at $252 and total subnet-token market cap at $1.26B, dispersion rather than broad direction remains the defining feature of the week.
This is not investment advice.