I wish I could tell you to fade Bittensor $TAO and the subnets, but I can't.

Most of the supply remains staked, and liquidity on exchanges tends to be shallow at times (creating great opportunities for well placed stink bids)

It is still early stage for the network imo, and most of the people still do not get how it works at all. I've met people that have been in this space for years, and they were not aware of its existence even.