"Cosmos developers sell off ETH, why is ATOM the "worst copycat"? The truth is shocking!"
On-chain monitoring shows that 1 hour ago, Cosmos developer Interchain Foundation sold another 3,000 ETH (worth $10.16 million), all of which came from ICO fundraising in 2017. Since the end of April this year, they have sold a total of 21,600 ETH, recovered $55.97 million in funds, and the average price was $2,591.
List of remaining assets:
Holding 383.8 BTC and 23,587 ETH, the current total value is $95.48 million.
However, the Cosmos ecological token ATOM has become one of the "worst players" in the mainstream copycat in this round of market:
When the BTC price was $16,000 at the end of 2022, the ATOM price was $10; now the BTC price has risen to $36,000, but ATOM has fallen to $6.5, which is still a loss for those who bought it at the time.
Three core issues behind:
Continuous selling of ICO assets, developers' confidence in doubt?
The market has different opinions on whether the Interchain Foundation is selling tens of thousands of ETH to raise funds for long-term development or because of cash flow pressure. Although the selling behavior does not directly affect the price of ATOM, its market confidence is undoubtedly dragged down.
The ecological expansion is weak, and the narrative is unsustainable?
As a representative of the cross-chain ecology, Cosmos has no significant breakthroughs in technological innovation. Coupled with the rise of other cross-chain protocols (such as LayerZero, Polkadot, etc.), its competitiveness has been gradually eroded.
Funds flow to mainstream assets, and the copycat cycle shrinks?
Under the current market conditions, more funds favor Bitcoin and Ethereum with stronger liquidity and more stable performance. As a mainstream copycat, ATOM has been significantly "marginalized".
Future Outlook: Is there still hope for ATOM?
In the short term, regaining market confidence is the key. If developers can further optimize the ecological incentive mechanism and strengthen the linkage with popular tracks (such as DeFi and AI), they may attract new funds. In the long run, narrative updates determine fate. Cosmos needs stronger application scenarios and cross-chain ecosystem implementation to get rid of the dilemma of "technological superiority and market indifference".
Why is ATOM lagging behind? The reason is far more than just the price drop. Pay attention to Boshi, which will help you decipher the market and capture opportunities in the storm!
