Cosmos Hub’s ATOM coin burst onto the scene after gaining some momentum from the recent poor market performance. According to quinjicoThe token is up over 10% since yesterday’s overreaction in the market. This is largely due to Cosmos’ continued efforts to innovate despite the now-down market performance. recoil More than 8% in the last 24 hours.
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This month, ATOM holders can look forward to several developments that will bring more interest to the platform. These developments could help push ATOM’s market position in favor of bulls in the long run.
New to ATOM Boards and other achievements
Although ATOM’s market performance leaves a lot to be desired, Cosmos Hub continues to move within the crypto community, bringing value from across the space.
Lava Network, a blockchain infrastructure platform, recently launched It was launched. Its mainnet while attracting a total of 50 billion network requests from its supported chains. The network is built using Cosmos’ SDK, giving an overview to developers who may want to build on the platform.
Lava is definitely on fire after launching its mainnet 🌋@lavanetsexiespowered by the CosmosSDK, provides decentralized and accountable RPCs for the Cosmos Hub.
Welcome to the exchange series! ⚛️ https://t.co/9bxZZuzzux
— Cosmos Center ⚛️ (@cosmoshub) August 5, 2024
Cosmos itself has also seen some growth. According to Everstake’s recent post on the platform’s performance in the first half of the year, Cosmos saw 10% growth. He increases In ATOM tokens deposited on the platform, which translates into a higher participation rate in the Cosmos delegation. The thread also included several chains that are part of the broader Cosmos Hub network.
1/8 We are pleased to present another entry in our series of betting reports, covering the progress of #Universe Interchain family, including: @cosmoshop, @Celestia Org, @Injection, @Osmosis Zone, @KAVA_CHAINAnd @babylonlabs_io.
This topic provides a brief overview of… pic.twitter.com/3pEU24kULr
– Everstake (@everstake_pool) August 1, 2024
On Celestia, active addresses have jumped by a significant number so far this year – from 308.7k to 845.7k, representing a participation rate of over 69%, the highest on the Cosmos network.
Injective also saw some growth after implementation. Gas pressurea feature that significantly reduces transaction fees, during the beginning of the year. The marketplace platform saw the total INJ tokens held increase to 60.4 million INJ. Today alone, INJ processed a total of $200 million in transactions on its native decentralized exchange (DEX), marking another milestone for the platform.
These are just some of the factors that will inevitably contribute to Cosmos Hub’s solid market position. With time, ATOM may recover from its cautious state.
Investors should be wary of this level.
At the time of writing, the cryptocurrency is still trading in a somewhat unstable price range of $3 to $5. This shows the cryptocurrency’s fragile short-term position as optimism still prevails in the market.
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ATOM’s slight rise can be attributed to the recent market rally and recent on-chain developments, both of which are not enough to capture any significant value in the near term. Therefore, investors should remain cautious about ATOM as it could be more vulnerable to downward pressure in the near term.
However, ATOM bulls can take advantage of the token’s low volatility to stabilize between the $3-$5 range before gathering momentum for a major breakout in the long term.
Featured image by PXfuel, chart by TradingView