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Will increasing interest in staking ATOM echo through Cosmos 

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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.

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.

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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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