Did Cosmos’ growth reflect on ATOM’s price action?
- Cosmos, in a recent tweet, revealed quite a few notable developments.
- ATOM was down by nearly 2% over the last 24 hours, and indicators were bearish.
Cosmos [ATOM] has witnessed a steep uptrend in its network activity over the last seven days. This, in addition to other developments, helped the blockchain grow over the past week. But how did ATOM react to these developments?
Read Cosmos’ [ATOM] Price Prediction 2023-24
Cosmos users are boosting the network
A look at Artemis’ data revealed that Cosmos’ network activity was on the rise at press time. Notably, Cosmos’ Daily Activity Addresses registered a sharp uptrend in the recent past. This helped the blockchain’s Daily Transactions to rise as well, suggesting an increase in network activity.
The blockchain’s performance in the DeFi ecosystem was also on par, which was evident from the rise in ATOM’s TVL over the last few days. Additionally, the blockchain’s DEX volume rose as well, reflecting its popularity in the crypto space.
However, this was not all, as on 16 October, Cosmos posted a tweet that revealed the ecosystem’s most notable developments. For starters, Stride proposed STRD to ATOM Conversion.
4. @akashnet_ Launch Decentralized Foundational Model
Akash has launched the first decentralized foundational model to be trained on a decentralized cloud. This is quite revolutionary as it has not been done before.https://t.co/kF1CPCSpIT
— Cosmos Club ⚛️ (@CosmosClub_) October 15, 2023
The token could emerge as the governance token for Stride, effectively transforming the Stride blockchain into a Cosmos Hub satellite chain. Gnoland has taken a giant leap forward with Gnoswap, which is the first DEX built using Gnolang.
Apart from that, Akash has also launched the first decentralized foundational model to be trained on a decentralized cloud. Considering all the above-mentioned updates, ATOM’s network activity might get a boost in the days to come.
Cosmos investors are panicking
While blockchain network activity continued to rise, investors, on the other hand, were having a hard time. This was the case as ATOM’s price dropped by nearly 2% over the last 24 hours. At the time of writing, ATOM was trading at $6.45 with a market capitalization of over $2.3 billion.
The token trading volume also declined over the last seven days, meaning that investors were reluctant to trade the token. However, the good news was that ATOM’s Binance Funding Rate dropped over the last few days, suggesting that derivatives investors were not buying ATOM at a lower price.
This increased the chances of a trend reversal in the days to come.
Realistic or not, here’s ATOM market cap in BTC’s terms
A look at ATOM’s daily chart revealed that the bears were in action, as its MACD displayed a bearish crossover. Its Chaikin Money Flow (CMF) also registered a downtick, which was a development in the sellers’ favor.
Nonetheless, the Money Flow Index (MFI) remained bullish, as it showed signs of spiking.