TAO Holds $230 as ms.computer Surges and Subnet Count Hits 128
A weekly look at the Bittensor ecosystem: TAO steady at $230, 128 active subnets, and a $1.15B total subnet-token market cap, with everyframe.studio leading the gainers and ms.computer dominating the volume charts.
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TAO traded at $230 this week as the Bittensor ecosystem continued to broaden, with TaoStats reporting 128 active subnets and a combined subnet-token market capitalisation of $1.15B. Beneath that headline figure, the usual dispersion of fortunes played out across the subnet landscape, with some tokens posting triple-digit weekly gains while others shed close to half their value.
Biggest movers
The standout performer of the week was everyframe.studio (SN117), which rocketed 174.7% over seven days to a $3.4M market cap, lifting it to rank 64 on TaoStats’ subnet leaderboard. Astrid (SN127) followed with a 61.3% gain to $2.8M (rank 80), while Carbon (SN116) added 55.4% to reach $2.1M (rank 94). ms.computer (SN24) also had a strong week, up 55.0% to a $15.6M market cap and rank 17, and Beam (SN105) rounded out the top gainers with a 42.2% rise to $4.0M (rank 56).
On the other side of the ledger, ChronoLLM (SN38) was the week’s heaviest faller, down 46.8% to a $3.8M market cap (rank 59). RedTeam (SN61) dropped 36.7% to $8.1M (rank 33), and OpenRoboto (SN80) slid 26.2% to $8.6M (rank 30). UR (SN25) fell 19.4% to $5.1M (rank 49), while Minos (SN107) declined 16.7% to $12.1M (rank 21). The spread between the week’s best and worst performers underlines just how much dispersion remains across Bittensor’s subnet economy even as the aggregate market cap holds steady.
New subnets
Four new subnets have registered on the network in the past 21 days, according to TaoStats. Terza Inference (SN103) registered on 20 October with a $306K market cap, the largest of the new cohort, followed by OnSale (SN86), registered 15 October at $106K. Two further subnets, SN70 and SN16, registered on 26 October and 29 October respectively, each carrying a $52K market cap and no on-chain identity set yet. It will be worth watching whether these newcomers establish themselves with named branding and liquidity in the weeks ahead.
Where the volume went
Trading activity was heavily concentrated at the top. ms.computer (SN24) led all subnets with 37,076 TAO traded over 24 hours, worth roughly $8.5M - a volume figure that aligns with its strong weekly price performance. lium.io (SN51) was next with 16,895 TAO (about $3.9M), followed by Targon (SN4) at 6,705 TAO (about $1.5M). everyframe.studio (SN117), this week’s top gainer, also featured among the volume leaders with 3,562 TAO traded (about $819K), while Green Compute (SN110) rounded out the top five with 3,460 TAO (about $795K).
Emission leaders
On the emissions side, lium.io (SN51) retained its position as the dominant recipient, capturing 11.0% of network emissions - a share consistent with its strong showing in 24-hour volume. REAX (SN92) followed with 8.6%, while Chutes (SN64) and KubeTEE (SN90) were closely matched at 5.6% and 5.5% respectively. Targon (SN4), another name that also appeared among the volume leaders, rounded out the top five emission recipients with a 4.9% share.
Close
With TAO holding firm at $230 and the subnet count now at 128, this week’s data points to a maturing but still highly dynamic ecosystem - one where small-cap subnets like everyframe.studio can post explosive gains even as established names see sharp pullbacks. The arrival of new subnets, alongside concentrated volume and emission activity around a handful of established players, suggests the network’s competitive dynamics remain very much in flux. This is not investment advice.