Bittensor has seen a surge of over 35% over the past week, but data shows that the social media crowd is still not very confident about the altcoin.

Bittensor has exploded this month with a acute rally

While the broader digital asset sector has been stuck in a consolidation phase recently, Bittensor was one of the few tokens that stood out. Since March 8, the altcoin has surged 94%, almost doubling its value.

The chart below shows what TAO’s recent trajectory has been like:

As you can see from the chart, Bittensor saw a high above $370 on Wednesday, but the asset has since returned to the $340 level. Nevertheless, even after this pullback, it remains over 35% in the green on the week.

TAO’s breakaway from the rest will likely be the result of an AI-centric narrative. In low, blockchain works like a decentralized marketplace where machine learning models compete with each other to produce useful results, and token rewards are awarded based on their performance.

Bittensor’s rapid growth in recent weeks means its position in the industry has improved significantly, and its market capitalization now ranks as the 27th largest, according to CoinMarketCap data.

It’s clear from the table above that with a market capitalization of around $3.65 billion, TAO is currently ahead of the likes of Shiba Inu (SHIB) and Toncoin (TON). The gap to 26th-ranked Sui (SUI) is also quite diminutive, so if the bullish wind continues, it’s possible that the coin could reverse in the near future as well.

While Bittensor’s rally was impressive on paper, retail customers don’t seem to have believed the hype, if social media data is anything to go by.

TAO is experiencing its third worst social media sentiment in six months

As noted by the analytical company Santiment in the X report postDiscussions about Bittensor have increased on social media recently, suggesting that the rally has caught the eye of the masses. Even though social volume on major platforms such as Reddit, X and Telegram has reached its second highest level in six months, sentiment is interestingly quite balanced.

As you can see from the chart, Bittensor’s Positive/Negative Sentiment Index is 1.5, which means that for every two bearish comments on social media platforms, there are three bullish comments. While positive sentiment continues to dominate, negativity is actually the third highest over the past six months.

Therefore, it appears that FOMO has not yet developed among retail investors. “It’s an overall good sign that the rally can continue with little interference from greedy traders, who usually signal a top is forming,” Santiment noted.