Cosmos Hub’s ATOM token enters the scene after capturing some momentum from the recent dismal market performance. According to Coingeckothe token is up over 10% since yesterday’s market overreaction. This is largely due to Cosmos’ continued efforts to innovate despite the market performance that is now recovered more than 8% in the last 24 hours.
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This month, ATOM holders are keeping an eye on several developments that will bring more attention to the platform. These developments could help boost ATOM’s position in the market in favor of the bulls in the long run.
What’s new in ATOM and other achievements
While ATOM’s market performance leaves much to be desired, Cosmos Hub continues to make moves within the crypto community, adding value across the space.
Lava Network, a blockchain infrastructure platform, recently released its mainnet while getting a total of 50 billion network requests from its supported chains. The network was built using the Cosmos SDK, giving it a look for developers looking to build on the platform.
Lava is certainly on fire after the mainnet launch 🌋@lavanetxyzpowered by CosmosSDK, is providing decentralized and accountable RPCs for Cosmos Hub.
Welcome to interchain! ⚛️ https://t.co/9bxZZuzzux
– Cosmos Hub ⚛️ (@cosmoshub) August 5, 2024
Cosmos itself has also seen some growth. According to Everstake’s recent thread on the platform’s performance in the first half of the year, Cosmos saw a increase in ATOM tokens staked on the platform, which translates into a higher engagement rate in the Cosmos delegation. The thread also showcased several networks that are part of the broader Cosmos Hub network.
1/8 We are pleased to present another entry in our series of staking reports, covering progress in #Cosmos Interchain family including @cosmoshub, @CelestiaOrg, @injective, @osmosiszona, @KAVA_CHAINIt is @babylonlabs_io.
This topic provides a brief overview of its… pic.twitter.com/3pEU24kULr
– Everstake (@everstake_pool) August 1, 2024
On Celestia, year-to-date active addresses jumped significantly – from 308.7k to 845.7k, which represents over 69% of the staking rate, the highest on the Cosmos network.
Injective also saw some growth after implementation gas compressiona feature that significantly reduces transaction fees, earlier this year. The marketplace platform saw total staked INJ tokens increase to 60.4 million INJ. Earlier today, INJ processed a total of $200 million in transactions on its native decentralized exchange (DEX), marking another milestone for the platform.
These are just some of the factors that will inevitably contribute to the Cosmos Hub’s position in the market being solidified. Given some time, ATOM could recover from its cautious state.
Investors should be cautious at this level.
At the time of writing, the token is still in a rather volatile price range between $3 and $5. This shows the precarious position of the token in the short term as bearishness still persists in the market.
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ATOM’s minimal gain can be attributed to the recent market bounce and the latest developments on the network, both of which are not enough to capture any significant value in the short term. Thus, investors should remain cautious about ATOM as it may be more susceptible to bearish pressure in the short term.
However, ATOM bulls may take advantage of the token’s lower volatility to settle between the $3-$5 range before building momentum for a major move higher in the long term.
Featured image from PXfuel, chart from TradingView