In the same AI hype leaderboard, subnets are pumping harder, while the hash power leaders are looking more like steady plays: $RENDER 24h is up 7.84%, with a market cap of about $923 million and a trading volume of $73.49 million, giving a volume/market cap ratio of around 8.0%; Bittensor Subnets category is up 22.76% in 24h, with a market cap close to $1.027 billion, but the trading volume is only $35.55 million, resulting in a turnover of about 3.5%. This indicates that attention is speeding up in the smaller subnets, and while $RENDER isn't the hottest, it has more genuine trades. If subnet trading doesn't continue to ramp up, the AI spread might first revert to the leaders. Are you waiting for the subnet confirmation, or are you looking at $RENDER for a catch-up? #热榜观察 #AI叙事 #divergence in turnover