The subnet market keeps going up.
Large market caps are leading the charge.
Focus on one of the strongest subnets of recent months in the last section.
Let’s dive in.
Only up?
The subnet market continues its upward trend:
+8.62% over the last two weeks.
Among the important developments in recent weeks, a mysterious wallet woke up and deployed 23,000+ TAO (~$4M) across subnets.
Here is his address:
5EnCS4tBJNZqaLVaQngn6213FkU4AwaFB6wGKpwUT9rnn7RC
Unlike the subnet market, the crypto market is in the red.
Nothing seems to be able to impact the positive momentum of subnets.
Large market caps are performing
We use Mentat Minds indexes. Details on calculation are on this page. Mentat 5 and Mentat 15 cover the leaders, while Mentat 70 gives a wider picture of the subnet market.
Over the last two weeks:
Mentat 5 : +8,6%
Mentat 15 : +6,3%
Mentat 70: +3,1%
The same scenario has been repeating itself since the launch of dTAO. Leaders hold up better in downturns and perform better in upturns.
Covenant stays in shape
The Covenant index keeps climbing steadily: +2.79% over the last 2 weeks.
Macrocosmos is barely moving: +0.27%.
Score (SN44): Where will they stop?
Score is one of the best performing subnets in recent weeks:
+151% since its low at the end of 2025.
We talked about Score in a November Sapho edition, it was right near its bottom.
In the long term, this rise brings the score to a major resistance zone.
Taking advantage of the good momentum to move above this zone would be extremely bullish.
The future of computer vision
Score is a subnet that develops AI models for computer vision.
The subnet currently ranks 5th, with a market cap of $26.59 million, a volume of $702 690 in the last 24 hours, making it the 7th most traded token.
The best distribution of the network
The three largest wallets hold 13.48% of the supply.
This is low compared to what we usually see on subnets.
In fact, this subnet has the lowest proportion of supply held by its top 3 wallets among the top 10 subnets.
No coincidence
There is no coincidence in Score's performance:
The subnet showed a strong graphical setup.
They consistently deliver and improve their products.
Major partnerships: Avia, Reading FC, CARD (many more incoming).
Well-managed communication.
If they keep this trajectory, they could settle into a lasting top 5 position.
Thank you for reading this newsletter. If you are interested in the subnet market, please feel free to click on the following link.
Disclaimer: This newsletter does not constitute investment advice. It is a tool designed to help you understand the Bittensor subnet market. Always do your own research before investing.
