Connect with us


Cosmos’ growth despite the crypto winter could mean this for ATOM in 2023



Source: StockAI

  • Osmosis launches new stableswap on the Cosmos Hub network
  • The TVL for Cosmos declines alongside its weighted sentiment

The current state of the crypto market has created a great deal of uncertainty in the industry. However, despite the FUD, Osmosis, a DEX on the Cosmos [ATOM] ecosystem, has continued to build and announced a new stableswap.

  Read Cosmos’ [Atom] Price Prediction 2023-2024

The launch of the stableswap would allow stablecoins on the network to be traded with minimal price impact.

The DeFi angle

Despite the launch of this stableswap and other updates on the Cosmos ecosystem, its total value locked (TVL) continued to decline. According to DefiLlama, Cosmos’s TVL fell from $416,365 to $356,492 in the past month.

Source: DefiLlama

Despite the decline in the TVL for Cosmos Hub, it continued to grow on the social front. The social mentions and engagements spiked, which could be attributed to the developments being made on the ecosystem.

Data gathered from LunarCrush, a social analytics firm, suggested that the number of social mentions for Cosmos Hub increased by 7.2% over the last week. Furthermore, the number of social engagements for the Cosmos Hub grew by 1%.

Despite the increasing social activity of Cosmos Hub, its weighted sentiment continued to decline heavily. 

According to data provided by Santiment, the sentiment against Cosmos had been negative throughout the last month. This indicated that the number of people who were speaking negatively about ATOM far outweighed the number of people who had a positive outlook on the token.

Source: Santiment

Having a look at Cosmos, on-chain

Although there was a lot of negative sentiment surrounding ATOM, the number of transactions witnessed a huge spike over the last few days.

According to ATOMScan, the total number of transactions made with ATOM reached 251,520.

Source: ATOMScan

Along with the spike in the number of transactions, ATOM’s volume grew as well. Furthermore, as per data gathered from Santiment, ATOM’s volume increased from 130 million to 150.76 million in the past month.

Moreover, although there was a decline in development activity over the last few weeks, the number of contributions being made by its GitHub team dwindled significantly. 

Source: Santiment

At the time of writing, ATOM was trading at $8.75. Its price declined by 4.46% in the last 24 hours, while its volatility decreased by 47% over the last seven days, making ATOM a less risky investment than usual.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.