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The number of users staking ATOM witnessed a massive growth especially in the last 30 days. However, with the FUD over the BNB hack, with ATOM‘s tiny involvement, could impact the stakers revenue and ultimately ATOM’s price in the long run.
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Here’s AMBCrypto’s Price Prediction for Cosmos [ATOM] for 2022-2023
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The number of stakers who began to show interest in ATOM over the past month was huge as can be seen in the chart below. The number of stakers on the ATOM network grew by 123% over the last month. Furthermore, the number was observed to be on a steady incline since the last seven days week.
Source: Staking Rewards
Another reason for ATOM’s growth could be the growth in the staker revenue. Over the last 30 days, ATOM’s miner revenue was also witnessed growth.
Source: Staking Rewards
Despite its growth in terms of staker revenue, ATOM was unable to find the same traction on the social front. According to social media analytics firm LunarCrush, ATOM’s social media mentions depreciated by 31.17. Furthermore, its social engagements decreased by 39.9% over the past week.
Furthermore, ATOM’s weighted sentiment was also on a decline over the past week. This indicated that the crypto community was still against ATOM at the time of writing.
Source: Santiment
On a deep dive…
One of the reasons for the negative sentiment could be ATOM’s involvement in the BNB hack. Ethan Buchman, co founder of Cosmos, tweeted on 9 October about the Binanace hack.
The hacker, according to Buchman, was able to replicate the merkel proof, which helped the hacker exploit Cosmos’ vulnerabilities. Even though an advisory and defensive patch was added on to the Cosmos codebase, it appeared that the negative sentiment against ATOM stayed.
So, some thoughts on the Binance hack. Binance is the largest user of the Cosmos software. They run a $multibillion platform without meaningful contributions or engagement with the core software. There’s a lot to learn from what happened here.
— Ethan Buchman (@buchmanster) October 8, 2022
Despite the current scenario, Cosmos developers were working on improving the Cosmos technology as the development activity observed a spike. However, the volume continued to decline which could be a bearish indicator for ATOM.
Source: Santiment
At the time of press, ATOM was trading $12.89 and had depreciated by 1.83% in the last 24 hours.
