ATOM soared 10% after significant selling pressure
Cosmos Hub's ATOM token is bursting onto the scene after picking up some momentum from the recent dismal market performance. According to Coingecko, the token is up over 10% after yesterday's market overreaction. This is largely due to Cosmos' continued efforts to innovate despite the market's momentum, which has now recovered over 8% in the last 24 hours.
ATOM holders are eyeing several events this month that will bring more attention to the platform. These events could help solidify ATOM's market position in favor of the bulls in the long run.
New boards for ATOM and other advancements
Although ATOM's market performance leaves much to be desired, Cosmos Hub continues to grow in the crypto community, benefiting from all over the world.
Lava Network, a blockchain infrastructure platform, recently launched its core network, receiving a total of 50 billion network requests from the networks it supports. The network was built using the Cosmos SDK, giving insight to developers who may want to work on the platform.
Cosmos itself has also experienced some growth. According to Everstake's recent report on the platform's performance over the first half of the year, Cosmos has seen an increase in the number of ATOM tokens hosted on the platform, leading to higher levels of engagement in Cosmos delegation. The stream also featured several networks that are part of the wider Cosmos Hub network.
On Celestia, the number of active addresses has grown by a significant figure since the beginning of the year, from 308.7k to 845.7k, representing over 69% of stakes, which is the highest on the Cosmos network.
Injective also saw some growth following the introduction of gas compression earlier in the year, which significantly reduces transaction fees. On the marketplace platform, the total number of INJ tokens deployed increased to 60.4 million INJ tokens. Just today, INJ processed transactions totaling $200 million on its own decentralized exchange (DEX), marking another milestone for the platform.
These are just some of the factors that will inevitably contribute to Cosmos Hub's stronger position in the market. After some time, ATOM may recover from its cautious state.
Investors should be careful with this level of caution
At the time of writing, the token is still in a rather unstable price range between $3 and $5. This shows the unreliable position of the token in the short term as the market is still bearish.
ATOM's minute gains can be attributed to the recent market surge and recent changes in the network, which are not enough to generate any significant gains in the short term. Thus, investors should remain cautious on 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 in the $3 to $5 range before accumulating momentum for a major breakout in the long term.