Historically major changes to blockchains have led to a run up in the price up until the event, then derisking exposure until everything works smoothly before picking up again. In other words, a sell the news event. 

In this case, I presume most will not touch their $TAO and leave it staked, while a small portion moves into the subnets to test the waters. The price may correlate to the APY deterioration rate on root. The current model with a 20% steady yield is hard to beat.

On the upside there’s an explosion of subnets sucking in liquidity and driving the price up. On the downside the diminishing returns on root may turn out to less attractive.

All naturally depends on the macro picture of the global economy, the crypto market and whether the meme economy is seeking value investments.