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

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  • 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.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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