Here’s why Bittensor (TAO), Near Protocol, and Venice Token rising

Top artificial intelligence (AI) tokens are rising today, September 7, as investors cheer the recent developments in the industry. Bittensor TAO jumped to $270, its highest point since June 15, and 50% above its lowest point in July.

Near Protocol (NEAR) jumped to $2.4865, its highest level since June 16, while Venice Token (VVV) has soared to $18.67, up by over 90% from its July low. Other top AI coins like Akash Network (AKT) and Artificial Superintelligence (FET) have also soared. 

AI coins are rising as more details of Anthropic IPO emerge

The main catalyst for the ongoing Bittensor, Near Protocol, and Venice Token rally is that details are emerging on the upcoming Anthropic IPO. A recent report showed that the company is about to select Goldman Sachs and Morgan Stanley as the lead bankers in its IPO. Other banks that will participate in the IPO are popular names like Barclays and JPMorgan, 

The report also said that the company will likely publish its prospectus, known as S1 as soon as this week. This publishing will be followed by the roadshow, where the company will market itself to investors. 

Finally, the IPO is expected to happen either later this month or in October. As such, there is a likelihood that the top AI coins will jump ahead of the IPO. This is a common situation, as evidenced by the recent rally of AI tokens ahead of the SpaceX IPO. 

OpenAI Astra and potential IPO

The tokens are also rising after OpenAI launched Astra, its latest model, which it hopes will challenge Anthropic. Data shows that GPT-6 Astra has a context window of 1 million, in line with Claude and an artificial intelligence index of 55, slightly below Anthropic’s 57. 

Notably, the cost per token is just $2.57, lower than Fable 5.1’s $6.12. OpenAI hopes that the model will help it to bridge the gap now that Anthropic has gained substantial ground. 

This progress will help it to launch its IPO either later this year or next year. The company decided to delay its IPO to give it time to engineer a turnaround as its revenue growth stalled. 

AI stocks rebound

Venice AI, Near Protocol, Bittensor and other AI tokens are rising as investors rotate back to AI stocks. A look at the industry shows that most AI stocks, including popular names like Nvidia, Micron, and SanDisk have bounced back in the past few weeks. The same is happening internationally, with companies like SK Hynix and Samsung Electronics soaring. 

The rebound is a sign that investors believe that the AI boom has more room to run in the foreseeable future. If this happens, demand for AI tokens will continue. A good example of this is Venice AI, whose website traffic jumped to over 17 million in August from 15 million in the previous month. As a result, the network incinerated VVV tokens worth over $700k.

AI tokens are also doing well because of the ongoing risk-on sentiment in the crypto industry that has pushed the Crypto Fear and Greed Index to the greed zone.