Bittensor's native token, TAO, plunged nearly 20% on April 10 after Covenant AI sold over 37,000 tokens, sparking significant selling pressure. The sharp decline erased recent gains and raised concerns about governance transparency within the Bittensor ecosystem. Covenant AI founder Sam Dare accused Jacob Steeves of centralized control, describing the governance model as "decentralization theatre." The massive token sale intensified market pressure, with TAO falling from above $340 to nearly $263 in a single session. Trading volumes surged over 143% as panic selling ensued. Analysts noted TAO's drop below its 200-day moving average, signaling potential further downside. Despite the turmoil, some traders remain optimistic about a recovery if TAO can maintain support near $250.