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Cosmos’ latest development could have this in store for eager ATOM investors

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  • Cosmos reaches new milestone in terms of IBC transfers
  • Comsos TVL witnesses an uptick. However, fees generated by Cosmos declines

 Cosmos, which was in the news recently for launching an update around its DeFi network, registered a new milestone in terms of IBC transfers.

Read Atom’s Price Prediction 2022-2023

According to a tweet posted by IOBscan on 10 November, the total value of transfers from Cosmos rounded out to $8.7 million. This spike in the number of transfers could indicate a positive future for the network.

Cosmos’ DeFi angle

 Cosmos’ total value locked (TVL) depreciated after 7 November, as can be seen from the image below. However, after 10 November, there was a slight uptick. This improvement in Cosmos’ DeFi space could be attributed to the launch of a DEX called Duality, which would launch with Interchain Security.

After this announcement, Comos’ TVL had appreciated by 18.60%, while its TVL was at $489,966 at the time of writing.

Source: DefiLlama

Along with the uptick in terms of TVL, ATOM also observed a surge in its volume. Over the past seven days, ATOM’s volume grew from 270 million to 320 million. 

However, its development activity continued to decline during this period. This indicated that the number of contributions made by ATOM’s team to its GitHub had gone down.

Source: Santiment

Furthermore, along with declining development activity, the fees generated by Cosmos dropped as well. According to data provided by Token Terminal, the fees generated by Cosmos depreciated by 10.5% in the last 30 days. Its circulating marketcap fell by 8.9% during the same period.

Source: token terminal

Along with its market cap, ATOM’s price depreciated as well. After testing the $15.610 support on 5 November, ATOM’s price decreased by 38.85%. The token ultimately tested the $9.49 support level on 10 November. However, since then, its price appreciated by 25%, and was trading at $12.01 as of 11 November.

ATOM’s Relative Strength Index (RSI) stood at 45.75, indicating that the coin’s momentum was slightly bearish at the time of writing. However, the Chaikin Money Flow (CMF) registered an uptick over the course of the last few days, implying a positive outlook for ATOM.

Source: Trading View

 

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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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