Connect with us

Altcoins

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

Published

on

Source: StockAI


  • 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

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.